Wednesday, October 15, 2014

15th October 2014 is Last Date for Submission of TDS Return for Q2 of the F.Y. 2014-15

Friends,  Today i.e. 15-10-2014 is last date for submit of TDS statement of Quarter 2 of the Assessment Year 2015-16.  In case deductor do not file statement in time , he will have to deposit penalty on per day basis.  Detailed information is given below :-

Due dates for filing of TDS/TCS returns are as below:
[Subject to Extension by the CBDT for specific quarters of a particular FY]

Form Nos. 24Q & 26Q
Form No. 27Q
Form No. 27EQ
April to June15 July15 July15 July
July to September15 October15 October15 October
October to December15 January15 January15 January
January to March15 May15 May15 May

Late filing consequences

Fees for delay in furnishing the statements: (refer section 234E of Income Tax Act) 
Effective from 1st July 2012, any delay in furnishing the eTDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The late filing fee should be paid before filing such delayed eTDS statement.

Penalty for failure to furnish statements and furnishing incorrect statements: (refer section 271H of Income Tax Act)

Failure to file eTDS statement delaying more than an year or furnishing incorrect details in the statement filed like PAN, Challan and TDS Amount etc, will result in a penalty ranging from Rs. 10,000 to one lac.

NSDL Free Software for submit TDS return is available here (Click Here)

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