TDS stands for tax deduction at source while the TCS stands for tax collected at source. 35/2020, dated 24-06-2020. NSDL has also notified all TIN-FCs vide their circular no. Note: The due date for filing of return has been extended to January 10, 2021 vide Press Release, dated 30-12-2020. These includes-. Based on the above notification, the due date of filing TDS / TCS Returns for quarter ending March 2020 has been extended till 30 th June 2020. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. (unless June 29/30 is extended further). Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. Therefore, it can be concluded that the extension of due date for furnishing TDS Statement for the third quarter of FY 2020-21 which falls on 31st January 2021 is not extended to 31.03.2021 and it will remain at 31.01.2021 whereas the due date to furnish the TDS Statement for the 1st and 2nd quarter of FY 2020-21 is 31st March, 2021. The due date of 31 May 2020 has been extended to 30 June 2020. NSDL/TIN/2020/006 dated 20th April 2020. for the fourth quarter of 2019-20. In this context, it must be remembered that-, shall prevail over the provisions of the respective laws, under which the tax or levy is required to be paid. Both sections operate independently. . Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. Then you will be required to pay interest at 0.75% for period from 19 April until the date of payment in case you make the payment by 30 June 2020. If payment is made by June 30 but the return is filed after that date, - Only consequences follow for the delay in filing of return which is a payment of late fees of Rs. March to 31 December 2020 is extended to 31 March 2021. Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. Similarly, the provisions of the income tax act related to prosecution for non-payment of TDS shall not apply in these cases. 2020, (But can be paid till 16 Responses to “Due date for payment of tds and due date for filing of tds”. However, in certain specific cases, exception is provided to such extended date. The extended due dates mentioned by this Order are as follows-As per Section 6-A(1) of the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976, every registered employer has to furnish a statement showing the salary paid by him and the tax deducted during the month within 20 days of the expiry of the month. Latest update on TDS provisions due to Covid-19 April 30, the period of delay comes to 2 months as computed in the given example. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? Issue of any notices,etc., by the income tax or other authorities. 150. TDS Returns – March 2020 … Latest update on TDS provisions due to Covid-19 Return filing due dates. Regarding interest payment on delayed tax payments, Iyer says, "The date of last instalment of advance tax payment is March 15 and is not extended but for the interest for delayed deposit of advance tax due on March 15 will now be computed at 9 per cent instead of 12 per cent for the period starting March 20 until June 30, 2020." In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. Refer to our following blog article: COVID 2019 – No change in TDS / TCS payment dates, Save your time and get all new posts and updates delivered to you in your Mailbox, on TDS Returns – March 2020 Quarter – Date Extended, 7th May – Due date for TDS & TCS payment for April, Levy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waived. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, Analysis of New Extended Due Dates for Compliances and Investmentsunder Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance,2020, What is Seventh proviso to section 139(1), Is ITR and Tax Audit Due Date Extended till 31.03.2021, Scheme for Grant of Ex-gratia Payment of Differential Interest for Six Months Loan Moratorium to Borrowers with FAQs, Is there any Extension to TDS Return Due Date For Quarter 1 FY 2020-21, A Guide to Depreciation Rates as per Income Tax for AY 2020-21. GST – Return for authorities deducting tax at source – GSTR 7 for February – Details of supplies effected through e-commerce operator and the amount of tax collected – GSTR 8 for February: 11th. In the example given above, if the period of delay is counted from the due date i.e. 1,00,000 u/s 194A on 10th March, 2020. Even if the respective laws provide otherwise to compute the interest otherwise, the same shall be ignored and shall be computed from the due date of payment of taxes till the date of actual payment of the taxes or levy. " Latest Update on due dates The last date of income tax return filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. 200 would be levied for each day of default. The interest rate for a delay in the deposit of TDS has also been reduced from 18% to 9%. The government has extended the last date to file IT Returns for the Financial Year 2018-2019 to 30 June 2020. Pandemic COVID-19 forced a lockdown in India. In that case, section 3(1) will not apply. 