interest on late payment of tds for march 2020

It is suggested that the payment date to be after lockdown and the filing of return to be after a month or two. Complain to the concerned Commissioner of Income Tax (TDS) with details by Registered Post with Acknowledgement Due. Due to ongoing COVID-19 pandemic and the imposition of nationwide lockdown, many taxpayers were compelled to delay the deposit For example: TDS(Rs. The Author can be approached at caanitabhadra@gmail.com. January 2021 to March 2021 is 31st May, 2021. Furnish GSTR-1 in time, or pay late fees, Due dates for filing of Form GSTR-3B for December, 2020, Webinar on Career Growth in GST related Litigation Management, Goods and Service Tax (GST) Registration & Requirements, Uttarakhand HC directs CBDT to consider representation on due date extension. 5000) was deducted on 24th July and the due date for TDS Payment was 12th August. Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. Explanation – For the purpose of this sub section the period of delay means the period between the due date and the date on which the amount has been paid. Are You Looking At A Career As A Finance Adviser? However , there will not be any penalty and  prosecution in respect of such amount for the period of delay . This is the TDS interest calculator which will help you in calculating interest on late deduction, late payment and late filing. Interest on late payment of TDS: Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), TDS (Income Tax) Deposit for March 2020 & Filing of Return (Q4), Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, New Process to Submit Response for Income Tax Refund, Tax Exemption For LTA Under Special Cash Voucher LTC Scheme, ITR Processing & Communication | AY 2020-21| Section 143(1) Intimation, Cancellation of GST Registration – Amendments at A Glance, An Overview of Special Cash Package LTC Scheme, Section 37 General Deductions allowed for Business & Profession, Section 35AD Deduction towards expenditure on specified business, Section 35ABB – Deduction towards expenditure incurred for obtaining a licence for operating telecommunication services, ‘Address of delivery’ & ‘Address on record’ under GST, Bombay HC stayed provisional attachment of bank accounts noting assessee’s cooperation, Gujarat HC grants regular bail to assessee arrested for offences punishable under Section 132(1)(a) of CGST Act, Join Detailed Online Certification Courses on GST. THE FOLLOWING POINTS ARE NOT CLEAR 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 7 th of the next month (except March for which it is 30 th April). For Example if the due date for a deduction is 2nd of June and it is deducted on 8th of July in the same year, then the interest is charged at the rate of 1% for each month i.e. It should actually be “…has not been paid before the due date but paid on or before 30th ” because the current meaning gives contradictory view to the gazette notification, why interest at 9% after 30.4.20 when lockdown will end on 3.5.20. Ans. How to Download TDS Certificate in Form 16B? Full late fees and Interest rate @18% p.a. 2014-15 or F.Y. Interest penalties for late payment of TDS and late filing of TDS … Government of India vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020. notified relief measures  related to Income Tax return filings, GST compliance, PAN-Aadhar linkage and other statutory and regulatory issues. 200 per day of default will be levied. instead of 12% p.a All Rights Reserved. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. According the provision of Income Tax Act, 1961 every person who deducted TDS need to deposited on of before 7th of the next month. you need not to worry about TDS reflection in form 26 AS. For month of March the last date of deposit is 30th April. TDSMAN August 4, 2020 August 4, 2020 2 Comments on Interest on Late Payment of TDS 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. – Finance Risk Manager (FRM) Is The Course For You! Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. 2013-14, No TDS on Service Tax u/s 194J of the Income Tax Act, Introduction of Section 87A -Income Tax Rebate. please check after 30th June-2020 as once the return submitted by the company it will reflact in 26AS. for 71 days (i.e. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. The interest for the delay in deduction is charged at the rate of 1% per month or part of a month of the delay. 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 TDS will be subject to interest @ .75% for every month of delay . The employee will invest by 30th June and claim the refund while filing his I T Return, My employer not deposited the tax with income tax department This video indicates Interest on Late Payment of TDS, how to calculate interest on late payment of tds and tds journal entries Have I submitted From15H through on line? Calculate Now! 