Budget 2013: OPPI seeks no penalty on inaccuracies in TDS statement

NEW DELHI: Stating that the penalty provisions for inaccurate particulars in TDS statement are harsh and unjustified, Organisation of Pharmaceutical Producers of India (OPPI) has asked for deletion of any such levy in budget 2013.

Section 271H proposes to levy a penalty of Rs 10,000 to Rs 100,000 on failure to furnish, or for furnishing inaccurate information in TDS statement. "The penalty provisions would also apply in a case where there is inadvertent mistake in filling up the TDS statement - this could amount to penalizing the taxpayer even for typographical errors," says OPPI.

With the high volume of TDS transactions that large companies have, the penalty provisions shall be very harsh and unjustified, adds OPPI.