Board of Direct Taxes has issued a detailed circular in the context of Late
Fee, Levied underSection 234E of the Income Tax Act, 1961 vide
Circular 07 of 2014 dated March 04, 2014.
circular provides for ex-post facto extension of the due dates of filing TDS /
TCS Statements, prescribed under section 200(3) / proviso to section 206C(3) of
the Income Tax Act read with Rule 31A / 31AA of the Income Tax Rules 1962.
the due date of filing the statement is extended to March 31,
2014 for theGovernment Deductors for the statements filed for:
· 2nd to
4th Quarter of FY 2012-13
· 1st to
3rd Quarter of FY 2013-14:
view the above circular, please note the following important points:
is only a one-time relaxation in the due date for filing TDS/
TCS quarterly statements for all quarters up to Q3, 2014 may be filed
without any further delay.
further delay after April 1, 2014 in filing the
statements for these quarters of the aforesaid Financial Years will
attract Late Filing Levy u/s 234E of Rupees two hundred for every day during
which the failure continues.
to be done by PAOs/ DDOs:
to file 24G statements at the earliest, if not already done, to
facilitate the Government deductors with timely provision of BIN for
filing of their TDS statements.
· DDOs to
quote correct BIN while filing the statements.
filing of TDS statements also results into the TDS Credit not being available
to the deductees (employees /vendors) for claiming the amount of tax already
deducted from the payments made to them besides generating correct TDS
Certificates for them.
are accordingly advised to file TDS Statements and also get Registered on
TRACES Portal, if not done already.