TDS Return form- Due Date for filing and recent updates

Last Updated On: June 17, 2020, 8:07 p.m.
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TAX DEDUCTED AT SOURCE

The Income-tax Act has incorporated a system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source” also known as TDS.

Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is directly remitted to the Government by the payer on behalf of the payee.

Tax deducted at Source applies on various provisions i.e salary, Interest, commission, brokerage, professional fees, royalty, etc.​

 

Who can Furnish TDS Statement?

Every person responsible for deduction of tax shall furnish quarterly statements.

 

Due Date for filing the TDS statement:

The quarter ending of the financial year if the deductor is an office of government or non-government deductor.

Quarter Period Date of filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st October
3rd Quarter 1st October to 31st December 31st January
4th Quarter 1st January to 31st March 31st May

 

 

Due date to deposit Tax:

According to section 200 of the Income Tax Act, it is the duty of the deductor to deposit the TDS to the account of the government within the prescribed period.

The due date to deposit TDS is the same day when the deduction is made by the government offices if payment is made without the generation of challan.

 

Tax Deductor Period Due Date
Government Office(With Challan) and Other Deductors For any other month 7th of the succeeding month
Other Deductor For the month of March

 
30th April for next Financial Year

 

 

DUE DATE TO DEPOSIT TDS ON QUARTERLY BASIS:

As per section 30, The assessing officer may, with the prior approval of joint commissioner may permit quarterly payment of Tax deducted under section 192 or section 194A or section 194D or section 194H
 

The below table shows the Due Date of depositing TDS on a quarterly basis:
 

QUARTER ENDING  DUE DATE
30th June 7th July
30th September 7th October
30th December 7th January
31st March 30th April

 

 

FURNISHING OF TDS STATEMENT:

The Quarterly TDS can be furnished in any of the following modes;

  • Furnishing the statement electronically under digital signature; or
  • Furnishing the statement physically through TIN facilitation center along with the verification of the statement in Form 27A

 

MODE OF PAYMENT OF TDS:

Tax Deducted at source can be deposited to the credit of the Central Government in the following modes:

  1. E-Payment-

         It is mandatory for-

  • All corporate assessees.
  • All the assesses other than the company to whom the provision of section 44AB of the Income Tax,is applicable.
  1. Physical Mode-
  • This can be done by furnishing the challan No.281 in the authorized bank branch.

 

DUE DATE TO FILE TDS AMIDST COVID-19:

The due date for the filing of the last quarter of the TDS returns for FY 2019-20 as per the existing provisions was May 30, 2020. This is now extended to June 30, 2020. TDS certificates may also be furnished by June 30, 2020.

CONSEQUENCES OF FAILURE TO DEDUCT TDS:

Under section 201 covers the consequences of failing to deduct TDS. Any assessee failing to deduct TDS shall be charged 1.5% per month from the date of deduction to the date of payment.

PENALTY FOR FAILURE TO FILE TDS RETURN:

In addition to late fees, the deductor is also liable to pay penalty under section 271H. The minimum penalty shall be levied of Rs. 10,000 which can go upto Rs. 1,00,000. No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if the deductor meets the following conditions:

  1.   The tax deducted at source is paid to the credit of the Government along with late fees and interest.

 

 

  1.   The TDS return is filed before the expiry of a period of one year from the due date specified in this behalf.

     
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