Section 234E - Fee for default in furnishing quarterly statement of TDS/ TCS - Income Tax - Ready Reckoner - Income Tax

Section 234E: Fee for default in furnishing quarterly statement of TDS/ TCS The provisions of this section shall apply to a statement referred to in section 200(3) or the proviso to section 206C(3) which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012. This section provides that where a person fails to deliver the quarterly returns of TDS/ TCS within the time prescribed, then he shall be liable to pay a fees of 200 for every day during which the failure continues. In the addition of late fee assessee liable for the the penalty, if delay in filing quarterly returns of TDS/ TCS or furnishing incorrect information in the said returns under section 271H . [ For more details ] However, such fees shall not exceed the amount of TDS / TCS deductible / collectible in the quarterly return. The fees under section 234E shall be paid before furnishing the quarterly returns of TDS/ TCS. Guidelines for Compounding of any Offences under the Income-Tax Act, 1961. Important Notification Circulars Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 [ Circular No. 07/2017 Dated 04.03.2014 ] The Central Board of Direct Taxes ( the Board ) has received several petitions from deductors/collectors, being an office of the Government ( Government deductors ), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961 .