Thursday, March 6, 2014

Govt. deductors get relief from fee u/s 234E for late submission of TDS statement

"The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961.

To overcome the hardship of Govt. deductors, CBDT has approved post facto extension of time limit for filing of TDS/TCS statement for F.Y. 2012-13 (2nd to 4th Qr) and F.Y. 2013-14 (1st to 3rd Qr) upto 31.03.2014.
However, any fee under section 234E of the Act already paid by a Government deductor shall not be refunded. 

3 comments:

Anonymous said...

GOOD FOR GOVT. OFFICES, THERE IS NEED TO SOLVE AS VARIOUS RTI APPLICATION WAS RECEIVED ON THIS MATTER.

D HARI GOPAL said...

SIR, PLEASE CLARIFY WHETHER SAME EXEMPTION IS ALLOWED FOR BANKS BEING A TAX DEDUCTOR ARE NOT? IN SPITE OF IN TIME CREDIT TO GOVT A/C AND JUST LATE FILING OF 242/262 HEAVY PENALTY IS IMPOSED WHICH HAS TO BE PAID FROM THE EMPLOYEES POCKETS.

Anonymous said...

govt. deductors who have deposited late fee are in great loss as already deposited late fee will not be refunded. this is not understandable.

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