What is Penalty for incorrect details in TDS returns?
Nexa Consultancy | Startup & Finance Glossary
Providing incorrect information in a TDS return, such as wrong PAN details, can lead to a penalty ranging from ₹10,000 to ₹1,00,000.
Startup Example: A startup incorrectly enters the PAN of a vendor in its TDS return. It receives a notice from the tax department and may have to pay a penalty if the error is not rectified.
Our process includes verification of PAN details to avoid such errors.