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Pay penalty on failure to deposit TDS: I-T dept

In case of providing incorrect information or failure to file the collection statement within the due date, the penalty would be between Rs. 10,000 to Rs. 1 lakh

June 06, 2013 2:03 IST | India Infoline News Service
The Central Board of Direct Taxes (CBDT) has asked all the tax deducted at source (TDS) offices of the Income-Tax department to impose a penalty ranging from Rs. 200 to Rs. 1 lakh on failure to deposit timely and correct TDS or TCS (tax collected at source).

According to the new rules, a deductor, either government or private, will have to pay a "compulsory" fine of Rs. 200 for delay in filing either TDS or TCS every day beyond the stipulated date of remittance of these category of taxes.

In case of providing incorrect information or failure to file the collection statement within the due date, the penalty would be between Rs. 10,000 to Rs. 1 lakh.

Sections 234E and 271H of the I-T Act will be used to ensure that TDS or TCS collections are not delayed or failed.

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