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Section 271H - Penalty for incorrect information or failure to furnish statements etc. - Income Tax - Ready Reckoner - Income TaxExtract SECTION 271H : PENALTY FOR INCORRECT INFORMATION OR FAILURE TO FURNISH STATEMENTS ETC. This section is applicable for quarterly returns of TDS/ TCS. This section levies a penalty for delay in filing quarterly returns of TDS/ TCS or furnishing incorrect information in the said returns. Section 271H provides that without effecting the provisions of section 234E , a person shall be liable to pay penalty if: (i) he fails to deliver the quarterly returns of TDS/ TCS within the time prescribed or (ii) he furnishes incorrect information in the quarterly returns of TDS/ TCS. The penalty shall be a minimum amount of 10,000 and it can be extend up to 1,00,000. The above penalty is mandatory and cannot be waived. This section however provides that notwithstanding the above, no penalty shall be levied for delay in delivering the quarterly returns of TDS/ TCS if such person proves that: after paying the tax deducted or collected along with fees under section 234E and interest under section 201 to the credit of Central Government, he has filed the quarterly returns before the expiry of a period of one year from time prescribed for filing the quarterly return. Therefore, if quarterly returns of TDS/ TCS which were to be filed on 15 th July, 2021 are filed up to 15 th July, 2022 and assessee has paid TDS/ TCS and fees under section 234E and interest under section 201 , then there shall be no penalty under section 271H for delay in furnishing of quarterly return.
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