Filing TDS Return

Every assessee whose TDS has been deducted will need to file his/her TDS return. These returns ought to be filed after specific intervals of your time, and therefore the data that has got to be submitted to the tax authorities include TAN (Tax Deduction and collection Account Number), quantity deducted, Permanent Account number (PAN), TDS payment, kind of payment, etc. There are late filing fees for delayed filing of TDS returns thus it's vital to keep the due dates in mind further as correct documents needed.

Due Dates for E-Filing of TDS and TCS Return AY 2021-22 (FY 2020-21)

TDS stands for tax deduction at source whereas the TCS stands for tax collected at supply. 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. Where as for the TCS, the person receiving the payment has to collect tax from the person making payment and deposit thereafter with the government.

TDS/TCS Updates Due to Covid19

“Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried such payments made to residents, and rates of tax collection at source for such receipts, by twenty fifth of the prevailing rates”

For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between twentieth March 2020 and thirtieth June 2020, the reduced charge per unit at 9/11 rather than twelve zip/18 % every year ( i.e. 0.75% per month rather than 1/1.5 percent per month) are going to be charged for this period. No late fee/penalty shall be charged for delay with reference to this period.

As per the recent updates by the govt on the TDS, TCS certificates, the department has extended the validity of each lower or null TCS, TDS certificate till thirtieth June 2020 within the view of presently going coronavirus pandemic.

TDS DUE DATES OF FY 2020-21

TCS DUE DATES OF FY 2020-21

TDS & TCS Payment Deposit Due Dates

The date for depositing TCS is that 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 wherever the date is 30th of April)

For Government Deductors-

i) If paid through challan- 7th of the upcoming month

ii) If paid through book-entry- Same day i.e. the day on that 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 therefore the tax subtracted is directly deposited by the giver to the govt directly. The TDS filing is necessary for everybody who has been into the payment transactions and thus imply varied compliance by the govt. the most recent forthcoming TDS return filing due date given by the govt is near. Get to understand the whole details on the TDS return filing due date here for higher info. As per the sources, it's been found that the forthcoming TDS return due date is falling on Sunday that could be a public holiday, therefore, once may also pay the TDS on consequent operating day.

Penalty for Late Filing of TDS Return

In case you fail to file TDS return within the due time, you're liable to pay a fine of Rs. two hundred per day till the return is filed. Also, the fee is applicable for each day till the fine quantity is equal to the overall liable TDS quantity. On late deposit of TDS, interest becomes payable under section 201(1A) at the rate of 1.5% per month from the date at that TDS was subtracted to the particular date of deposit. Besides, if the payer exceeds the annual limit to file the TDS return or furnishes incorrect details of PAN, TDS amount, he/she have to got to pay a penalty of minimum Rs.10,000 to Rs.1 lakh under section 271 H.

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