No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS statement U/s 271H.
Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at source and due dates for filing of TDS/TCS return. Duties of the person liable to deduct/collect tax at source He shall obtain Tax Deduction Account Number or Tax Collection Account Number (as the case may be) and quote the same in all the documents pertaining to TDS/TCS. He shall deduct/collect the tax at source at the applicable rate. He shall pay the tax deducted/collected by him to the credit of the Government. He shall file the periodic TDS/TCS statements, i.e., TDS/TCS return. He shall issue the TDS/TCS certificate in respect of tax deducted/collected by him. Due Dates for filing of TDS/TCS return The due dates for filing of TDS/TCS return for different quarters of Financial Year 2019-...