TDS/TCS due dates of FY 2020-21

 

Late filing fee if we miss the TDS/TCS return due date:

Penalty (Sec 234E): According to Section 234E, a late fine of INR. 200 per day has to be paid to the Income Tax Department in case of late filing of TDS/TCS return and the fine will be levied for every single day of delay until the late payment charges become equal to the amount of TDS and not more than that.

Penalty (Sec 271H): As per this section, when an individual fails to file the TDS/TCS return before the due dates, the Assessing Officer may direct him/her to pay penalty under section 271H along with the late fee applicable as per section 234E.The penalty under section 271H starts from INR.10,000 and can be extended to INR 1,00,000 when the Deductor/Collector files a wrong return.