The late fee amount is less than your TDS amount. Therefore, you will have to pay a total fee of Rs 49,000 before filing the return.
If you do not file your Tax Deducted at Source (TDS) return on time, you may have to pay a late fee of Rs 200 per day and a hefty fine of up to Rs 1 lakh. Make careful you submit TDS returns on time to prevent this. The final day to submit TDS returns for the first quarter of 2022–23 (April–June) is July 31.
On the late filing of TDS, the Income Tax Officer first collects late fees from you and then penalties. a fine that might be anything between Rs 10,000 and Rs 1 lakh. Not only this, the Income Tax Department can eliminate all your claims of late filing of TDS returns. This means that you will not get the benefit of TDS-related claims.
TDS return should be filed after the end of each quarter by the last date of the following month. That is, the return for the April-June quarter will have to be filed by July 31, the return for the July-September quarter by October 31, the return for the October-December quarter by January 31, and then the return for the January-March quarter. till 31st May.
In this way suppose the calculation of the late fee every day
Suppose you had filed a TDS return for the first quarter of the financial year 2022-23 on April 4, 2023. Meanwhile, your TDS claim for that quarter stood at Rs 8.40 lakh. Since then, you have delayed filing your TDS return by 247 days. Therefore, you will have to pay a total late fee of Rs 49,000 (247 days times Rs 200) under section 234E of the Income Tax Act.
The late fee amount is less than your TDS amount. Therefore, you will have to pay a total fee of Rs 49,000 before filing the return.
Required Documents
For filing a TDS return, the income taxpayer needs Form 16/16A. This is a certificate of deduction of tax on any type of income.
It includes details regarding the tax that the company paid in place of the employee. A taxpayer can also reconcile TDS, TCS, and Advance tax with Form 26AS.
TDS and TCS have been paid to the government. Late fees and interest have been paid to the government. In the case of payments to the government, TDS and TCS returns have also been submitted within a year of the deadline. There is no penalty in these cases. -Archit Gupta Founder-CEO, Clear.
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