Quick Answer: What Is The Late Fee For TDS Payment?

Is TDS payment date extended?

The date for filing TDS return for February and March have been extended to July 31, 2020.

The March 31 ordinance has enabled provision empowering the central government to further extend due dates to beyond June 30, 2020..

Is TDS applicable on late payment?

Of late, in a number of cases, an issue has arisen whether tax is deductible at source, in respect of interest payable for delay in payment of purchase price of goods.

What is the due date for TDS payment for March 2020?

The normal due date to pay the liability of TDS in the month of March is April, 30, 2020 which falls between March 20 to June 29. In normal circumstances, if the TDS is paid on May 20, 2020 then the deductor has to pay interest @ 1.5 % from March 2020 to May 2020 or 3 months.

Can we file TDS return after due date?

26Q and Form No. 27Q and TCS statements in Form 27EQ are allowed to be filed by July 31, 2020. Further, where the monthly payment of taxes is allowed, the due date for furnishing statements of TDS/TCS for the month of February 2020 and March 2020 is extended to July 31, 2020.

What happens if TDS is deducted but not deposited?

The circulars state that in cases where TDS is deducted by the employer or deductor and the same has not been deposited with the government, in those cases income tax officers must not harass the employees (deductee) and the same must be recovered from the employers/deductors.

How do you calculate interest on a late payment?

Calculate the interest amount by dividing the number of days past due by 365, and then multiply the result by the interest rate and the amount of the invoice. For example, if the payment on a $1,500 invoice is 20 days late with a 6-percent interest rate, first divide 20 by 365.

How TDS return is filed?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.

How do I pay late fees for TDS return?

Use Challan ITNS 281 to pay the above with your relevant Banker or use any other Challan, which has adequate balance available. Download the Conso File from Traces portal. In case of payment towards late filing fee, please Tag the challan towards the payment, in the “Fee” column” using RPU Ver.

What is the penalty for late TDS payment?

Deductor will be liable to pay the way of fee Rs. 200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which statement was required to be filed.

What is the last date of TDS payment for March 2020?

The due date for payment of TDS for the month of March-2020 is 30th April, 2020. There is no change in the due date of payment of TDS for the month of March, 2020.

What is the due date for TDS payment?

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….TDS Due Dates of FY 2020-21 for Return Filing.QuarterPeriodLast Date of Filing2nd Quarter1st July to 30th September31st March 20213 more rows•Aug 12, 2020

What if last date of payment of TDS is Sunday?

As we know, TDS is required to be paid by 7th of next month except for the month of March where the due date is April 30. … Hence, accordingly, if the bank is closed (due to Sunday or holiday or strike) on the due date of payment, the same can be paid on the next working day.

In which month income tax is deducted?

Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month.. Understand your Form 16 better here. Your bank may also deduct tax at source when you earn interest from a fixed deposit. The bank deducts TDS at 10% on FDs usually.