Penalties for Late TDS Return Filing - Income Tax Act Explained

Learn about the penalties for delayed TDS return filing under the Income Tax Act and how to avoid them.

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For late filing of TDS (Tax Deducted at Source) returns, the penalty is ₹200 per day under Section 234E of the Income Tax Act, 1961. However, the total penalty cannot exceed the TDS amount. To avoid this, ensure timely submission of TDS returns.

FAQs & Answers

  1. What is the penalty for late filing of TDS returns? The penalty for late filing of TDS returns is ₹200 per day, but the total penalty cannot exceed the TDS amount.
  2. What is TDS and why is it important? TDS stands for Tax Deducted at Source, which is a means of collecting income tax in India. It is important as it helps maintain a regular flow of revenue for the government.
  3. How can I avoid penalties for late TDS return filings? To avoid penalties for late TDS return filings, ensure you submit your returns on time and keep track of your filing dates.
  4. What to do if I missed the TDS return filing deadline? If you missed the TDS return filing deadline, you can still file a belated return but may be subject to penalties. It is advisable to consult a tax professional for guidance.

Watch More

For those looking to deepen their knowledge on TDS and other tax-related topics, we recommend exploring our videos on 'How to File TDS Returns', 'Common Mistakes in TDS Filings', and 'Understanding Tax Deductions at Source'. These resources will provide essential insights to help you navigate the complexities of tax compliance effectively.

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