1. What is a Conso file? It is the consolidated data of the statements processed (regular & correction) for the relevant Financial Year, Quarter and Form Type. 2. Why is a Conso file required? While filing correction for a particular Financial Year, Quarter and Form Type, Conso file provides details about all the previous corrections…
After the extension of due dates for Issuing TDS/TCS Certificates on 24.06.2020 by CBDT, new dates are mentioned below. Form 16 for TDS on salary during FY 2019-20 – 15-08-2020 Form 16A for TDS on income other than salary for Q4 of FY 2019-20 – 15-08-2020 TCS certificate for Q4 of FY 2019- 20 –…
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…
Steps for Preparing Correction Returns Request for TDS (Consolidated) file from TRACES Download requested TDS (Consolidated) file from TRACES Upload TDS (Consolidated) file for correction into the software. This file is password protected [Password: TAN_Request Number]. While uploading, the software will automatically determine the password and read the data at the time of uploading Make corrections & validate Generate the…
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…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
* 7th August – due date for TDS/TCS payment for deductions/collections during July 2020 * 15th August – due date for issuing TDS/TCS certificate(Form 16 and 16A) for Q4 of FY: 2019-20 * Make sure to do the needful to avoid interest. Extension of due dates for TDS/TCS related compliances
Due dates for TDS/TCS related compliances were extended on 24.06.2020 by CBDT (Central Board of Direct Taxes). The chart attached below is giving the information regarding the Extension of Due Dates for TDS/TCS Related Compliances Nature of compliance Original Due Date New due dates notified on 24-06-2020 Filing of TDS/TCS Statement (Form 24Q, 26Q, 27Q & 27EQ)…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty…