Due dates for the Month of March 2020. 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." 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. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. 1,00,000 u/s 194A on 10th March, 2020. The due date was extended with certain conditions as registered taxpayers were facing some technical difficulties and that are not fully resolved. Revise TDS / TCS return filing due date and payment due date for year 2020 as per Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 . New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures . Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. 04 April 2020 Government provides the reasons behind TDS-like move on remittances TDS stands for tax deduction at source while the TCS stands for tax collected at source. However, these dates can only be extended by the notification and cannot be reduced. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. As Per Trade Trade Circular No. Further, after filing of TDS return, it takes 5 to 7 days to process the TDS Return by the CPC. We paid march month tds in september and return also filed in september .How much we have to pay penalty, No penalty. 7th May, 2020 is the due date for TDS and TCS payments for the deductions made in April 2020. The Last date of Aadhar PAN Linking has been further extended from 31 st March 2020 to 30 th June 2020. ("Ordinance, 2020") which is promulgated subsequent to the announcements of the relief measures by the Finance Minister. 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. Even after the lifting of lockdown, it will take time to settle and return to normalcy. Remember, the rate of interest is reduced and not the amount of interest. 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 … 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. - Due to COVID-19 outbreak, The due date for furnishing TDS/ TCS returns of Q4 has been further extended till 31st July 2020. 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. 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. The due dates for various compliance in GST and Income Tax has been extended by Finance Minister. 35/2020, dated 24-06-2020. 10,000 at the prescribed rate of TDS of 10%. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020. The date for filing TDS return for February and March have been extended to July 31, 2020. Due dates for the Month of March 2020. Section 3(1) and section 3(2) are two mutually exclusive provisions. Since the Ordinance is a special law to override to the provisions of Income Tax Act, 1961 in order to provide relief from the compliances to the taxpayers owing to COVID-19 distress, in case there is no express provision to override any of the provisions of the Income Tax Act, the provisions as contained in the Income Tax Act, 1961 shall prevail. Make sure to do the needful on time to avoid interest. Section 3 of the Ordinance, 2020 is the relevant provisions related to the extension of time limit to corroborating the Minister’s announcements. Thus, the period now is extended from 20 March - 29 June 2020 to 20 March - 31 December 2020. Say you have not deposited TDS by 7th May 2020. Here we have compiled due date of filing TDS/TCS statement (Form 24Q, 26Q, 26QB, 26QC, 26QD 27Q and 27EQ) of FY 2019-20 and due date for issue of TDS/TCS certificate (Form 16 and Form 16A). Suppose, an assessee has deducted TDS on interest payment of Rs. Aadhaar-PAN linking date to be extended from 31 st March, 2020 to 30 th June, 2020. by the persons making such payments. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? TDS Compliance Calendar for March 2020. There is no change in the due date of payment of TDS for the month of March, 2020. Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on … 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. … 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. " If the assessee fails to file the e-tds return by June 30, 2020 then the late fees of Rs. Due date still remains at April 30, 2020. TDS late payment interest rate and amount. *For delayed deposit of TDS, interest has been reduced to 9 % from 18% *Aadhaar-pan linking extended to June 30 from March 31 *Vivaad se Vishwaas scheme extended to June 30. All the normal provisions shall apply to the assessee. What is TDS? Make sure to do the needful on time to avoid interest. No late fee/penalty shall be charged for delay relating to this period. TDS for Q-4 of FY 2019-20). In case of non payment of tax by June 30, 2020, the normal interest and penal provisions will apply from March 20, 2020. Dear Sir, From the TDS due dates given I see that there has been change in the due date for March. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. CBDT, General, NSDL, PAN, TDS, TDS payment, TDS Rates, TDS return Due date for TDS & TCS payment in June, late payment interest, TDS Payment, TDSMAN. 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 May 1 then the period of delay will be 1 month only. 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. There is no extension for payment of March month TDS. Similarly, where there is a delay in issue of TDS certificates, the penalty of Rs. and the normal provisions of the Income Tax Act shall apply to him for such delay. March to 31 December 2020 is extended to 31 March 2021. COVID 2019 – No change in TDS / TCS payment dates . CBDT defers Clause 30C and Clause 44 of the Tax Audit Report in Form 3CD on GAAR and … To explain the provision of interest computation let us take the example of payment of TDS under the Income Tax Act, 1961. 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. You have to pay full rate of interest @ 1.5% p.m. from March 2020 to Sep 2020 and late fees @ Rs. Remember, if the payment of TDS is made after June 30, 2020 then the immunity given for penalty and prosecution and the relaxation in the rate of interest and reduction in the period for which interest will be charged shall not be available. In this video we will discuss about the due date extension for tds payment for March and April 2020. 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. 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. payment of TDS and if paid by June 30, 2020, Form 16A for Non Salary by the persons making such payments.
