What is the penalty for non filing of TDS return?
Apart from delay in filing of TDS/TCS return, section 271H also covers cases of filing incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector does not file a TDS/TCS return or files an incorrect TDS/TCS return.
What happens if TDS is not filed?
The Assessing Officer may direct a person who fails to file the statement of TDS within the due date to pay a minimum penalty of Rs. 10,000 which may be extended to Rs. 1,00,000. The penalty under this section is in addition to the late filing fee u/s 234E.
What is penalty payment code 11C or N11C?
Code 11C is for Penalty Order u/s 271(1) (c) and N11C is for Order Other than u/s 271(1) (c).
Is it compulsory to file nil TDS return?
Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.
How many times we can revise TDS return?
When you receive your Tax Deducted at Source (TDS) statement, it is important that you go through it very properly. If there are any errors or changes, you have the option of putting the same up for alterations. There is no limit to it.
What is the last date for filing TDS return?
TDS Due Dates of FY 2021-22 for Return Filing
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2021 |
| 2nd Quarter | 1st July to 30th September | 31st October 2021 |
| 3rd Quarter | 1st October to 31st December | 31st Jan 2022 |
| 4th Quarter | 1st January to 31st March | 31st May 2022 |
What is penalty code for late filing of tax return?
However, as a relief to small taxpayers, the IT department has stated that if your total income is not more than Rs 5 lakh, the maximum penalty levied for delay will only be Rs 1000….Penalty for Late Filing u/s 234F.
| E- Filing Date | Total income Below Rs 5,00,000 | Total income Above Rs 5,00,000 |
|---|---|---|
| 31st December 2021 | Rs 0 | Rs 0 |
How do I claim my 194n TDS?
The person can claim the credit of the TDS under section 194N in his/its return of income….Amended Section 194N-TDS on Cash Withdrawals from 2020-21.
| Aggregate amount of Cash Withdrawals in a previous year | Rate of TDS |
|---|---|
| More than Rs. 1 crore | 5%* |
| *In case of filers, the rate of TDS in this case is 2% |
What is the new TDS rule?
Under the new section 194Q inserted through Finance Act, 2021, a buyer will have to deduct TDS at 0.1 per cent of amount exceeding Rs 50 lakh at the time of credit of such sum to the account of the seller or at the time of payment, whichever is earlier.
Is there penalty for late filing of TDs return?
TDS/TCS return cannot be filed without payment of late filing fees as discussed above. In other words, the late filing fees shall be deposited before filing the TDS return. It should be noted that Rs. 200 per day is not penalty but it is a late filing fee.
When to file a TDS or TCS return?
The Deductor / collector has paid late filing fees and applicable interest to the credit of the Government; and 3. The TDS or TCS return is filed before the expiry of one year from the specified due dates.
Is there a fee for processing a TDS?
Section 200A of the Income-tax Act provides for processing of TDS statements for determining the amount payable or refundable to the deductor. Provisions of Section 200A has been amended by the the Finance Act, 2015 so as to enable computation of fee payable under under section 234E at the time of processing of TDS statements.
Which is the Quarterly Statement of TDs in India?
The quarterly statement of TDS i.e. TDS return for the first quarter of the year 2021-22 is filed by Mr. Kapoor on 4-4-2022. Tax deducted at source during the quarter amounted to Rs. 8,40,000. What will be the amount of late filing fees to be paid by him for delay in filing the TDS return?
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