What is the Late payment interest? When deductor deposits the TDS after due date of deposit, it is a case of late payment and interest will be charged accordingly. What is the Interest Rate for Late Payment? Prior to 1st July 2010-1% per month After 1st July 2010-1.5% per month What is the procedure of…
7th November, 2019 is the due date for TDS and TCS payments for the deductions made in October 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…
The sections under which interest for various delays/ defaults need to be paid are as follows: Section 234A for delay in filing the return of income Section 234B for default in payment of advance tax Section 234C for deferment of payment of individual instalment or instalments of advance tax Section 234D for excess refund granted…
31st October – due date of filing TDS Returns for FY: 2019-20, Quarter 2 (July – Sep) Filing of TDS Returns for the quarter ended September 2019 (FY:2019-20 Quarter 2) is already under way since 1st October. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults…
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is…
Due date for issuance of TCS certificates for Q2 of FY: 2019-20 – 30th October, 2019 Note: The above is applicable for deductors other than the Office of the Government Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.
Given below are some dos and don’ts for the filing of TDS returns: Dos Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each…
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
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…
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is company 0021: This is…