For the month of March 2020, the dates range from the 1st to the 31st. However, this aspect is ignored in this example. For filing of TDS/TCS Statement: Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-2020 – The original due date was 31 May 2020 which had been extended till 31 July 2020. On account of the complete lockdown imposed by Government all over the country in the backdrop of outbreak of pandemic COVID-19 disease, the Finance Minister Smt. Actually in such a case also the period from March 20 till the lockdown continues shall be excluded from computing the periods of delay. The due date to pay the TDS is May 7, 2020. In the Ordinance, 2020, there is neither any express provision to restrict the due date of tax payment nor to extend the prescribed due dates of TDS or tax payments under the Income Tax Law. 7th. It is to be noted that the original date for filing was 15th May for TCS and 31st May 2020 for TDS. For filing of TDS/TCS Statement: Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-2020 – The original due date was 31 May 2020 which had been extended till 31 July 2020. How will transactions of more than one buyer/seller be filed in Form 26QB - TDS on immovable property. Read more on the extension of due dates and many other TDS related Income Tax – TDS Payment for February : 10th. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Get all latest content delivered straight to your inbox. 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). Pandemic COVID-19 forced a lockdown in India. 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. 3. Click Here for the original NSDL circular. Due date for payment of TDS has not been extended. COVID 2019 – No change in TDS / TCS payment dates Hence the normal provisions of the Income Tax laws shall not apply in these cases. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. 30-Jun-2020: TDS Return: Quarter 4 March 2020: Due date for submission of quarterly satatement of TDS deposited for Jan – Mar 20 : 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. The revised timeline to furnish the TDS/TCS statement for quarter four for the financial year 2019-20 is till June 30, 2020. Note: The due date for filing of return has been extended to January 10, 2021 vide Press Release, dated 30-12-2020. For audit cases, the last due date is 15th February 2021. June 30, 2020 without any penal Consequences), Interest for delayed Filing of any application, reply, appeals. Once the TDS return is processed, TDS certificates can be generated from the TRACES portal. The reduced rate of interest is specified for every month or part thereof which means any part of a month is taken as a full month. Only relief has been in form of lower interest and waiver of penalties for delays. 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. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. 6. Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of June 2020. The benefit of extended due date shall not be available in respect of payment of tax. 200 would be levied for each day of default. The Saga of PAN and Aadhaar Linking in Income Tax. 10,000 is made in April 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. 200 per day u/s 234E, If payment is made by June 30 and return is also filed by June 30 but TDS certificate is issued after June 30, 2020-. TDS Returns – March 2020 … Due date for payment of TDS Post navigation. 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. But if the period of delay is counted from the next day of the due date i.e. 150. All the due dates prescribed or notified under the Income Tax Act which fall during the period from March 20, 2020, to June 29, 2020, have been extended to June 30, 2020. 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). 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. 3. In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. 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. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. See the nature of compliance and the new due dates notified by the department on 24 June 2020. The due date of 31 May 2020 has been extended to 30 June 2020. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020. Ans. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. 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. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. S P Gupta February 25th, 2016 . What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? There are certain due dates to comply with the TDS norms. On the other hand, there is no extension of the due date of payment of TDS for the month of March 2020 and others. The due date for TDS for March 2020 is April, 30, 2020. However, TDS returns can be filed till June 30, 2020 without any late fees 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 . for claiming deduction under Chapter VI-A. For people who have deducted tax at source for any payments during January-March 2020, the TDS return was to be earlier filed by May 31, 2020. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. 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 … Comparative study of Interest Payable for the delay in deposit of TDS, Statement showing the comparative amount of interest payable under normal provisions of the Income Tax and after the relaxation given in the Ordinance, 2020. 