FEE AND PENALTY FOR DELAY IN FURNISHING OF TDS AND PENALTY FOR INCORRECT INFORMATION IN TDS

02-04-2024

Delay in furnishing of TDS statement, it is provided that :-

• To levy fee of Rs.200 per day for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement.The total amount of fee shall not exceed the total amount of tax deductible during the period for which TDS is delayed
• To provide that in addition to said fee, a penalty ranging from Rs. 10,000 – Rs.1,00,000 shall also be levied for not furnishing TDS statement within the prescribed time.

In order to discourage the deductors to furnish incorrect information in TDS statement, it is provided that a penalty ranging from Rs.10,000- Rs.1,00,000 shall be levied for furnishing incorrect information in the TDS statement