Penalty for Failure to File the TDS/TCS Statement
Nature of Default
The penalty may be imposed if a person fails to furnish the TDS/TCS Statement on or before the due dates or furnishes inaccurate information in such Statements.
Quantum of Penalty
• The Assessing Officer may impose a penalty of Rs. 10,000, which may extend to Rs. 100,000.
• No penalty if the TDS/TCS statement is filed within one month from the due date after payment of tax deducted or collected, along with applicable interest and fees. However, this relaxation applies only to the delay in filing, not to furnishing inaccurate information.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.