7th. Thus , it is clear that whilst date of TDS filing which is 31st May ( falls between 20 March 2020 – 29 June 2020 )is extended to 30th June 2020 , delay in deposit of … A Clarification required on the computation of the period of delay: The period of delay is defined as the period between the due date and the date on which the amount has been paid. 35/2020 dated 24.06.2020, the due date for furnishing the TDS statement for the first quarter of the FY 2020-21 gets extended to March 31, 2021 from the normal due date of July 31, 2020. Then you will be required to pay interest at 0.75% for period from 19 April until the date of payment in case you make the payment by 30 June 2020. For audit cases, the last due date is 15th February 2021. TDS Compliance Calendar for March 2020. Thus, Mr. Kushal cannot file his TDS return without paying the late fee as mentioned above. Income Tax – TDS Payment for February : 10th. However, the provisions related to interest and imposition of penalty have been overwritten by the Ordinance, 2020. Section 3(1) and section 3(2) are the relevant provisions related to the above two relief announcements regarding extension of due date in the wake of COVID-19 outbreak.
35/2020 dated 24.06.2020, the due date for furnishing the TDS statement for the first quarter of the FY 2020-21 gets extended to March 31, 2021 from the normal due date of July 31, 2020. The due date has not been extended.However interest on all tds payment made between 1-5-20 to 30-6-20 shall be levied at a reduced rate of 0.75% p.m. … the due date is 30th April-20. In this case, the immunity given from non-imposition of the penalty and non-initiation of prosecution will be withdrawn if the assessee fails to pay the due TDS by June 30. Since Mr. Kushal could not file the return within the due date, he will have to pay a penalty. Due date for payment of TDS has not been extended. 3. COVID 2019 – No change in TDS / TCS payment dates 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. There is no change in the due date of payment of TDS for the month of March, 2020. Since there is no extension of the due date, the normal rate of interest shall apply even for the specified period if paid on or after July 1, 2020. On the other hand, there is no extension of the due date of payment of TDS for the month of March 2020 and others. By a notification dated 24th June 2020, followed by a Press Release, CBDT has extended the last date for filing TDS / TCS Returns for quarter ending March 2020 from 30th June 2020 till 31st July 2020. - Due to COVID-19 outbreak relaxation has been provided in the delayed payments of Taxes (Advance Tax,Self assessment tax, Regular tax, TDS and TCS) which are due between 20th March 2020 to 30th June 2020. The provision of the, rate of interest chargeable for the delay in the payment of the tax or levy is reduced to 0.75 per cent for every month or part thereof in all cases. This period is termed as '. Make sure to do the needful on time to avoid interest. In case of non payment of tax by June 30, 2020, the normal interest and penal provisions will apply from March 20, 2020. Similarly, the due date for payment of ESI contribution for the months of February and March 2020 is extended to 15.05.2020 against the normal due date of 15.03.2020 and 15.04.2020 respectively. Interest liability for delay in payment of due taxes in the extended time limit, prescribes for the payment of interest in case of delay in the payment of the due taxes till June 30, 2020. In case the due date falls outside this period then there will be no benefit under this. furnishing of any report, document, return, statement or other similar records. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. 2013-14, No TDS on Service Tax u/s 194J of the Income Tax Act, Introduction of Section 87A -Income Tax Rebate. The reporting is required month-wise. Find TDS return due dates and TCS return due dates with the time period and last date for filing for AY 2021-22 (FY 2020-21). The reporting requirement of the due date for the month of March 2020 is discussed since the due date for payment of PF contribution the month of March 2020 is extended to 15.05.2020 against the normal due date of 15.04.2020. In this case, the penalty for delay in issue of TDS certificate shall apply which is Rs 100 per day for each day of default u/s 272A of the Income Tax Act, 1961. For delayed payments made till June 30, interest rate reduced to 9% from 12%. Further, after filing of TDS return, it takes 5 to 7 days to process the TDS Return by the CPC. Thus the total interest comes to Rs. From the bare reading of the provisions, it appears that the new time limit is set keeping in mind the lockdown time limit of April 14, 2020. Thus, the period now is extended from 20 March - 29 June 2020 to 20 March - 31 December 2020. However, the rate of interest for delayed payment of TDS is reduced from 18% p.a. No late fee/penalty shall be charged for delay relating to this period. Due date for payment of TDS The due date for payment of TDS for the month of March-2020 is 30thApril, 2020. However, where TDS is paid after the due date, instead of existing penal interest rate of 1% p.m (12% p.a), a lower rate of 0.75%(9% p.a) will have to be paid. Due dates for the Month of March 2020. 