New Revise TDS / TCS return filing & Payment due date
New Revise TDS / TCS return filing due date & Payment due date for 2020 as per the Taxation and Other Regulations (Relaxation of Some Provisions) Order, 2020.
The deadlines for specific GST and Income Tax legislation have been expanded by the Minister of Finance. Pandemic COVID-19 has forced a lockout in India. There are many challenges for businesses and professionals during this period, including different compliances under tax legislation.
Various reliefs are provided with respect to the submission of the TDS / TCS declaration and the issue of the certificate in the “Taxation and Other Laws (Relaxation of Other Provisions) Order 2020” for the quarter ended 31.03.2020.
LATEST CURRENT UPDATE: the deadline date of the Tax return under I T Act 1961 filing for FY 2019-20 (AY 2020-21) is increased to 10th Jan 2021. For Income tax audit & Transfer pricing Audit, the deadline is 15th Feb 2021.
ITR filing deadline for the FY 2019-20
|Taxpayer Type||Deadline for Income tyax Tax Filing – FY 2019-20|
|Individual||10th Jan 2021|
|BOI||10th Jan 2021|
|HUF||10th Jan 2021|
|AOP||10th Jan 2021|
|Income tax Audit||15th Feb 2021|
|Businesses (Requiring TP Report)||15th Feb 2021|
Complete Coverage of Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020
the calendar year 2020 has begun with many challenges, with the revised due dates for various TDS-related return filings and tax payments following.
Rates of TDS FY 2020-21
Nature of Income
|Rate of TDS applicable for the period||Threshold
Limit for deduction tax
|01-04-2020 to 13-05-2020||14-05-2020 to 31-03-
|193||Interest on Securities||10%||7.50%||–|
|194||Dividend||10%||7.50%||Rs. 5,000 in
case of Individual
|194A||Interest other than interest on Securities||10%||7.50%||Rs. 5,000 to
|194C||Payment to Contractors||– 1%: If deductee is an individual or HUF
– 2%: In any other case
|– 0.75%: If deductee is an individual or HUF
– 1.50%: In any other case
|– Single payment : Rs. 30,000
payment: Rs. 100,000
|194D||Insurance Commission||– 10%: If deductee is a domestic Company
– 5%: In any other case
|– 7.50%: If deductee is a domestic Company
– 3.75%: In any other
|194G||Commission and other payments on sale of lottery
|194-I||Rent||– 10%: If rent pertains to the hiring of immovable property
– 2%: If rent pertains to the hiring of plant and machinery
|– 7.50%: If rent pertains to the hiring of immovable property
– 1.50%: If rent pertains to the hiring of plant and
|194-IB||Payment of Rent by Certain Individuals or
|194J||Royalty and Fees for Professional or Technical Services||– TDs 2%: If royalty is payable towards sale, distribution or exhibition of cinematographic films
– 2%: If the recipient is engaged in the business of operation of call Centre
– TDS 2%: If sum is payable towards fees for technical services (other than professional services)
– 10%: In all other cases
|– 1.50%: If royalty is payable towards sale, distribution or exhibition of cinematographic films
– 1.50%: If the recipient is engaged in the business of operation of call Centre
– 1.50%: If sum is payable towards fees for technical services (other than professional services)
– 7.50%: In all other
|– Director’s fees: Nil
– Others: Rs. 30,000
|194M||Payment to contractor, commission agent, broker or professional by certain Individuals
|194N||Cash withdrawal||– 2%: In general if cash withdrawn exceeds Rs. 1 crore
– 2%: If the assessee has not furnished return for the last 3 assessment years and cash withdrawn exceeds Rs. 20 lakhs but does not exceed Rs. 1 crore
– 5%: If the assessee has not furnished return for last 3 assessment years and cash withdrawn exceeds Rs. 1 crore
|– 1.50%: In general if cash withdrawn exceeds Rs. 1 crore
– 1.50%: If the assessee has not furnished return for the last 3 assessment years and cash withdrawn exceeds Rs. 20 lakhs but does not exceed Rs. 1 crore
– 3.75%: If the assessee has not furnished return for last 3 assessment years and cash withdrawn exceeds Rs. 1
|– If a person defaults in the filing of return: 20 lakhs
– If no default is made in the filing of return: Rs 1 crore
- Tentative rates of TCS
|Section||GST liable to TCS||Rate of TDS applicable for the period|
|14-05-2020 to 31-03-
|14-05-2020 – 31-03-
|Section 206C(1)||Alcoholic liquor for human
|Section 206C(1)||– Timber obtained under Forest lease
– Timber obtained by any mode other than under a forest lease
– Any other forest produce not being timber or tendu
|Section 206C(1)||Tendu leaves||5%||3.75%|
|Section 206C(1)||Minerals, being coal or ignite or iron ore||1%||0.75%|
|Section 206C(1C)||Parking Lot||2%||1.50%|
|Section 206C(1C)||Toll Plaza||2%||1.50%|
|Section 206C(1C)||Mining & quarrying||2%||1.50%|
|Section 206C(1F)||Motor Car||1%||0.75%|
|Section 206C(1G)||Overseas tour travel package||5%||3.75%|
|Section 206C(1G)||Remittance of Forex under LRS of Rs. 7 lakh or more in a financial year||§ 0.5%: Where remittance is a repayment of loan obtained for the purpose of pursuing any education
§ 5%: In any other case
| 0.375%: Where remittance is a repayment of loan obtained for the purpose of pursuing any education
3.75%: In any other case
|Section 206C(1H)||Sale of goods in excess of Rs.
