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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. 7th May, 2020 is the due date for TDS and TCS payments for the deductions made in April 2020. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Both sections operate independently. Extension of TDS payment Due Date March 2020. 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. Due date for payment of TDS Filing of any application, reply, appeals. 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. 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. 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. No Extension for Deposit of TDS but relaxation in interest rates on late payment. 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. Original Notification & Press Release can be viewed as under: Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? What is TDS? You have to pay full rate of interest @ 1.5% p.m. from March 2020 to Sep 2020 and late fees @ 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. From the above table, it can be seen that all the dates coincide on one day. All the normal provisions shall apply to the assessee. June 30, 2020 without any penal Consequences), Interest for delayed However, the TDS is actually paid on June 25, 2020. Once the payment is made, it takes 2 to 3 working days to get reflected on the NSDL database from the bank’s server. This period is termed as '. 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. COVID 2019 – No change in TDS / TCS payment dates 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. 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. Hence one needs proper planning so that all the compliances can be completed by 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). In view of the same, the timelines to submit the quarterly TDS/TCS statement has been extended. 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 date was extended with certain conditions as registered taxpayers were facing some technical difficulties and that are not fully resolved. payment of TDS and if paid by June 30, 2020, Form 16A for Non Salary 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. Only relief has been in form of lower interest and waiver of penalties for delays. 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. Due date for payment of TDS has not been extended. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. 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. 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. The due date of 31 May 2020 has been extended to 30 June 2020. for claiming deduction under Chapter VI-A. 3. TDS stands for tax deduction at source while the TCS stands for tax collected at source. 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. It requires payment of TDS at least by 10 to 12 days prior to June 30, 2020. Due date for payment of TDS Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. Latest update on TDS provisions due to Covid-19 TDS stands for tax deduction at source while the TCS stands for tax collected at source. Get all latest content delivered straight to your inbox. 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. To explain the provision of interest computation let us take the example of payment of TDS under the Income Tax Act, 1961. 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. The date for filing TDS return for February and March have been extended to July 31, 2020. *For Financial year 2018-19, last date for returns extended to June 30, 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. The due date for payment of TDS for the month of March-2020 is 30thApril, 2020. Similarly, where there is a delay in issue of TDS certificates, the penalty of Rs. 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. Payment of … 450. and the full rate of interest and penal and prosecution provisions under the respective laws shall apply. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020. In this case, the waiver in the rate of interest is 50%. The amount of TDS comes to Rs. For the month of March 2020, the dates range from the 1st to the 31st. 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. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures . 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. 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. Passing of any orders etc by the income tax or other authorities. 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. 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. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? 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. 10,000 comes to Rs. The benefit of extended due date shall not be available in respect of payment of tax. 14 January 2021 - Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2020 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. 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. 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. 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). 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 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. Pandemic COVID-19 forced a lockdown in India. The Ordinance, 2020 has provided relief from ‘Action based compliances’ and ‘compliances with regard to tax payments’. In case the lockdown amid COVID-19 threat is extended further, the government will further extend the time limit and that is why June 29/30, 2020 is kept as a variable or dynamic date and not a static one. 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. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. Readers are requested to please check the relevant documents from below links: * The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. and the due dates of various compliances.
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. See the nature of compliance and the new due dates notified by the department on 24 June 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. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. 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. Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on … Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. The interest rate for a delay in the deposit of TDS has also been reduced from 18% to 9%. 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. Suppose, an assessee has deducted TDS on interest payment of Rs. Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. Make sure to do the needful on time to avoid interest. In most cases under the Income Tax Act, 1961 the rate of interest prescribed is 1%. Section 3(1) and section 3(2) are two mutually exclusive provisions. The due date for TDS for March 2020 is April, 30, 2020.
TDS stands for tax deduction at source while the TCS stands for tax collected at source. See the nature of compliance and the new due dates notified by the department on 24 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. (i.e. Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. 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. Till the date due date not extend for TDS payments for the month of Mar-20. 16 Responses to “Due date for payment of tds and due date for filing of tds”. 04 April 2020 Government provides the reasons behind TDS-like move on remittances 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. 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. 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. 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. 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. COVID 2019 – No change in TDS / TCS payment dates . However, the rate of interest for delayed payment of TDS is reduced from 18% p.a. However, this aspect is ignored in this example. compliances: Significance of extension or non-extension of due dates. 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. - 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. 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. 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. 7th. The due date for TDS for March 2020 is April, 30, 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 … Thus, the period now is extended from 20 March - 29 June 2020 to 20 March - 31 December 2020. Similarly, the provisions of the income tax act related to prosecution for non-payment of TDS shall not apply in these cases. 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. The amount of interest payable on delay payment of TDS of Rs. - Due to COVID-19 outbreak, The due date for furnishing TDS/ TCS returns of Q4 has been further extended till 31st July 2020. 200 would be levied for each day of default. This is important because a single day of a month will be counted as one full month. Due dates for the Month of March 2020. Income Tax – TDS Payment for February : 10th. It means these dates may be further extended by the government depending upon the situation of the country at that point of time. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 . Remember, the rate of interest is reduced and not the amount of interest. For delayed payments made till June 30, interest rate reduced to 9% from 12%. Hence non-compliances under one provision do not affect compliances or non-compliances under the other provision. Hence, CBDT should clarify the date from which the computation of the period of delay shall be reckoned. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. He will not get any immunity under the. There are certain due dates to comply with the TDS norms. Say you have not deposited TDS by 7th May 2020. TDS Returns – March 2020 … for the fourth quarter of 2019-20. 100 per day for each day of delay shall be applicable from July 1, 2020. 2013-14, No TDS on Service Tax u/s 194J of the Income Tax Act, Introduction of Section 87A -Income Tax Rebate. and the normal provisions of the Income Tax Act shall apply to him for such delay. 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 … In that case, section 3(1) will not apply. 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. Thus, Mr. Kushal cannot file his TDS return without paying the late fee as mentioned above. However, the provisions related to interest and imposition of penalty have been overwritten by the Ordinance, 2020. Note: The due date for filing of return has been extended to January 10, 2021 vide Press Release, dated 30-12-2020. However, in certain specific cases, exception is provided to such extended date. The department tweeted, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. 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. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. 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. CBDT defers Clause 30C and Clause 44 of the Tax Audit Report in Form 3CD on GAAR and … The reporting is required month-wise. Thus the total interest comes to Rs. Click Here for the original NSDL circular. There is no extension for payment of March month TDS. 3. 7th March 2020: For TDS payment, for the month of February 2020. 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. 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. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. Due date still remains at April 30, 2020. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. NSDL/TIN/2020/006 dated 20th April 2020. Latest update on TDS provisions due to Covid-19 Return filing due dates. 1,00,000 u/s 194A on 10th March, 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. 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 … the due date is 30th April-20. 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. 35/2020, dated 24-06-2020. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. 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. If the assessee fails to file the e-tds return by June 30, 2020 then the late fees of Rs. Make sure to do the needful on time to avoid interest. means the period between the due date and the date on which the amount has been paid. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. For the month of March 2020, the dates range from the 1st to the 31st. As per section 234(E), a fee of Rs. 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. TDS Compliance Calendar for March 2020. How to Download TDS Certificate in Form 16B? Where any compliance is related to payment of taxes in any form then section 3(2) of the Ordinance, 2020 triggers. 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 …