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.
Whether Late Filing Fee Is Leviable On Default In Furnishing The Statement U/s. 200A Or U/s. 206C(3)?
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.
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
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