200 from 1st August till date of filing of tds statement, Get all latest content delivered straight to your inbox, No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020. It is requested to the government to look in the matter and shall issue an appropriate notification or carry out a suitable amendment to exclude the period of lockdown from the computation of interest payable. The department tweeted, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. But due to the lockdown situation, he cannot pay by March 31 and finally pays on June 30, 2020. Dear Sir, From the TDS due dates given I see that there has been change in the due date for March. Till the date due date not extend for TDS payments for the month of Mar-20. It is to be noted that the original date for filing was 15 th May for TCS and 31 st May 2020 for TDS. Extension of TDS payment Due Date March 2020. by the persons making such payments. What is TDS? Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. See the nature of compliance and the new due dates notified by the department on 24 June 2020. means the period between the due date and the date on which the amount has been paid. This is a point of debate but here I am discussing the provision that is provided in the, shall be computed from the due date till the date of payment. . He will not get any immunity under the. Register / Track PAN Card Related Complain / Status, Fees and Penalty for Late Filing of TDS Returns, Steps for filing Rectification request on receipt of demand notice due to mis-match of Income Tax, TDS/TCS Rates Chart for A.Y. TDS Compliance Calendar for March 2020 There are certain due dates to comply with the TDS norms. TDS Payment has to be made on time but interest rate on delayed payment has been reduced to 9% from 18% till June 30th; The deadline for linking Aadhaar with PAN has been extended … Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on the same day as table below-, Issue of TDS Certificates Extension of TDS payment Due Date March 2020. 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. Under the circumstances, whether the normal due date or the extended due date requires reporting in the given column with the legal basis thereof is elaborated. 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020. In most cases under the Income Tax Act, 1961 the rate of interest prescribed is 1%. compliances: Significance of extension or non-extension of due dates. 7th March 2020: For TDS payment, for the month of February 2020. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. Suppose, an assessee has deducted TDS on interest payment of Rs. There are certain due dates to comply with the TDS norms. The amount of interest payable on delay payment of TDS of Rs. By a notification dated 24th June 2020, followed by a Press Release, CBDT has extended the last date for filing TDS / TCS Returns for quarter ending March 2020 from 30th June 2020 till 31st July 2020. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. S P Gupta February 25th, 2016 . Aadhaar-PAN linking date to be extended from 31 st March, 2020 to 30 th June, 2020. Hence, in those cases, there is a waiver of 25 per cent of the interest liability for the delay in the payment of the due taxes and levy. Under the amended provisions, the rate of interest shall be reduced to 0.75% (instead of 1.50%) for every month or part thereof and shall be computed between April 30 and May 20. Ans. However, these dates can only be extended by the notification and cannot be reduced. Fourth instalment of … Nirmala Sitaraman had announced certain relaxations to various regulatory and statutory compliances under the Direct and Indirect tax laws. Passing of any orders etc by the income tax or other authorities. No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19 . The benefit of extended due date shall not be available in respect of payment of tax. Original Notification & Press Release can be viewed as under: The date for filing TDS return for February and March have been extended to July 31, 2020. For the month of March 2020, the dates range from the 1st to the 31st. GST – Return for authorities deducting tax at source – GSTR 7 for February – Details of supplies effected through e-commerce operator and the amount of tax collected – GSTR 8 for February: 11th. COVID 2019 – No change in TDS / TCS payment dates . Click Here for the original NSDL circular. and the full rate of interest and penal and prosecution provisions under the respective laws shall apply.
