Search Results For: 206C(3)


QUERY: Can fee paid under Section 234E be claimed as deduction while computing the total income under the head "Profit and gains of business or profession"?
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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.

QUERY: Can late filing fees u/s. 234E be levied for the period prior to June, 2015 by way intimation u/s. 200A?
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Yes, Chapter XVII deals with relating to collection and recovery of tax. Section 234E in respect of fees for default in furnishing statement was introduce by the Fi-nance Act, 2012 with effect from July 01, 2012.

QUERY: Where the assessee was in default in filing of return, though the T.D.S. was deposited in time, save himself from penalty u/s. 272A(2)(c)?
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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

QUERY: Where the assessee was in default in filing of return, though the T.D.S. was deposited in time, save himself from penalty u/s. 272A(2)(c)?
ANSWER: Click here to read the full answer of the expert
EXPERT:
SECTION(S): , ,
GENRE:
CATCH WORDS: ,

When TDS was deposited in time, there is no loss to the revenue. However, non filing TDS return is a technical default

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