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Filing the TDS statement after the due date, which is May 31, 2019, will invite a late fee of Rs. 200 per day and a penalty up to Rs. 1,00,000, said by the Income Tax Department. However, the Income Tax Department has extended the due date for e-filing TDS for assessees in Odisha to June 30 on account of Cyclone Fani.
A quarterly statement refers to a quarterly return to be filed by the deductors of tax. The following details must be included in the statement:
As per section 271H, where a person fails to file the statement of tax deducted/collect at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then assessing officer may direct such person to pay penalty under section 271H. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees prescribed under section 234E.
No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:
It should be noted that the above relaxation is applicable only in case of penalty levied under section 271H for delay in filing the TDS/TCS return and not in case of filing incorrect TDS/TCS statement.
Apart from above relaxation, in following two cases the taxpayer can get relief from penalty under section 271H:
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