TDS Return filing is required to be filled by every person who is liable to deduct tax under the provision of the Income Tax Act, 1961. Similarly, every person who requires to collect tax at source is liable to furnish TCS Returns on quarterly basis. The return includes fields like: TAN No., TDS or TCS Payment, Amount Deducted, PAN No. of person whose tax has been deducted or from whom tax has been collected, Payment Details, Section under which TDS deducted etc.
Delay in filing of TCS or TDS Return
As per the provision of Section 234E, a late fee of Rs. 200 per day is applicable to be paid to the Income Tax Department towards the late filing of TDS/TCS return. The maximum amount of penalty cannot go beyond the amount of TDS or TCS.
Non-filing of TCS or TDS Return filing
A person shall also be liable to penalty in case the return has not been filed within 1 year from the due date of filing of return or if incorrect information has been delivered. The penalty levied should not be less than Rs. 10,000 and not be more than Rs. 1,00,000.