Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

FAILURE TO FILE STATEMENT OF TAX DEDUCTED AT SOURCE WITHIN PRESCRIBED TIME

Income Tax - Direct Tax Code - DTC - By: - Mr. M. GOVINDARAJAN - Dated:- 3-9-2016 Last Replied Date:- 4-9-2016 - Payment of TDS recovered Section 200 (1) of the Income Tax Act, 1961 ( Act for short) provides that any person deducting any sum in accordance with the foregoing provisions of Chapter XVII shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs. Filing of statement for TDS deducted Section 200 (3) of the Act provides th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed. Rule 31A (2) prescribes the time limit for filing the said statement. The statements are to be filed in each quarter as detailed below- For period from April to June - 31st July of that financial year; For period from July to September - 31st October of that financial year; For period from October to December - 31st January of that financial year; .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

k) of the Act provides that if any person fails to deliver or cause to be delivered a copy of the statement within the time specified in Section 200 (3), then penalty of ₹ 100 shall be paid for every day during which the failure continues provided that the amount of penalty for failures in relation to a statement made under Section 200(3) shall not exceed the amount of tax deductible or collectible as the case may be. Section 272A(4) provides that no order under this section shall be passe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ch organization, who is responsible to make certain payments required to deduct tax at source on or before making such payment and furnish e-TDS quarterly statement online before the NSDL on quarterly basis. Such provisions help in achieving the above stated objective through non intrusive method and thus improve tax compliance and collection. Deduction of tax at source provisions not only increases the reach of the Department but also leads to creation of an audit trail that can be utilized as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

BOMBAY HIGH COURT the High Court held that it is not in dispute that as per the existing provisions, a person responsible for deduction of tax is required to furnish periodical quarterly statements containing the details of deduction of tax made during the quarter, by the prescribed due date. Undoubtedly, delay in furnishing of tax deducted at source returns/statements has a cascading effect. Under the Income Tax Act, there is an obligation on the Income Tax Department to process the income tax .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

urce to the person on whose behalf tax is deducted and consequently leads to delay in issuing refunds to the deductee, or raising of infructuous demands against the deductee; the confidence of a general taxpayer on the tax administration is eroded; the late payment of refund affects the Government financially as the Government has to pay interest for delay in granting the refunds; and the delay in receipt of refunds results into a cash flow crunch, especially for business entities. Latest case l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ad neither appeared on the date of hearing nor furnished any explanation. A final opportunity was provided in which it was indicated that the penalty order would be passed on the basis of the materials available on record by treating that the appellant accepted the default and that it had no explanation to offer. The appellant engaged an Advocate. The Advocate appeared on the hearing but did not furnish any reasonable cause for not filing e-TDS statements or any explanation for waiver of penalty .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng the statements. The appellant filed e-TDS statements on 08.02.2013 and 09.02.2013. The Assessing Officer found that no reasonable cause had been shown by the appellant for not filing the e-TDS statements within the time limit prescribed and as it was established that the deductor had violated the provisions of Section 200(3) of the Act, the appellant was treated as an assessee in default and a penalty under Section 272 A(2)(k) of the Act at the rate of ₹ 100 per day was imposed. Against .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Principal, the appellant failed to file e-TDS statements. The Commissioner (Appeals) modified the order of the Assessing Officer that the penalty shall be imposed with effect from 01.04.2010 to the date of filing return. The penalty for the financial years 2010-11 and 2011 -12 is to be computed from the due date of filing to the date of returns were actually filed. Against this order the appellant filed appeal before the Tribunal. The Tribunal dismissed the appeal upholding the order of Commissi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hough no explanation has been furnished to the Assessing Authority sufficient explanation had been offered before the first appellate authority for not furnishing e-TDS statements in time; the explanation has not been considered in its correct perspective, no penalty could have been imposed upon the assessee; non filing of the e-TDS statements has not resulted in any loss to the Revenue and so no penalty could have been imposed. The Revenue submitted the following before the High Court- question .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version