Allocation of Interest in TDS Returns

For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department…

Read More

TDS / TCS Compliance Reminder for January 2023

7th January 2023 – Due date for TDS/TCS payment for deductions/collections during December 2022 15th January 2023 – Due date of filing  TCS Return for Quarter 3 of Financial Year 2022-2023 30th January 2023 – Due date of issuing TCS certificate for Quarter 3 of Financial Year 2022-2023 31st January 2023 – Due date of filing TDS Return for Quarter 3 of Financial Year 2022-2023 *Please ensure timely compliance to avoid interest…

Read More