As per section 271H, where a person fails to file the statement of TDS i.e. TDS Return on or before the due dates, then the assessing officer may direct such person to pay penalty under section 271H.
The minimum penalty under this Section is Rs. 10,000 which can go up to Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees under section 234E. Apart from the delay in filing TDS returns, section 271H also covers cases of filing incorrect TDS returns. Further, Section 271H also covers if the deductor files an incorrect TDS/TCS return. In other words, there can be a levy minimum penalty of Rs. 10,000 and a maximum penalty of up to Rs. 1,00,000, if the deductor/collector files an incorrect TDS return.