The pragmatic Budget of 2021 introduces new TDS/ TCS provisions with a view to not only minimize tax evasion, insinuate higher TDS/TCS rates in case of non-filing of Income Tax Return, but also for creating trail for the purpose of tax collection. Section 194P – Relaxation from filing ITR (Effective 1st Apr’21) Senior citizens of…
The difference between late payment and late deduction: Late payment: After the tax is deducted at source it has to be deposited into the government account by 7th of the next month (except March for which it is 30th April). If it is deposited later than the due date, late payment interest is charged. The…
7th March 2021- Due date for TDS/TCS payment for deductions/collections during February 2021 31st March 2021 – Due date for filling TDS/TCS Returns for Q1 and Q2 of FY: 20-21 (As per the extension of TDS/TCS compliances by CBDT on 24.06.2020) *Make sure to do the needful to avoid interest Use TDSMAN Software for seamless &…
If the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…