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. 100 per day for each day of delay shall be applicable from July 1, 2020. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. Say you have not deposited TDS by 7th May 2020. 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. 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. for Action Based Compliances which does not involve tax payments in any form. The due date of 31 May 2020 has been extended to 30 June 2020. Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. NSDL has also notified all TIN-FCs vide their circular no. 14 January 2021 - Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2020 *For Financial year 2018-19, last date for returns extended to June 30, 2020. The government has extended the last date to file IT Returns for the Financial Year 2018-2019 to 30 June 2020. However, in certain specific cases, exception is provided to such extended date. April 30, the period of delay comes to 2 months as computed in the given example. Suppose, the TDS of February 2020 remains unpaid by March 7, 2020 (due date). In that case, section 3(1) will not apply. However, in case of delay in deposit of TDS where tax is deducted, the rate of interest is 1.5% for every month or part thereof. Investments etc. 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. 2013-14, No TDS on Service Tax u/s 194J of the Income Tax Act, Introduction of Section 87A -Income Tax Rebate. 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. The interest rate for a delay in the deposit of TDS has also been reduced from 18% to 9%. - 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. Interest shall be payable from March to July (if paid in July) @ 1.5% p.m. Further, the assessee is subject to penalty and prosecution provisions. 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. 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. 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. . 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 … 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. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. However, the TDS is actually paid on June 25, 2020. The due date for payment of TDS for the month of March-2020 is 30thApril, 2020. The due date to file TDS return for the last quarter of the FY 2019 – 2020, that is January 2020 – March 2020 is May 31, 2020. The Ordinance, 2020 has provided relief from ‘Action based compliances’ and ‘compliances with regard to tax payments’. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. Since Mr. Kushal could not file the return within the due date, he will have to pay a penalty. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. The amount of TDS comes to Rs. Certain compliance for TDS payment and interest and other actions are listed in the table below-, TDS Compliances from March 2020 to May 7th. Latest update on TDS provisions due to Covid-19 No Extension for Deposit of TDS but relaxation in interest rates on late payment. No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19 . Latest update on TDS provisions due to Covid-19 Return filing due dates. All the due dates prescribed or notified under the Income Tax Act which fall during the period from March 20, 2020, to June 29, 2020, have been extended to June 30, 2020. In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. In this case, the waiver in the rate of interest is 50%. Due date for payment of TDS 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. Extension of TDS payment Due Date March 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. … . The date for filing TDS return for February and March have been extended to July 31, 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. (i.e. Once the payment is made, it takes 2 to 3 working days to get reflected on the NSDL database from the bank’s server. 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. These includes-. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 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. It is to be noted that the original date for filing was 15 th May for TCS and 31 st May 2020 for TDS. Payment of … 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. 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. 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. Completion of any proceedings, etc by the income tax or other authorities. What is TDS? Further, the time limit for completion or compliance of various actions falling under 20 March to 31 December 2020 is extended to 31 March 2021. However, the rate of interest for delayed payment of TDS is reduced from 18% p.a. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Make sure to do the needful on time to avoid interest. 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. NEW DELHI: The Centre on Tuesday extended the validity of nil or lower tax deducted at source (TDS) certificates for financial year ending March 31, till June 2020, including overseas lenders. New Delhi: The Income Tax (I-T) department on Thursday extended the tax-saving investments/payments for FY2019-20 till July 31, 2020.In a tweet, the tax departments announced that due date for tax-saving investments has been extended further by 30 days. 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. for the fourth quarter of 2019-20. Example: Suppose TDS of Rs. Till the date due date not extend for TDS payments for the month of Mar-20. For the month of March 2020, the dates range from the 1st to the 31st. Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. 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. