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Today’s article is based on’ Consequences of Non filing of TDS Return and TCS Return.‘
👉🏻All the provisions relating to TDS Return and TCS Return are governed under Income Tax Act ,1961.
‘ The tax deducted/collected at source is paid to the credit of the Government through Tdscpc portal by filing TDS Return /TCS Return.‘
👉🏻We will discuss about- Consequences of Non- filing of TDS Return and TCS Return.-
1) Deductor/collector is imposed to penal consequences under sections 234E, 271H of the Income Tax Act, 1961 (includes Interest ,late fees provisions)
There are two scenarios for penal provisions-
a) A deductor/collector of tax at source when fails to deposit the tax amount deducted/collected to department or
b)Deposit the tax amount deducted/collected but fails to file returns within due date.
2) The deductor who deducts/collects the tax amount fails to file TDS Return and TCS Return then in that case the deductee is not allowed tax credit of the TDS/TCS deducted/collected while filing its income tax return as the same can be only claimed if the deductor/collector timely files its TDS Return and TCS Return.
3) Non- Filing of TDS Return and TCS Return can also result in Demand notice which can be raised by Incometax Department against the TDS/TCS liability of the deductor.
4)Non filing of returns will also lead to Non generation of Form -16/16A which is required by respective deductees against their respective tax at source.
Conclusion –
👉🏻 A deductor/collector of tax at source shall file its TDS Return and TCS Return within due date to avoid above consequences.
To avoid these consequences get your TDS Return and TCS Return filed with us within due dates.
👉🏻For any assistance regarding filing of your *TDS Return and TCS Return contact us* email us at – info@eazybahi.com or whatsapp/call us at 8839799210 for direct assistance.
For more details Visit our website eazybahi.com.