Penalty for Late Filing & incorrect information in TDS/TCS Statement w.e.f. 1st July, 2012:
A fee of Rs 200 per day will be levied for late furnishing of TDS
statement from the due date of furnishing of TDS statement to the date
of furnishing of TDS statement, not exceeding the total amount of tax
deductible during the period for which the TDS statement is delayed.
Besides, a penalty ranging from Rs.10,000 to Rs.1,00,000 shall also be
levied for not furnishing TDS statement within the prescribed time.
Also, a penalty ranging from Rs.10,000 to Rs.1,00,000 shall be levied
for furnishing incorrect information in the TDS statement. However, no
penalty shall be levied if the deductor proves that there was a
reasonable cause for the failure.
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