Understanding Penalties for Late TDS Return Filing

Learn about the penalties and fees for late TDS return filing under the Income Tax Act.

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Failure to file TDS returns on time can result in a late filing fee of ₹200 per day until the return is filed, subject to a maximum of the TDS amount. Additionally, a penalty ranging from ₹10,000 to ₹1,00,000 may be levied for incorrect or non-filing of TDS returns, under Section 271H of the Income Tax Act.

FAQs & Answers

  1. What happens if I miss the deadline for filing TDS returns? If you miss the deadline for filing TDS returns, you will incur a late filing fee of ₹200 per day until the return is submitted, with a maximum charge equal to the TDS amount due.
  2. What penalties can I face for incorrectly filing TDS returns? For incorrect or non-filing of TDS returns, you may face a penalty ranging from ₹10,000 to ₹1,00,000, as per Section 271H of the Income Tax Act.
  3. What is TDS and why is it important to file returns? TDS stands for Tax Deducted at Source. It is important to file TDS returns to ensure compliance with tax regulations and avoid penalties.
  4. How can I avoid penalties when filing TDS returns? To avoid penalties when filing TDS returns, ensure timely filing, accurate reporting of deductions, and adherence to the guidelines set by the Income Tax Department.

Watch More

To further enhance your knowledge on tax compliance, we recommend exploring our related videos on 'Understanding TDS: A Complete Guide' and 'Common Mistakes in TDS Filing and How to Avoid Them'. This additional content will provide you with comprehensive insights and practical tips for managing your TDS responsibilities effectively.

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