SECTION 200A:
Amendment:
The existing provision of Sec.200A does not provide mechanism for determination of late fee under Sec. 234E at the time of processing of TDS statements. It is, therefore, proposed to amend the provisions of Section 200A of the Act so as to enable computation of fee payable under section 234E of the Act at the time of processing of TDS statement under section 200A of the Act.
Consequences:
Before the amendment we can file the TDS Quarterly Returns (statement) without paying the Late filing fee, but after the amendment in the Section we cannot file the return without paying the late filing charges. According to Section 234 E of the Income Tax Act, an amount of Rs. 200 has to be paid for every day delay in filing of TDS Returns.
Action to be taken:
TDS Returns has to be filed within the due date i.e 15thday of the May, July, Oct, Jan for the respective quarters.
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