Categories: Income TaxTDS

New Revise TDS/TCS return filing & Payment due date

New Revise TDS / TCS return filing & Payment due date

Complete Chart of TDS

Rates of TDS

Section

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-

2021

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

Rs. 50,000

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

–   Aggregate

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

case

15,000
194G Commission and other payments on sale of lottery

tickets

5% 3.75% 15,000
194H Commission and

Brokerage

5% 3.75% 15,000
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

machinery

2,40,000
194-IB Payment of Rent by Certain Individuals or

HUF

5%

3.75%

50,000

 

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

cases

–  Director’s fees: Nil

–  Others: Rs. 30,000

194M Payment to contractor, commission agent, broker or professional by certain Individuals

or HUF

5% 3.75% 50 lakhs
194N Cash withdrawal –  2%: In general if cash withdrawn exceeds Rs. 1 crore

–  2%: If the assessee has not furnished return for the last 3 assessment years and cash withdrawn exceeds Rs. 20 lakhs but does not exceed Rs. 1 crore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

crore

–  If a person defaults in the filing of return: 20 lakhs

–  If no default is made in the filing of return: Rs 1 crore

Rates of TCS

Attributable Due Date for TDS E-filing Returns 

Quarter Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st Oct
3rd Quarter 1st October to 31st December 31st Jan
4rd Quarter 1st January to 31st March 30th June  Read Rescript

How to file TDS return Online

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:

  • 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.

TDS Deposit Due Date 

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 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

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.

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