Section: 200(3)
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Fee for default in furnishing statements -Fee is not a penalty or interest.
Fee paid u/s. 234E is not a penalty or interest under the Income-tax Act, 1961. It is a fee which is for late filing of statement of tax deduction at source u/s. 200(3) of the Act. Similarly fee paid for late filing of statement of tax collected at source u/s. 206C(3) of the Act. Hence there is no loss to the revenue, as tax deducted or tax collected had to be paid before filing the statement.
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Whether A Penalty U/s. 272A Is Leviable For Non-Furnishing TDS Return?
When TDS was deposited in time, there is no loss to the revenue. However, non filing TDS return is a technical default. In Hindustan Steel Ltd. vs. State of Orissa [83 ITR 26]; the Supreme Court has held that, even if a minimum penalty is prescribed, the authority competent to impose the penalty will be
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Whether Penalty U/s 272A(2)(c) Can Be Levied For Delayed Filing Of TDS Return?
When TDS was deposited in time, there is no loss to the revenue. However, non filing TDS return is a technical default