WebAug 21, 2024 · One should deposit the late filing fees before filing the TCS return. Note that Rs. 200 per day is a late filing fee, not a penalty. Is there any penalty for incorrect filing of the TCS return? Penalty under Section 271H can also be levied if the tax collector files an … Category of person Threshold; Business: Carrying on business (not opting for … ClearTax Invest helps you to Invest in the best performing funds in 2024 & let your … Aggregate winnings during a financial year not single transaction: 30%: 194C: R: … WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS. It said as per settled …
Tax Collected at Source (TCS) – Rates, Payment, and …
Webinterest paids on delayed deposit of tds, interest paid u/s 201(1A) to late payment of TDS is an allowable business expense u/s 37(1) COVID-19 relief WebApr 11, 2013 · Interest on late deduction /deposit of Tax at source. Dis-allowance of Expenses, on which tax has not been deducted /deposited u/s 40(a)(ia) Penalty and prosecution.(271C and 276B) I. Interest on late deduction and delayed deposit of TDS. As per income-tax , interest is payable under the following two circumstances: cvs pharmacy hours clifton
Late Filing Fees & Penalty for Late/Non Filing of TDS/TCS Return
WebApr 15, 2024 · The rate of deduction for TDS varies depending on the type of payment, and the category of the payee involved. ... the Tax Assessing Officer can also impose a penalty not less than Rs.10,000, extendable up to Rs.1,00,000, fully at ... Adhering to the TDS and TCS provisions not only ensures compliance with tax laws but also offers benefits like ... Web5 hours ago · Q1. Which Option is better for salaried Person for FY 23-24. Ans: Any of the Tax regime is better for salaried person till Annual salary (CTC) of Rs 10 lakhs so can opt any new tax regime both are better. However, after Rs 10 Lakh Annual Salary (CTC) Old tax regime is only better because of allowance and deduction available under this regime. WebNov 18, 2024 · If the deductor fails to deduct TDS from the payment, a penalty of 1% per month will be applicable. For TCS, the non-payment or late payment penalty is 1% of the … cvs pharmacy hours clarksburg wv