TDS NSDL: Extension of QTR TDS/TCS statement filing dates for Quarter

NSDL: Extension of QTR TDS/TCS statement filing dates for Quarter

NSDL: Extension of QTR TDS/TCS statement filing dates for Quarter

NSDL: Update on Extension of Quarterly TDS/TCS statement filing dates for Quarters.

Extension of quarterly TDS / TCS statement submission of By the NSDL circular dates for Extension of due date for TDS returns for four Quarters of the Financial year 2019-20 until 30 June 2020.

Any due dates specified or notified pursuant to the Income Tax Act which fall within the period from 20 March 2020 to 29 June 2020 have been extended to 30 June 2020. In view of the same, the deadlines for filing the quarterly TDS / TCS document have been expanded. The revised timeline for the submission of the TDS / TCS statement for the fourth quarter of the financial year 2019-20 is until 30 June 2020. Both TIN FCs are asked to take note of the same and to prepare the resources accordingly.

Due date of TDS/ TCS Return filling for the FY 2020-21

Quarter

Last Date of Filing

Period

Last Date of Filing

1st Quarter

31st March 2021

1st April to 30th June

31st March 2021

2nd Quarter

31st March 2021

1st July to 30th September

31st March 2021

3rd Quarter

31st Jan 2021

1st October to 31st December

31st Jan 2021

4th Quarter

31st May 2021

1st January to 31st March

31st May 2021


Note

  • according to Income tax Notification  No.35 /2020/ F. No. 370142/23/2020 – TPL on 24th June 2020 issued by CBDT, the due date for filing of TDS/TCS return for Q1 & Q 2 of the Financial year 2020-21 is 31st March 2021″
  • TDS Certificate - Quarterly: After filling out the TDS quarterly return you can generate a TDS/TCS certificate within fifteen days of filing your TDS return.

Dead Line to File Tax Collected at Source (TCS) Returns for Financial Year 2020-21

S. No

Quarter

Quarter Ending

Quarter Period

Due Date

1

1st Quarter

30 June 2020

April – June

31 March 2021

2

2nd Quarter

30 September 2020

July – September

31 March 2021

3

3rd Quarter

31 December 2020

October – December

15 January 2021

4

4th Quarter

31 March 2020

January – March

15 May 2021

Kind of TDS Return filling Forms

The below are the TDS Return filling Forms and the aim for which they are used:

S. No.

Return filling Forms

Particular Purpose

1

Form 27Q

Subtraction of tax from dividend, interest or any other amount payable to non-residents

2

Form 27EQ

TCS

3

Form 24Q

Tax deducted at sources from salaries

3

Form 26Q

Tax deducted at sources on all payments apart from salaries

Deadline dates for TDS payment for Financial Year 2020-21

S. No

Month

The due date for other deductors (Company, Individual, HUF, etc)

The due date for Govt deductors

1

April

7th May 2020

7th May 2020

2

May

7th June 2020

7th June 2020

3

June

7th July 2020

7th July 2020

4

July

7th August 2020

7th August 2020

5

August

7th September 2020

7th September 2020

6

September

7th October 2020

7th October 2020

7

October

7th November 2020

7th November 2020

8

November

7th December 2020

7th December 2020

9

December

7th January 2021

7th January 2021

10

January

7th February 2021

7th February 2021

11

February

7th March 2021

7th March 2021

12

March

30th April 2021

7th April 2021

Late fees for filing

Failing to file your TDS returns within the due date means that you will be subjected to a late filing fee of Rs.200 per day. The fee will be paid each day after the due date, till the date on which your return is submitted. However, the maximum fees that you will have to pay will be limited to the sum of the TDS.

Penalty for the return of TDS

In the event that TDS returns are filed after the due date or that there is a difference in the TDS return form, the Below penalties shall apply:

  • The penalty under Section 234E: under that same section of the Income Tax Act, the deductor will be fined Rs.200 every day before the TDS is paid, but the penalty cannot be more than the TDS sum.
  • The penalty under Section 271H: a penalty which may be between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall apply if incorrect details have been given, such as incorrect PAN, incorrect tax number, etc

A penalty will not be paid under Section 271H of the Income Tax Act in the event that TDS/TCS returns are not submitted within the deadline, given that the following condition applies:

  • The TDS/TCS shall be paid to the Government's credit.
  • The filing of the TDS/TCS return shall take place before the expiration of one year from the deadline.
  • Interest and late filing fees (if any) have been charged to the Govt credit.

The interest rate applicable for the payment of TDS

As per Section 201(1A) of the Income Tax Act, 1961, if the tax is not deducted at source, either in part or in full, an interest rate of 1% per month would occur from the date on which the tax was deducted to the date on which it was actually subtracted. If the tax has been withheld and has not been paid either in part or in full, an interest rate of 1.5 percent per month would apply from the date on which the tax was deducted on the date on which it was payable.

Summary of Important Due date of July and Aug 2020

To understand the details about the  COMPLIANCES OF TAX DEDUCTED AT SOURCES(TDS)

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

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