It is time for all TDS deductors / TCS collectors to prepare themselves to file their TDS / TCS returns for the first quarter of the financial year 2013-14. This quarter is ending on 30th June 2013 and the returns for the same can only be filed on or after 1st July 2013. The last date of filing returns for the first quarter is 15th July 2013. As per the newly inserted Section 243E, if a person (deductor) fails to deliver the TDS statement or TDS return in the time prescribed, then the person shall be liable to pay a fine of Rs. 200 for everyday till the default continues subject to a maximum of the total amount of tax deductible. Moreover, there are penalty provisions as defined in Section 271H.
Posted on: Sun, 14 Jul 2013 08:31:48 +0000
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