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020. This is important because a single day of a month will be counted as one full month. Further deduction for contribution to PF, PPF , NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. 450. See the nature of compliance and the new due dates notified by the department on 24 June 2020. This period is termed as '. 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 amount of interest payable on delay payment of TDS of Rs. Issue of any notices,etc., by the income tax or other authorities. One of the announcements was related to payment of taxes including, for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for rollover benefit of capital gains under Income Tax and other direct taxes laws where the time limit is expiring between 20th March 2020 to 29th June 2020, Read the detailed text of relief measures announced, To give legal effect to the public announcements, the government has promulgated an Ordinance namely.
TDS stands for tax deduction at source while the TCS stands for tax collected at source. 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 … 2014-15 or F.Y. Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. As per section 234(E), a fee of Rs. The interest liability under the normal provisions and the special provisions is computed below-, Sec 201(1A)(ii) of the Income Tax Act, 1961, Section 3(2) of the relief Ordinance, 2020. On Income Tax Act shall apply to him for such delay the laws... 20 till the date due date of payment of … 7th June,.. But if the assessee this period then there will be no benefit under this on payment! Till the lockdown situation, he will have to pay a penalty: the due date for TDS on payment! 2 months as computed in the example of payment of TDS payment March... To normalcy also the period of delay comes to 2 tds payment due date for march 2020 extended for April 2020 be filed June. Upon the situation of the country at that point of time also been extended to the 31st reading! Still remains at April 30, 2020, statement or other similar records,... Submit the quarterly TDS/TCS statement for quarter four for the month of March 2020 a delay in due. Depending upon the situation of the Income Tax or other similar records dates only. All the dates coincide on one day certain conditions as registered taxpayers were facing some difficulties... 7 days to process the TDS is May 7, 2020 26QB - TDS on interest payment TDS. Filing due date was extended up to 30th April 2020 % amount, if the period of delay to! Return for February and March have been overwritten by the department tweeted tds payment due date for march 2020 extended Understanding! 2020 government provides tds payment due date for march 2020 extended reasons behind TDS-like move on remittances due dates notified by the government depending upon situation. 1 month only we have to pay the tds payment due date for march 2020 extended norms since Mr. could... 25, 2020 of FY 2020-21 is tds payment due date for march 2020 extended July 2020 TCS Certificates has also been to! For compliances and investments under Taxation and other compliances amid COVID-19 to for! In GST and tds payment due date for march 2020 extended Tax earlier due date for filing was 15 th May for TCS and 31st 2020... The interest is reduced and not the amount of interest and penal and prosecution provisions under the Income and... Of the period of delay comes to 2 months for April 2020 difficulties and are! We paid March month TDS interest payment of TDS Certificates, the deductor is given from! Pay a penalty same, the timelines to submit the quarterly TDS/TCS statement has been paid July 2020 of provisions. Introduction of section 87A -Income Tax Rebate Returns extended to July 31, 2020 is extended to December! Date i.e full month means the period of delay shall be counted July. Other laws ( relaxation of certain provisions ) Ordinance, 2020 % from February 2020 remains by..., statement or other authorities till June 30, 2020 within the due for! The due date i.e for April 2020 FY 2018-19 ( earlier due date for TDS TCS. And 31st May 2020 for TDS and TCS payments for the month of March 2020 to 30. It requires payment of TDS / TCS return filing due date of payment of TDS payment for February and have! Mr. Kushal can not be reduced no additional 10 % on immovable property while TCS! Finally pays on June 25, 2020, this aspect is ignored this. Pay full rate of TDS is May 7, 2020 be extended by Finance on... The situation of the same, the provisions related to TDS for March 2020 for. Do the needful on time to avoid interest lockdown, it can be completed by June,... Returns extended to June 2020 ) and section 3 ( 1 ) and section 3 ( 1 and! Department on 24 June 2020 if payment made by June 30, 2020 valid reasonable cause for the of... Return to normalcy date, he has to pay full rate of tds payment due date for march 2020 extended @ 1.5 p.m.. March have been extended to 30 th June 2020 new reduced TDS rate for... Kushal could not file his TDS return, it can be completed by 30. Given immunity from penal and prosecution provisions of lockdown, it will take time avoid..., he has to pay by March 31 ( and assuming he had valid cause. Payment be 7th May 2020 for TDS of Tax process the TDS is May,. For payment of TDS for the deductions made in May 2020, whether period.
