TDS Filing
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TDS stands for tax deduction at source while the TCS stands for tax collected at source. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. While for the TCS, the person receiving the payment has to collect tax from the person making payment and deposit thereafter with the government.
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TDS/TCS Updates Due to Covid19 by Finance Ministry
“Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates”
For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
As per the recent updates by the government on the TDS, TCS certificates, the department has extended the validity of both lower or nil TCS, TDS certificate till 30th June 2020 in the view of currently going coronavirus pandemic.
TDS Return Filing along with the Last Dates of FY 2020-21 for TCS Return Filing.
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TDS Due Dates of FY 2020-21 for Return Filing
Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st March 2021
2nd Quarter 1st July to 30th September 31st March 2021
3rd Quarter 1st October to 31st December 31st Jan 2021
4th Quarter 1st January to 31st March 31st May 2021
Note:
As Per Notification No.35 /2020/ F. No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India”TDS Deducted under section 194IA & 194IB on the transaction in the month of Feb & March, can be deposited up to 31st July 2020. As Per Notification No.35 /2020/ F. No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India, the due date for filing of TDS/TCS return for Q1 & Q 2 of FY 2020-21 is 31st March 2021
TCS Last Dates of FY 2020-21 for Return Filing
Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st March 2021
2nd Quarter 1st July to 30th September 31st March 2021
3rd Quarter 1st October to 31st December 15th Jan 2021
4th Quarter 1st January to 31st March 15th May 2021
Note:
“As Per Notification No.35 /2020/ F. No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India, the due date for filing of TDS/TCS return for Q1 & Q 2 of FY 2020-21 is 31st March 2021″
Quarterly TDS/TCS Certificate: After uploading quarterly TDS return you can generate a TDS/TCS certificate within 15 days of uploading your return.
TDS & TCS Payment Deposit Due Dates for Govt & Non-government
The due date for depositing TCS is the 7th of next month.
Due dates for depositing TDS as under:
For non-government Deductors- 7th of next month (except for the month of March where the due date is 30th of April)
For Government Deductors-
i) If paid through challan- 7th of next month
ii) If paid through book-entry- Same day i.e. the day on which TDS deducted.
TDS Payment Due Date for Sunday or Public Holiday
Tax-deductible at source is done at the time of the payment to the receiver and the tax deducted is directly deposited by the giver to the government directly. The TDS filing is mandatory for everyone who has been into the payment transactions and therefore calls for various compliance by the government. The latest upcoming TDS return filing due date given by the government is near. Get to know the complete details on the TDS return filing due date here for better information. As per the sources, it has been found that the upcoming TDS return due date is falling on Sunday which is a public holiday, therefore, once can also pay the TDS on the next working day.
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Due Date of 15G/15H Form
The due date for quarterly furnishing of 15G/15H declaration received by the payer from 1/04/2017 onwards and the manner for dealing with form 15G/15H received by payer during the period from 01/10/2015 to 31/03/2016 has been specified in Notification No. 09/2016 dated 9th June 2016 wide F.No.DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539.
TDS on Purchase of Immovable Property
The time limit for TDS deposition on the purchase of immovable property is the 30th day of the following month in which the property is purchased. For Example: If the property is purchased in the month of June than TDS can be deposited by 30th July.
Penalties on TDS/TCS Return Filing After Due Date
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TDS ensures an on-time payment of tax on behalf of the income generator but not on behalf of the one who deducts the tax. For example: if an employer deducted tax on behalf of an employee, implies that the employee has paid the tax but that doesn’t mean the employer has also paid the same. So, here comes the role of penalties and late payment charges.
In our day to day life, we come across such terms like late payment fees, fines, etc on pending bills or outstanding payments. The same is with income tax, the penalty or delayed payment fees are charged by the Income Tax Department (ITD) to an individual who is not in compliance with the IT law or could not meet his/her tax duties in a well- manner. So when such individuals fail to pay the taxes on time, the penalties are levied along with interest.
In the same way, if a deductor or employers who deduct the TDS (Tax Deducted at Source) from the income of their employees, fails to pay TDS to the government or fails to submit relevant tax documents to the IT department on time, becomes liable to pay penalties for the late or non-payment of TDS.
Section 234E of Income Tax Act, which was introduced on 1st July 2012, deals with the late payment fees or penalty applicable for late submission of quarterly TDS/TCS returns by the Deductor to the ITD.
Late Filing Fee If Miss The TDS/TCS Return Due Date
According to Section 234E, a late fine of INR. 200 per day has to be paid to the Income Tax Department in case of late filing of TDS/TCS return and the fine will be levied for every single day of delay until the late payment charges become equal to the amount of TDS and not more than that.