Attributable Due Date for TDS E-filing Returns for Fy 2019-20.
|Quarter||Quarter Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July 2019|
|2nd Quarter||1st July to 30th September||31st Oct 2019|
|3rd Quarter||1st October to 31st December||31st Jan 2020|
|4rd Quarter||1st January to 31st March||30th June 2020 Read Rescript 2020|
Changes in the interest rate for the delay in the deposit of TDS / TCS in time as provided for in the Taxes and Other Laws (Relaxation of Other Provisions) Legislation, 2020.
- “Government to infuse Rs 50,000 crores of liquidity by reducing the rate of TDS, the rate of non-salaried specified payments made to residents, and the rate of Source Tax Collection for specified receipts by 25% of the current rate”
- “Among other steps, the due date of all income tax returns for the fiscal year 2019-20 will be extended from 31 July 2020 and 31 October 2020 to 30 November 2020 and the tax audit from 30 September 2020 to 31 October 2020”
- “The period of the Vivad se Vishwas scheme for making payment without an additional amount will be extended to 31 December 2020”
- Advanced tax, self-assessment tax, standard tax, TDS, TCS, equalization fee, STT, CTT late payments made between 20 March 2020 and 30 June 2020, the lower interest rate at 9% instead of 12%/18 percent per year (i.e. 0.75 percent per month instead of 1/1.5 percent a month) will apply. There is no late fee/penalty available.
- The government extended the scope of the lower or nil TCS, TDS credential until 30 June 2020 due to a coronavirus pandemic.
Arrival Due date for TDS & TCS Payment Deposit for Government & Non-Government Companies
- The due date for the submission of the TCS deposit is the 7th of the next month.
TDS Deposit Due Date as follows:
- For non-governmental entities-7th of the next month (with the exception of March where the due date is scheduled for April 30th)
- Government departments
- If you pay via Challan-7th of next month
- If paid via book-entry, the same day on which the TDS is deducted.
Also read on :Extention of TDS/TCS statement filing Date
TDS Deposit Due Date as follows
As per section 201(1A) Interest at the rate of 1 % per month or part of the month on the amount of TDS deductible from the date of tax until the date of tax actually deducted shall be charged for the late deduction.
Also, interest for late payment at a rate of 1.5 percent per month or part of the month on the amount of the payment.
Interest in late payment of TDS: amendments made pursuant to Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24th March 2020:
For late payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20 March 2020 and 30 June 2020, the interest rate will be reduced by 9 percent instead of 12 % or 18 % per year (i.e. 0.75 percent per month instead of 1/1.5 percent per month). No late fee/penalty shall be paid for any delay in respect of that time.
Interest in late payment of TCS or failure to collect TCS:
In the event that the collector responsible for collecting the tax at the source does not raise it or refuses to pay it to the Government,
then he shall be liable to pay basic interest at a rate of 1% a month or part thereof on the balance of that tax from the date on which the tax was collected to the date on which the tax was actually charged and that interest shall be paid until furnish.
Applicable Interest on late payment of Tax deducted at souses before the COVID -19
|SECTION||NATURE OF DEFAULT||INTEREST SUBJECT TO TDS/TCS AMOUNT||PERIOD FOR WHICH INTEREST IS TO BE PAID|
|201A||Non deduction of TDS, either in whole or in part||INTEREST : 1% per month||From the date on which tax deductable to the date on which tax is actually deducted|
|After deduction of tax, non-payment of tax either in whole or in part||INTEREST : 1.5% per month||From the date of deduction to the date of payment|
Note: above said interest required to be paid before filing of TDS return.