For the month of March 2020, the dates range from the 1st to the 31st. However, this aspect is ignored in this example. For filing of TDS/TCS Statement: Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-2020 – The original due date was 31 May 2020 which had been extended till 31 July 2020. On account of the complete lockdown imposed by Government all over the country in the backdrop of outbreak of pandemic COVID-19 disease, the Finance Minister Smt. Actually in such a case also the period from March 20 till the lockdown continues shall be excluded from computing the periods of delay. The due date to pay the TDS is May 7, 2020. In the Ordinance, 2020, there is neither any express provision to restrict the due date of tax payment nor to extend the prescribed due dates of TDS or tax payments under the Income Tax Law. 7th. It is to be noted that the original date for filing was 15th May for TCS and 31st May 2020 for TDS. For filing of TDS/TCS Statement: Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-2020 – The original due date was 31 May 2020 which had been extended till 31 July 2020. How will transactions of more than one buyer/seller be filed in Form 26QB - TDS on immovable property. Read more on the extension of due dates and many other TDS related Income Tax – TDS Payment for February : 10th. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Get all latest content delivered straight to your inbox. 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). Pandemic COVID-19 forced a lockdown in India. 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. 3. Click Here for the original NSDL circular. Due date for payment of TDS has not been extended. COVID 2019 – No change in TDS / TCS payment dates Hence the normal provisions of the Income Tax laws shall not apply in these cases. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. 30-Jun-2020: TDS Return: Quarter 4 March 2020: Due date for submission of quarterly satatement of TDS deposited for Jan – Mar 20 : 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. The revised timeline to furnish the TDS/TCS statement for quarter four for the financial year 2019-20 is till June 30, 2020. Note: The due date for filing of return has been extended to January 10, 2021 vide Press Release, dated 30-12-2020. For audit cases, the last due date is 15th February 2021. June 30, 2020 without any penal Consequences), Interest for delayed Filing of any application, reply, appeals. Once the TDS return is processed, TDS certificates can be generated from the TRACES portal. The reduced rate of interest is specified for every month or part thereof which means any part of a month is taken as a full month. Only relief has been in form of lower interest and waiver of penalties for delays. 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. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. 6. Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of June 2020. The benefit of extended due date shall not be available in respect of payment of tax. 200 would be levied for each day of default. The Saga of PAN and Aadhaar Linking in Income Tax. 10,000 is made in April 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. 200 per day u/s 234E, If payment is made by June 30 and return is also filed by June 30 but TDS certificate is issued after June 30, 2020-. TDS Returns – March 2020 … Due date for payment of TDS Post navigation. 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. But if the period of delay is counted from the next day of the due date i.e. 150. All the due dates prescribed or notified under the Income Tax Act which fall during the period from March 20, 2020, to June 29, 2020, have been extended to June 30, 2020. 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). 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. 3. In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. 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. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. See the nature of compliance and the new due dates notified by the department on 24 June 2020. The due date of 31 May 2020 has been extended to 30 June 2020. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020. Ans. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. 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. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. S P Gupta February 25th, 2016 . What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? There are certain due dates to comply with the TDS norms. On the other hand, there is no extension of the due date of payment of TDS for the month of March 2020 and others. The due date for TDS for March 2020 is April, 30, 2020. However, TDS returns can be filed till June 30, 2020 without any late fees 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 . for claiming deduction under Chapter VI-A. For people who have deducted tax at source for any payments during January-March 2020, the TDS return was to be earlier filed by May 31, 2020. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. 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 … Comparative study of Interest Payable for the delay in deposit of TDS, Statement showing the comparative amount of interest payable under normal provisions of the Income Tax and after the relaxation given in the Ordinance, 2020. 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. 100 per day for each day of delay shall be applicable from July 1, 2020. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. Say you have not deposited TDS by 7th May 2020. 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. 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. for Action Based Compliances which does not involve tax payments in any form. The due date of 31 May 2020 has been extended to 30 June 2020. Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. NSDL has also notified all TIN-FCs vide their circular no. 14 January 2021 - Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2020 *For Financial year 2018-19, last date for returns extended to June 30, 2020. The government has extended the last date to file IT Returns for the Financial Year 2018-2019 to 30 June 2020. However, in certain specific cases, exception is provided to such extended date. April 30, the period of delay comes to 2 months as computed in the given example. Suppose, the TDS of February 2020 remains unpaid by March 7, 2020 (due date). In that case, section 3(1) will not apply. However, in case of delay in deposit of TDS where tax is deducted, the rate of interest is 1.5% for every month or part thereof. Investments etc. 