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Consequences of Missing TDS Return Filing Due Date

Donu2019t file TDS Return on time? Get ready for the consequences! TDS Return is the quarterly statement or summary of the TDS related transactions that have been made in the particular quarter. It consists of the details of the TDS that has been deposited to the Income Tax Department at the time of transactions. Here in this article we will discuss about the consequences that you have to face if you miss the TDS Return Filing Due Date.<br>

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Consequences of Missing TDS Return Filing Due Date

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  1. Consequences of Missing TDS Return Filing Due Date Don’t file TDS Return on time? Get ready for the consequences! TDS Return is the quarterly statement or summary of the TDS related transactions that have been made in the particular quarter. It consists of the details of the TDS that has been deposited to the Income Tax Department at the time of transactions. Here in this article we will discuss about the consequences that you have to face if you miss the TDS Return Filing Due Date.

  2. Benefits of TDS Return Filing • Promotes Compliance • Distributes Tax Burden • Financial Discipline • Accurate Reporting • Easy Funds • Reduces Tax Evasion Penalties

  3. Consequences of Missing TDS Return Filing Due Date • Late Filing Fees The most immediate consequence of missing due date of TDS Return Filing is late filing fees. If you miss the deadline then a penalty of Rs. 200/- per day will be levied on you each day until the filing of TDS return. However, the amount of penalty cannot exceed the TDS amount. • Interest on Late Payment If you miss the deadline, then you will also be liable to pay the interest on late payment in addition to the late filing fees. If TDS has not been deducted then there will be an interest 1% whereas if deducted TDS has not been deposited to the government the interest will be 1.5%.

  4. Consequences of Missing TDS Return Filing Due Date • Penalty of Non-Filing If you fail to file your TDS return within one year from TDS Return Filing Due Date, then the Assessing Officer may imposed the penalty of minimum Rs. 10,000/- (under section 271H) that can be up to Rs. 1,00,000/-. If there is incorrect details in you TDS Return then the same penalty will be levied on you. • Disallowance of Expenses One of the severe consequences of missing TDS Return Filing due date is disallowance of the corresponding expenses. It means that if you miss the deadline you may not allowed claiming deductions in computing taxable income for the associated expense while filing ITR.

  5. Consequences of Missing TDS Return Filing Due Date • Impact on Creditworthiness If you miss the TDS Return due date, then it may affect the credibility of your business negatively. Usually lenders & financial institutions often review the tax compliance history of your company to verify its creditworthiness. It will become more challenging for companies to secure loans or attract investors. • Scrutiny & Audits If you miss the TDS Return Filing Due Date, it may increase the chances of scrutiny from the Income Tax Department. Non-compliance with TDS Return may lead to the audits & detailed investigations that can be time consuming & costly for the businesses.

  6. Consequences of Missing TDS Return Filing Due Date • Reputational Damage One of the major setbacks for the businesses if they miss the due date of TDS Return is that it may damage their reputation in front of their clients, vendors, & other stakeholders.

  7. Conclusion TDS Return filing is one of the major responsibilities of the taxpayers in order to stay compliant. You should adhere to the TDS Regulations & must file your return on time. If you miss your TDS Return Filing Due Date, then you have to face its major consequences that have been discussed earlier. You can also seek the expert guidance of professionals like Legal Pillers. Legal Pillers will offer you peace of mind with hassle-free & timely filing of your TDS Return.

  8. THANK YOU! • +91 9267941961 • hwww.legalpillers.com • Legal Pillers • C-49, near Bikaner, • East Krishna Nagar, Krishna Nagar, • Delhi, 110051

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