Tax Deducted at Source (TDS) Forms
TDS Certificate Form
|Sr. No||Form Number||Description|
|1.||FORM- 16||TDS Certificate of Salary|
|2.||FORM- 16 A||TDS Certificate for Income other than Salary|
|3.||FORM- 24Q||Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of salary|
|4.||FORM- 26Q||Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of payments other than salary|
|5.||FORM- 27Q||Quarterly statement of deduction of tax under sub-section(3) of section 200 of income tax act in respect of payments other than salary made to non-residents|
TDS Return Forms
|Sr. No||Form Name||Description|
|1.||TDS Return Form 24Q||Statement for tax deducted at source from salaries|
|2.||TDS Return Form 26Q||Statement for tax deducted at source on all payments other than salaries.|
|3.||TDS Return Form 27Q||Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.|
|4.||TDS Return Form 27EQ||Statement of collection of tax at source.|
|5.||TDS Return Form 27A||Form 27A is a control chart of quarterly TDS/TCS statements to be filed by deductors/collectors along with quarterly statements|
You will have to pay a fine equal to the amount deducted/collected under the provisions of the Income Tax Act.
Prosecution (Sec 276B)
As per the prosecution (Sec 276B), if a person refuses to pay the payment to the Central Government, the TDS deducted by him under the provisions of Chapter XVII-B shall be entitled to obtain a strict penalty of at least three months, which may be expanded to seven years. The fine depends on the conditions or inquiry conducted by the appointed tax authority/assessment officer.
Penalty (Section 234E)
The deductee of the TDS shall be liable to pay a fine of INR 200/-per day before the full sum of the TDS is paid. However, the penalty shall not exceed the actual amount of the TDS.
Late Filing Fees :
For the delayed fee of TDS after deduction under Section 201(1A), you have to pay interest at a rate of 1.5 percent per month from the date of the deduction to the actual date of the deposit. It should also be remembered that interest is measured on a monthly basis rather than on a number of days. Half of a month will also be regarded as a whole month.
What is important to remember here is that
The estimation of interest on the balance of the TDS owed starts on the day from which the TDS was withheld rather than the day from which it was due.
PENALTIES (Section 271H)
Pursuant to this rule, the Assessing Officer may direct a person who has not filed a TDS payment on time with a minimum of INR 10,000, which may even be extended to INR 1,000,000.
If the following conditions are met, no penalty will be levied (under section 271H) for late payment of TDS / TCS returns:
- The tax deducted at the source must be paid to the credit of the government.
- No penalty will be levied if interest and late filing fees are paid to the Government’s credit.
- Before the one-year period expires, the TDS / TCS return has been filed from the due date.
TDS for the purchase of immovable property
For the purchase of immovable property on which TDS applies, the return, together with the payment of TDS, must be made before the 30th of the following month. For example, TDS for property purchased in May must be deposited by 30 June.
In Dec 2020
Recent Income Tax and GST Due Dates of Filling date Extended
1. Income Tax Returns Due Dates for:
(b) If any person which is other than Co. whose accounts are needed to be audited in income tax or any other law
(c) a partner of a firm whose accounts are required to be audited under the Income Tax Act or any other law
(d) any person who is required to furnish Transfer Pricing report u/s 92E under Income Tax Act.
has been extended from 31st January 2021 to 15th February 2021.
2. Income Tax Returns Due Dates for Any other Persons not covered in point 1 above has been extended from 31st December 2020 to 10th January 2021.
3. Due to Extention the Consequently Due Date for filling of Tax Audit Report has been extended from 31st Dec 2020 to 15th Jan 2021.
4. GST Annual Return (in form GSTR-9C and 9) for Financial Year 2019-20 has been increased from 31st Dec 2020 to 28th Feb 2021.
5. Due Date for making the declaration under Vivid se Vishwas has also been extended from 31st December 2020 to 31st January 2021.
6. Today (31.12.2020) is the last date to hold AGM for 2019-20, avail LLP Settlement & Cos Fresh Start Scheme 2020 & file GSTR-9A for 18-19 by Composition person.
In May 2021. Due Date Extended beyond May 2021 by CBDT
The Central Board of Direct Taxes has postponed the following dates for filling/submitting returns and other documents: –
- Income tax Returns for Assessment year 2021-22 (Other Than Tax Audit & of Corporations) can be filed until September 30th, 2021.
- The deadline for submitting an income tax audit report for the FY 2021-22 is October 31, 2021.
- Tax Deducted at Source (TDS) Returns for the fourth quarter of the FY 2020-21 can be filed without any additional fees until June 30, 2021.
- Income tax returns for the Assessment year 2021-22 can be filed up to the 30th of November 2021 in the case of a tax audit and for companies.
- The FY 2020-21 Statement of Financial Transactions (SFT) can now be filed until June 30, 2021.