Who is required to file TDS statement, Due Date, Consequences, Penalty?

By | January 7, 2015
Some questions generally arises in the mind of deductor like  who is required to file e-TDS / e-TCS statement ? and what is due dates for filing of statements and what will be happened when statement is not filed in time and is there any penalty for non-filing of TDS / TCS statements.  Traces have given

FAQ’s in this regard which is given below for deductors :-

Who is required to file e-TDS / e-TCS statement?
As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form.

What are the due dates for filing of statement?
The due dates for filing statements for different forms are as per the below table:

Form 24Q, Form 26Q, Form 27Q, Form 27EQ
Quarter Period Government Deductor Non-Government Deductor
Q1 1 Apr – 30 June 31st July 15th July
Q2 1 July – 30 Sept 31st Oct 15th Oct
Q3 1 Oct – 31 Dec 31st Jan 15th Jan
Q4 1 Jan – 31 Mar 15th May 15th May

What will be the consequences if I do not file TDS / TCS statement within due date?
There will be a levy of Rs. 200.00 per day under section 234E of the IT Act, 1961 from the due date till the date when statement is filed.

Is there any penalty for non-filing of TDS / TCS statements?
Yes. If TDS / TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs.1,00,000.00 for not filing TDS / TCS statement under section 271H of the IT Act, 1961.

Category: TDS

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