Thursday, 25 February 2016

Tax Deducted at source - ALL Due date

The due dates for the payment of the deducted TDS are on or before 7th of next month except for the month of March relaxation is given to pay the TDS till 30th April. 
  • These due dates are applicable to all non-Government assesses and also to Government assessees who deposit tax with Challan. 
  • For government assessees who do not make the payment with challan, the due date for payment of TDS will be the same day on which the amount is deducted.
Month
Due date for payment of TDS
April 7th of May
May 7th of June
June 7th of July
July  7th of August
August  7th of September
September  7th of October
October  7th of November
November  7th of December
December  7th of January
January7th of February
February7th of March 
March30th of April

Given below is the table with due dates for different TDS return forms and different quarters
Quarter
Form 24Q and 26Q
Form 27Q
Form 27EQ
April to June
15 July
15 July
15 July
July to September
15 October
15 October
15 October
October to December
15 January 
15 January 
15 January 
January to March
15 May
15 May
15 May

 

  • Form 24Q: It is the TDS quarterly return to be filled out by the deductor ( or employer) for all the deductions made in a salaried case.
  • Form 26Q: It is the TDS quarterly return to be filled out by the deductor for all the deductions made in the non-salaried case.
  • Form 27Q: It is the TDS quarterly return to be filled out by the deductor for all the deductions made in the case of NRIs.
  • Form 27EQ: It is the TCS quarterly return to be filled out by the deductor.

Late payment and filing consequences:

Interest for delay in deduction: In the case when the TDS is not deducted on the specific due date ( Deduction due date is 30th of the month and in case of February, the last day of the month), then interest will be applicable at a rate of 1% per month from the date when it should have been deducted. 
  • Example: If the TDS amount was to be deducted for the month of November (i.e, on 27th of November), but it was actually deducted on 7th of December then interest will be 2% (for the month of November and December).
Interest for delay in payment of deducted amount: In the case when the TDS deducted on time but is not paid by the specific due date ( payment due date is 7th of next month and in case of March, it is 30th of April), then interest will be applicable at a rate of 1.5% per month from the date when it should have been paid. 
  • Example: Continuing with the same example if the TDS amount was to be paid for the month of November (i.e, on or before 7th of December), but it was paid on 10th of December then interest will be 3% (for the month of November and December).
Fees for the delay in furnishing the statements: In such cases where there is a delay in furnishing the eTDS statement, a mandatory fee of Rs. 200 per day is applicable. The total fees will not exceed the total TDS amount of that quarter. The late filing fee should be paid before filing such delayed eTDS statement. 
Failure to file eTDS statement delaying more than a year or furnishing incorrect details in the statement filed like PAN, Challan and TDS Amount etc, will result in a penalty ranging from Rs. 10,000 to one lakh.


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