Can penalty us 234E be waived?

One can use challan to pay the fee with his Banker or use any other challan which has sufficient balance to pay the amount. The penalty under this section cannot be waived: The penalty under section 234E of the Income Tax Act is mandatory and it cannot be waived under any circumstances.

Is 234E mandatory?

The levy of the late fee prescribed U/s 234E of the Act is mandatory and consequential in nature, therefore, the same cannot be deleted on the ground of reasonable cause as explained by the assessee. The order of the A.O.

When was Section 234E introduced?

Section 234E of Income Tax Act was introduced by the Finance Act, 2012 which applies for the late filing of TDS statement. As per the provisions of Section 234E, a late payment fees or penalty is applicable for the delay in furnishing the TDS statement by the Deductor as per the due dates.

How do I pay late fees under section 234E?

Use Challan ITNS 281 to pay the above with your relevant Banker or use any other Challan, which has adequate balance available. Download the Conso File from Traces portal. In case of payment towards late filing fee, please Tag the challan towards the payment, in the “Fee” column” using RPU Ver.

Is 234E appealable?

CIT (A) confirming the late fee levied by the AO u/s 200A read with section 234E as the defaults are prior to 01.06. 2015, is not sustainable in the eyes of law, hence fee levied u/s 234E is ordered to be deleted. Consequently, the appeal filed by the assessee is allowed.

How do I avoid late filing penalty?

You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely. If you can’t do so, you can apply for an extension of time to file or a payment plan.

What is the penalty for late ITR filing?

As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs. 5,000.

How do I appeal against TDS demand?

If you are aggrieved by an order of an Assessing Officer (AO), you can file an appeal against the same before the Commissioner of Income Tax (Appeals) by submitting duly filled Form 35 online on the e-Filing portal.

What is Section 200A of Income Tax Act?

Section 200A – Processing of statements of tax deducted at source – Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax – Income Tax.

How much is penalty for late taxes?

The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won’t exceed 25% of your unpaid taxes.