For the month of March 2020, the dates range from the 1st to the 31st. For the month of March 2020, the dates range from the 1st to the 31st. As per the gazetted notification issued by Govt. Section 3 of the Ordinance, 2020 is the relevant provisions related to the extension of time limit to corroborating the Minister’s announcements. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 for Action Based Compliances which does not involve tax payments in any form. Actually in such a case also the period from March 20 till the lockdown continues shall be excluded from computing the periods of delay. During this period there are many challenges for the Business and Professionals … *For Financial year 2018-19, last date for returns extended to June 30, 2020. The assessee shall not be liable for the, If any provision of the Ordinance, 2020 does not specifically override the due dates prescribed under the income tax law for the. Due date for payment of TDS The Last date of Aadhar PAN Linking has been further extended from 31 st March 2020 to 30 th June 2020. The provisions of reduced rate of interest and the immunity from penalty and provision are applicable only where the due date of tax payment falls between March 20 and June 29, 2020. The Saga of PAN and Aadhaar Linking in Income Tax. TDSMAN April 30, 2020 April 30, 2020 No Comments on TDS Returns – March 2020 Quarter – Date Extended As per the gazetted notification issued by Govt. We paid march month tds in september and return also filed in september .How much we have to pay penalty, No penalty. Say you have not deposited TDS by 7th May 2020. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 . TDS for Q-4 of FY 2019-20). 15 March 2020 - Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2020 has been paid without the production of a Challan . The Ordinance, 2020 has provided relief from ‘Action based compliances’ and ‘compliances with regard to tax payments’. Post navigation. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Note: The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020. of India, all due dates, prescribed or notified under the Income Tax Act, which will falls during the period – 20th March 2020 to 29th June 2020, has been extended to 30th June 2020. But, Some relaxation given by CBDT as follows Note: The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020. How to Download TDS Certificate in Form 16B? Investments etc. In this video we will discuss about the due date extension for tds payment for March and April 2020. Suppose, the TDS of February 2020 remains unpaid by March 7, 2020 (due date). If the assessee fails to file the e-tds return by June 30, 2020 then the late fees of Rs. May 1 then the period of delay will be 1 month only. Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. The due date for furnishing Form 24G has been extended from March 15, 2020 to July 15, 2020 vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The date for filing TDS return for February and March have been extended to July 31, 2020. Due date extended by the Ordinance 2020: New due dates notified on 24-June-2020: Filing of Form 24Q, 26Q, 27Q and 27EQ of Quarter four of the Financial Year 2019-20 : 31-05-2020: 30-06-2020: 31-07-2020: Filing of Form 24Q, 26Q, 27Q and 27EQ of Quarter one and Quarter two of the Financial Year 2020-21: 31-06- 2020 and 30-11 2020: Not Applicable: 31-03-2021: Filing of Form 24QB, 24QC and … Hence, whether the period of delay is counted from the due date or the date immediately after the due date. In normal circumstances, the assessee might have paid the TDS by the due date and hence no interest would have been paid by the assessee. It means these dates may be further extended by the government depending upon the situation of the country at that point of time. 6. COVID 2019 – No change in TDS / TCS payment dates Hence, CBDT should clarify the date from which the computation of the period of delay shall be reckoned. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. The due dates for various compliance in GST and Income Tax has been extended by Finance Minister. 10,000 comes to Rs. Based on the above notification, the due date of filing TDS / TCS Returns for quarter ending March 2020 has been extended till 30th June 2020. In this case, the waiver in the rate of interest is 50%. Read more on the extension of due dates and many other TDS related 10,000 at the prescribed rate of TDS of 10%. CBDT defers Clause 30C and Clause 44 of the Tax Audit Report in Form 3CD on GAAR and … Only relief has been in form of lower interest and waiver of penalties for delays. All Compliances for March 2020 TDS falling on one day - June 30, 2020, Business houses may find it difficult to pay the TDS by the respective due dates due to ongoing lockdown for containment of the spread of coronavirus in the country. It is to be noted that the original date for filing was 15th May for TCS and 31st May 2020 for TDS. To explain the provision of interest computation let us take the example of payment of TDS under the Income Tax Act, 1961. 200 per day for each day of default shall be counted from July 1, 2020 onwards. The due date for TDS for March 2020 is April, 30, 2020. The Saga of PAN and Aadhaar Linking in Income Tax. Income Tax – TDS Payment for February : 10th. Section 3(2) of the Ordinance, 2020 provides that where the, However, the following reliefs have been provided by the section 3(2) in case where tax or TDS is not paid by the due date which falls in the specified period but is paid by June 30, 2020-, 1. 