Electronic filing of TDS returns – CBDT clarifies
Remember the amendment to the Income Tax Rules by Notification No. 238/2007 dated 30th August 2007-[See 03.09.2007], whereby electronic filing of TDS returns was made mandatory for the following additional cases,
(i) Where the deductor/collector is a person required to get his accounts audited under section 44AB of the Income-tax Act in the immediately preceding financial year.
(ii) The number of deductees'/collectees' records in a quarterly statement for any quarter of the immediately preceding financial year is equal to more than fifty.
CBDT clarifies that
1. Failure to furnish quarterly statements of TDS and quarterly statements of TCS shall, under the provisions of section 272A of the Income-tax Act, 1961, render the defaulter liable for a penalty of Rs.100/- for every day during which the default/failure continues.
2. The notification has come into effect from 1st day of September, 2007. Accordingly, quarterly statement for the quarter ending 30th September, 2007 shall have to be mandatorily filed electronically by Government and corporate deductors/collectors and by the deductors/collectors falling in the aforementioned two categories.