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of <h1>Penalty of ₹10,000-₹1,00,000 for late or incorrect TDS/TCS statements under Income Tax Act Section 272A</h1> A penalty ranging from ten thousand to one lakh rupees may be imposed on any person who fails to furnish a required statement within the prescribed time or provides incorrect information in such a statement under the Income Tax Act. No penalty is levied for delayed submission if the person proves that the tax deducted or collected, along with applicable fees and interest, was paid and the statement was submitted within one month after the due date. These provisions apply to statements related to tax deducted at source or tax collected at source, effective from July 1, 2012.
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