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Penalty For Late Filing TDS Return

A penalty of ₹200 per day will be imposed if the TDS report is not submitted on time. Know more about penalties on TDS here.

  • Feb 16, 2022

An employer’s TDS compliance requirements do not cease when tax is deducted from payroll deductions. For tax collected from wages, an employer must file quarterly TDS reports. TDS Return is a quarterly report that deductors send to the tax department. It lists all TDS-related exchanges for a given quarter. The filing process, though, is not as simple as it appears. Any misstatement or misrepresentation of facts might result in a notification from the income tax authorities. When it comes to TDS, most people appear to be concerned with TDS refund claim, TDS on insurance, and TDS on premium. While each has its own relevance and benefit in the tax world, the TDS penalty is also something to consider.

Filing Forms

When it comes to TDS, Form 24Q is one of the most critical components for filing a TDS return on time. Both online and offline submissions are accepted for Form 24Q, which is divided into two sections:

Annexure 1 of Form 24Q

Employers, workers, and tax deducted and submitted in a quarter are all listed here, and for each of the four quarters of the fiscal year, companies provide details under this part of the form.

Annexure 2 of Form 24Q

Here, the employees’ salaries are listed. Annexure 2, together with compensation information for the whole year, must be presented in the fourth quarter of the financial year.

Understand All About TDS Penalty

Section 276B and Prosecution

If you fail to pay to the Central Government’s credit, you can be punished with harsh imprisonment for a time not less than three months and not more than seven years with a penalty for the tax deducted at source as necessary by or under the requirements of Chapter XVII-B.

Section 234E and Late Fee

A penalty of ₹200 per day will be imposed if the TDS report is not submitted on time. If you miss filing Form 26 QB, which is a challan cum statement in the instance of immovable property acquisition, you may be fined. The total TDS made must not exceed the total late filing fees for the quarter.

Section 271H and TDS Penalty Amount

If the TDS report is not submitted within one year of the given deadline by the government for the TDS return, a minimum fine of ₹10,000 that can go up to ₹1,00,000 can be imposed. This penalty would be in addition to the late filing charge imposed by section 234E.

TDS Penalty Exception to Section 271H

Section 271H also covers incidents of submitting inaccurate TDS/TCS returns by providing wrong information in the statement submitted, such as PAN, Challan, and TDS Amount. A minimal penalty of ₹10,000 that can be increased to ₹1,00,000 can be imposed.

In order to get the most out of your TDS return, it is critical that you do not miss any deadlines in order to avoid prosecution and penalties.

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