Wednesday, April 23, 2014

Income Tax :- Due Dates for furnishing TDS Statements and Penalty amount in case failure in time

Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS]: 

   The person deducting the tax (employer in case of salary income), is required to file  duly verified Quarterly Statements of TDS in Form 24Q for the periods [details in Table  below] of each financial year, to the TIN/facilitation Centres authorized by DGIT (System’s)  which is currently managed by M/s National Securities Depository Ltd (NSDL). Particulars of  e-TDS Intermediary at any of the TIN Facilitation Centres are available at and portals. The requirement of filing an  annual return of TDS has been done away with w.e.f. 1.4.2006. The quarterly statement for  the last quarter filed in Form 24Q (as amended by Notification No. S.O.704(E) dated  12.5.2006) shall be treated as the annual return of TDS. Due dates of filing this statement  quarterwise is as in the Table below.

TABLE: Dates of filing Quarterly Statements E-TDS Return 24Q 

          The statements referred above may be furnished in paper form or electronically under  digital signature or alongwith verification of the statement in Form 27A of verified through an  electronic process in accordance with the procedures, formats and standards specified by the  Director General of Income‐tax (Systems). The procedure for furnishing the e-TDS/TCS  statement is detailed at Annexure VI. 
      All Returns in Form 24Q are required to be furnished in electronically except in case  where the number of deductee records is less than 20 and deductor is not an office of  Government, or a company or a person who is required to get his accounts audited under  section 44AB of the Act. [Notification No. 11 dated 19.02.2013]. 

Fee for default in furnishing statements (Section 234E): 
          If a person fails to deliver or caused to be delivered a statement within the time prescribed in  section 200(3) in respect of tax deducted at source on or after 1.07.2012 he shall be liable to  pay, by way of fee a sum of Rs. 200 for every day during which the failure continues.  However, the amount of such fee shall not exceed the amount of tax which was deductible at  source. This fee is mandatory in nature and to be paid before furnishing of such statement

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