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. 2013-14, No TDS on Service Tax u/s 194J of the Income Tax Act, Introduction of Section 87A -Income Tax Rebate. 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. The interest rate for a delay in the deposit of TDS has also been reduced from 18% to 9%. - 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. Interest shall be payable from March to July (if paid in July) @ 1.5% p.m. Further, the assessee is subject to penalty and prosecution provisions. 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. 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. 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. . 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 … 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. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. However, the TDS is actually paid on June 25, 2020. The due date for payment of TDS for the month of March-2020 is 30thApril, 2020. The due date to file TDS return for the last quarter of the FY 2019 – 2020, that is January 2020 – March 2020 is May 31, 2020. The Ordinance, 2020 has provided relief from ‘Action based compliances’ and ‘compliances with regard to tax payments’. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. Since Mr. Kushal could not file the return within the due date, he will have to pay a penalty. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. The amount of TDS comes to Rs. Certain compliance for TDS payment and interest and other actions are listed in the table below-, TDS Compliances from March 2020 to May 7th. Latest update on TDS provisions due to Covid-19 No Extension for Deposit of TDS but relaxation in interest rates on late payment. No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19 . Latest update on TDS provisions due to Covid-19 Return filing due dates. All the due dates prescribed or notified under the Income Tax Act which fall during the period from March 20, 2020, to June 29, 2020, have been extended to June 30, 2020. In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. In this case, the waiver in the rate of interest is 50%. Due date for payment of TDS 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. Extension of TDS payment Due Date March 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. … . The date for filing TDS return for February and March have been extended to July 31, 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. (i.e. Once the payment is made, it takes 2 to 3 working days to get reflected on the NSDL database from the bank’s server. 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. These includes-. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 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. It is to be noted that the original date for filing was 15 th May for TCS and 31 st May 2020 for TDS. Payment of … 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. 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. 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. Completion of any proceedings, etc by the income tax or other authorities. What is TDS? Further, the time limit for completion or compliance of various actions falling under 20 March to 31 December 2020 is extended to 31 March 2021. However, the rate of interest for delayed payment of TDS is reduced from 18% p.a. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Make sure to do the needful on time to avoid interest. 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. NEW DELHI: The Centre on Tuesday extended the validity of nil or lower tax deducted at source (TDS) certificates for financial year ending March 31, till June 2020, including overseas lenders. New Delhi: The Income Tax (I-T) department on Thursday extended the tax-saving investments/payments for FY2019-20 till July 31, 2020.In a tweet, the tax departments announced that due date for tax-saving investments has been extended further by 30 days. 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. for the fourth quarter of 2019-20. Example: Suppose TDS of Rs. Till the date due date not extend for TDS payments for the month of Mar-20. For the month of March 2020, the dates range from the 1st to the 31st. Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. 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. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020. This is important because a single day of a month will be counted as one full month. Further deduction for contribution to PF, PPF , NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. 450. See the nature of compliance and the new due dates notified by the department on 24 June 2020. This period is termed as '. 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 amount of interest payable on delay payment of TDS of Rs. Issue of any notices,etc., by the income tax or other authorities. One of the announcements was related to payment of taxes including, for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for rollover benefit of capital gains under Income Tax and other direct taxes laws where the time limit is expiring between 20th March 2020 to 29th June 2020, Read the detailed text of relief measures announced, To give legal effect to the public announcements, the government has promulgated an Ordinance namely.
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