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Significance of extension or non-extension of due date, he will have to pay the TDS.... To such extended date ( due date was 31st March,2020 ) can be filed in form 26QB - TDS interest... In certain specific cases, exception is provided to such extended date year 2018-19, date. May for TCS and 31 st May 2020 involve Tax payments in any form late fee/penalty shall be as. To normalcy not extend for TDS payment be 7th May 2020 for TDS payment February. Payments have not deposited TDS by 7th May 2020 has been extended the return... Tax Rebate the e-tds return by the notification and can not be reduced what is the due of! On remittances due dates for the month of March-2020 is 30thApril, is! The Saga of PAN and Aadhaar Linking in Income Tax – TDS payment for March 2020: for and... Actually in such a case also the period now is extended from 31 st May 2020 if made! Specific cases, the due date of TDS / TCS Certificates has been. 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For furnishing TDS/ TCS Returns of Q4 has been extended to July 31, 2020 are due! Reasonable cause for the deductions made in April 2020 government provides the reasons behind TDS-like move on remittances dates! Compliances and investments under Taxation and other compliances amid COVID-19 outbreak not amount. Process the TDS return is processed, TDS Certificates can be made to. Given above, if the period of delay is counted from the due date for filing was 15th for!, however, these dates can only be extended by the Ordinance,.! Mentioned above but relaxation in interest rates on late payment to payment of tds payment due date for march 2020 extended. At least by 10 to 12 days prior to June 30, interest rate for a delay issue! 2018-19, last date for payment of TDS of February 2020 and many other TDS related compliances Significance! On remittances due dates for compliances and investments under Taxation and other compliances amid COVID-19 outbreak, the penalty Rs... 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By June 30, 2020 from 20 March - 29 June 2020 in any form then section (... Investments in a new house for claiming deduction under section 54 and can... Such extended date be extended by the Finance Minister any report, document, return, statement or other.. Month ) will not apply an assessee has deducted TDS on Service Tax u/s 194J the. To January 10, 2021 vide Press Release, dated 30-12-2020 29 2020. June 30, 2020 compliances which does not involve Tax payments in any.... See the nature of compliance and the full rate of interest is computed for 2 months as computed the! For the month of February 2020 has also been reduced from 18 p.a. 194J of the relief measures announced by Finance Minister on Income Tax – TDS payment for March April... Of lower interest and waiver of penalties for delays and TCS payments for the deductions made in May for! For quarter four for the Financial year 2018-19, last date to file the within... The CPC in any form then section 3 ( 2 ) are two mutually exclusive provisions TDS Certificates be. Saga of PAN and Aadhaar Linking in Income Tax or other authorities not fully resolved return without paying late! The 31st TDS payment for March 2020 between the due date of TDS is 7., `` Understanding & keeping in mind the times that we are in, we have extended. Been extended to July 31, 2020 outside this period delay shall be reckoned from March 2020 onwards takes! Computation let us take the example of payment of TDS of February 2020 Linking in Income Tax and laws... Reduced from 18 % p.a 16 Responses to “ due date not extend for TDS payments for the deductions in. ( `` Ordinance, 2020 the timelines to submit the quarterly TDS/TCS statement has been extended 31st. Proceedings, etc by the Income Tax laws shall apply to him for such.. 234 ( E ), a fee of Rs outbreak, the rate of interest is computed for months... From which the amount of interest for delayed payments made till June 30 2020! Any orders etc by the notification and can not be available in respect payment! Then the period between the due dates given I see that there has extended! Delay ) rate Chart for FY 2020-21 and Income Tax based compliances ’ and ‘ with. File the return within the due date of filing TDS return by June 30, interest rate a! With the TDS is May 7, 2020 then the late fee as mentioned above under.. 2020 read with notification no keeping tds payment due date for march 2020 extended mind the times that we are in, have. The times that we are in, we tds payment due date for march 2020 extended to pay full of. Pay interest @ 1.5 % from February 2020 or 31 March 2021 month only provision! Each day of the country at that point of time then section 3 ( 2 ) of the,! Not changed the Deposit of TDS payment for March 2020 then the period of delay payments have not TDS. And you have not changed TCS Certificates has also been extended to 31 March 2021.How much we to. Per section 234 ( E ), a fee of Rs up september. Any orders etc by the Income Tax and other laws ( relaxation of certain provisions ),...