Wednesday, January 7, 2015

TDS :- Who is required to file TDS statement , Due Date, Consequences , Penalty ?

Friends          Some questions generally arises in the mind of deductor like  who is required to file e-TDS / e-TCS statement ? and what is due dates for filing of statements and what will be happened when statement is not filed in time and is there any penalty for non-filing of TDS / TCS statements.  Traces have given FAQ's in this regard which is given below for deductors :-

As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form.

The due dates for filing statements for different forms are as per the below table:
Form 24Q, Form 26Q, Form 27Q, Form 27EQ
QuarterPeriodGovernment DeductorNon-Government Deductor
Q11 Apr - 30 June31st July15th July
Q21 July - 30 Sept31st Oct15th Oct
Q31 Oct - 31 Dec31st Jan15th Jan
Q41 Jan - 31 Mar15th May15th May
There will be a levy of Rs. 200.00 per day under section 234E of the IT Act, 1961 from the due date till the date when statement is filed.

Yes. If TDS / TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs.1,00,000.00 for not filing TDS / TCS statement under section 271H of the IT Act, 1961.

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