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. When TDS is deducted but payment is made lately The assessee fails to deposit the TDS by 12th August. Basic provisions relating to due date of payment of TCS to the credit of Government 02 june 2020 as per recent budget due to covid 19, if tds deposited in may 2020 for 31 march 2020 deduction of tds, how many month late for interest on tds c.bakshi Follow Note 1: Consider tax treaties before determining the rate of withholding tax under Section 195. Join our newsletter to stay updated on Taxation and Corporate Law. TDSMAN December 2, 2020 December 2, 2020 No Comments on Interest on Late Deduction of TDS The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Further, even though provisions are available for the defaulter to avoid payment of TDS amount by producing evidences that the deductee has paid taxes as per First proviso to Section 201, it does not provide immunity from … Since lockdown is going on upto 31.05.2020 how can tds will be paid on the stipulated time. Interest calculation on delayed TDS/TCS payment amid Covid-19 - … for 2 Months for April-20. If Tds amount deposited on 31st may 2020…then…interst.. amount.. payable..for.delay..1..month…or…2…month…? They must extend payment date also, Your email address will not be published. Through this blog, we will discuss the penalties and interest on late payment of TDS. TDS payment due date every quarter. The government has extended the lockdown upto 31st may 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. Filing of TDS statement with payment of interest Every deductor has to furnish quarterly statement in respect of tax deducted by him i.e., TDS return. 2.UNDER COVID 19 THERE IS COMPLETE LOCK DOWN AND DATA IS NOT AVAILABLE TILL 04.05.2020. TDSMAN March 11, 2020 July 6, 2020 No Comments on Interest on Late Payment of TDS. Delayed payment of self-assessment tax made between 20 March 2020 to 30 June 2020 would attract reduced interest rate of 9% per annum (p.a.) But TDS is cut from my salary by Team Free Tax Advice January 26, 2020 March 4, 2020. Interest on late payment of TDS: Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: TCS payments for the month of Mar-2020 needs to be made within 30th April, 2020. TDSMAN March 12, 2020 March 12, 2020 No Comments on Interest on Late Deduction of TDS The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. TDS on salary is to be deducted under section 192 and the payment of the same is to be made by 30th April, 2020. The rate of interest for late payment is 1.5% per month or part of … Late payment will attract reduced interest @ 0.75% per month or part of the month .Further, due date for filing of TCS returns in Form 27EQ for Q4-2020 has been extended to 30th June, 2020 from 15thMay, 2020. I have got my salary slips for every month. Month of Deduction: Quarter ending: Due date for TDS Payment through Challan: Due Date for TDS Return Filing from the FY 2020-21 for all Deductors *For Govt. How interest on late payment of TDS calculated ? Interest is chargeable on short payment/late payment of TDS. Learn more, Difference between Late Payment & Late Deduction, Save your time and get all new posts and updates delivered to you in your Mailbox, Levy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waived. Sometimes the deductor at the time of making TDS payment make some errors like selection of wrong payment section, wrong major head or Minor head or made payment for the … Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. Sir our company is closed due to lockdown & in HOTSPOT area and no data for TDs also not possible to reach at office in any way what can we do without data we can not deposit TDs payment on or before due date of 30.04.2020 also some service invoices are not received. If I submitted through on line how can I proceed to my Allahabad bank. Copyright © TaxGuru. Therefore, they are similar to TDS provisions during COVID-19. Late filing of TDS return will attract late fees under section 234E @Rs 200 per day for the period during which the default continues and maximum to TDS amount. TDS Late Payment Interest Calculation - TDS Interest and Penalty … If assessee fail to pay TDS need to pay interest @1.5% per month or 18% per Annam. Income Tax Act 1961 also covers under the Specified Act as per Para 2 of the ordinance. The return is not filed till 31st May, 2021 and hence late filing fees under section 234E of Rs. Employees TDS and Form 16?. PLEASE LET US NOW HOW A PERSON CAN BE HELD RESPONSIBLE UNDER FORCE MEASURE (CONDITION BEYOND ONCE CONTROL). In my view, the employer needs to deposit TDS by 30th April 2020. ; 5. Extension of TDS Return (Q4 ) Filing date, As per Para 3(1)(b) the Ordinance ,where any limit has been specified in specified Act which falls during the period from 20th day of March 2020 to 29th day of June 2020 , for the compliance of –furnishing of any return under the provision of specified Act ,Then the time limit for completion shall stand extended to the 30th of June 2020, Interest for late deposit of Tax deducted for the month of March 2020 : As per Para 3(2) of the said Ordinance :-, Where any due date has been specified under the specified Act for payment of any amount towards tax which falls during the period from 20th day of March 2020 to 29th day of June 2020 and such amount has not been paid on or before 30th June 2020, then notwithstanding anything contained in this Act, Interest shall be levied in respect of such amount for the period of delay not exceeding  three-four percentage (.75%) for every month or part thereof.

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