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Penalty Provision- Part 2

Late Filing Fees”

This is in continuation of penalty provision- Part 1. Here we will discuss about certain other penalties levied on assessee in case of late or non-filing of statements.

  1. Section 234E: – This section prescribed late filing fees that will be imposed for delay in filing of TDS/TCS statement.
  2. Section 200(3) states that every person liable to deduct tax at source is liable to file a statement in respect of Tax deducted by him i.e. TDS return.
  3. Section 206C(3) states that every person liable to collect tax at source has to furnish a statement in respect of Tax collected by him i.e. TCS return.

Section 234E prescribed that in case if a person fails to file TDS or TCS return on or before due date then he shall be liable to pay, by way of late filing fees, a sum of Rs. 200 for every day during which the failure continues. No return shall be filed unless fees have been paid.

Note:- The amount of late fees shall not exceed the amount of TDS or TCS.

  1. Section 271FA: – It imposes penalty on non-furnishing of “Annual Information Return”. As per Section 285BA read with rule 114E the return shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded. In case, the statement is not filed penalty shall be levied of Rs. 100 per day of default. However, section 285BA(5) empower the tax authorities to issue a notice to the person directing him to file the statement within a period not exceeding 30 days from the date of service of such notice and in such a case person shall furnish the statement within the time specified in the notice. If person fails to file the statement within the specified time, then a penalty of Rs. 500 per day shall be levied from the day immediately following the day on which the time specified in such notice for furnishing the statement expires.
  1. Section 271F: – If a person who is required to furnish a return of his income under section 139(1), fails to furnish such return before the end of the relevant assessment year, than the assessing officer shall levy penalty of Rs.5000 under section 271F.In other words, penalty under section 271F is levied if the return of income is filed after the end of the assessment year. Thus, if the return of income is filed after the due date prescribed under section 139(1) but before the end of the assessment year, then no penalty under section 271F is leviable.

Penalty Provision- Part 2



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