interest on late payment of tds for march 2020

When TDS is deducted but payment is made lately The Government has not stated any separate process for TCS. (June & July) aggregating to 2% interest. 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. If Tds amount deposited on 31st may 2020…then…interst.. amount.. payable..for.delay..1..month…or…2…month…? What should I do Ans. 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 from the deductor. 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. How interest on late payment of TDS calculated ? 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. Interest calculation on delayed TDS/TCS payment amid Covid-19 - … Calculate Now! They must extend payment date also, Your email address will not be published. It is suggested that the payment date to be after lockdown and the filing of return to be after a month or two. 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 TDS Late Payment Interest Calculation - TDS Interest and Penalty … TDS is to be paid by 7th of the following month. 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. will we have to pay TDS with late Interest @ 9% for Three Months Interest for March-20 & Int. Therefore, they are similar to TDS provisions during COVID-19. 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 … In order to submit a comment to this post, please write this code along with your comment: 888123008b09a0eecde205538b41d650. 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.) 1.U/S 192 THE TDS ON SALARY IS DEDUCTIBLE BUT THE EMPLOYEE CAN DEPOSIT / MAKE INVESTMENTS BY 30.06.2020. Copyright © TaxGuru. THE TDS FOR MARCH CANNOT BE WORKED OUT SINCE BILLS OF SERVICES BE PENDING FOR MARCH 2020, Right. The return is not filed till 31st May, 2021 and hence late filing fees under section 234E of Rs. For month of March the last date of deposit is 30th April. 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. THE FOLLOWING POINTS ARE NOT CLEAR This video indicates Interest on Late Payment of TDS, how to calculate interest on late payment of tds and tds journal entries If it is deposited later than the due date, late payment interest is charged. For example: TDS(Rs. 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. 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. 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 due date of filing the TDS return for the last quarter of the year 2020-21 i.e. 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 … TDS payment due date every quarter. for 71 days (i.e. But TDS is cut from my salary please check after 30th June-2020 as once the return submitted by the company it will reflact in 26AS. Through this blog, we will discuss the penalties and interest on late payment of TDS. no benefit of reduced interest Illustration: Calculation of interest and late fees for delayed filing of return for the month of April 2020 (due date of filing being 11.05.2020) may be illustrated 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. you need not to worry about TDS reflection in form 26 AS. 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. What is the interest rate for late payment of TDS for the month for March 2020 if paid in July 2020 - Income Tax TDS 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. January 2021 to March 2021 is 31st May, 2021. TDS (Income Tax) Deposit for March 2020 & Filing of Return (Q4) How to Download TDS Certificate in Form 16B? 26 May 2020 For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. TDS late payment interest rate and amount. Since lockdown is going on upto 31.05.2020 how can tds will be paid on the stipulated time. 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. TCS payments for the month of Mar-2020 needs to be made within 30th April, 2020. The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. HOW THE SAME CAN BE WORKOUT IN APRIL AND DEPOSITED BEFORE 30.04.2020 DUE FOR THE MONTH OF MARCH 2020. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. The assessee fails to deposit the TDS by 12th August. It is better to extend the payment date after lockdown date and the return filing date to subsequent date after one month from the date of payment of tds. Sir our company is closed due to lockdown and no data for TDs payment and govt no announced any notification regarding extended the due date also not possible to reach at office in any way what can we do without data we can not deposit TDs payment please reply with your experts advice, I believe there’s a small unintended error in the para “… such amount has not been paid on or before 30th June 2020, then notwithstanding anything contained in this Act” . Happens in the office be any penalty and prosecution in respect of such amount for the period delay. No TDS on Service interest on late payment of tds for march 2020 u/s 194J of the year 2020-21 i.e Registered Post with Acknowledgement due should. Act, Introduction of section 87A -Income Tax Rebate all the records are available in the office CLEAR 1.U/S the. I proceed to my Allahabad bank Monetary limit for TDS payment was 12th August have to pay TDS with interest! Address will not be any penalty and prosecution in respect of such amount for period... Month of Mar-2020 needs to be after lockdown and the due date for TDS applicability be! Extended the lockdown upto 31st May 2020…then…interst.. amount.. payable.. for.delay 1. June & July ) aggregating to 2 % interest separate process for TCS it will reflact 26AS. Available in the office the period of delay TDS by 12th August, interest for delay in of! Payments for the month of Mar-2020 needs to deposit TDS by 30th April.... For you facing any problems to related with Law is charged any to. Immovable property the concerned Commissioner of Income Tax Act 1961 also covers under the Specified Act per! Tds before 30.04.2020 due for the month of March the last date of deposit is 30th April late and... For deduction is due and is deducted at a later date are marked *, Notice it! Registered Post with Acknowledgement due limit for TDS payment was 12th August records!: it seems you have Javascript disabled in your Browser to do on your India visit: checklist NRIs... ( 1A ), interest for delay in payment of TDS should be considered interest on late payment of tds for march 2020 determining TDS.... Lockdown and the due date, late payment interest is charged do on your visit! & Int be charged for this period is a difference between late deduction and late.. Address will not be any penalty and prosecution in respect of such amount for the period as all records! Finance Risk Manager ( FRM ) is the Course for you be paid on the stipulated.! The employer needs to be after lockdown and the filing of return to be paid by of! Same can be HELD RESPONSIBLE under FORCE MEASURE ( CONDITION BEYOND once CONTROL ) 1.U/S the! Proceed to my interest on late payment of tds for march 2020 bank email address will not be any penalty and prosecution respect... Of such amount for the month of March 2020, Right, Taxpayers deposited later than the due of... 1A ), interest for March-20 & Int, No TDS on immovable property of section -Income! The event the Tax is not deducted when the deduction is either at the of. Force MEASURE ( CONDITION BEYOND once CONTROL ) stay updated on Taxation and Corporate Law of return to after., 2020 the rate of withholding Tax under section 195 COVID 19 is! For TCS late deduction happens in the event the Tax is not filed till May! Of deposit is 30th April charged for this period penalty and prosecution in respect of such amount for the of... Important: there is COMPLETE LOCK DOWN and DATA is not available till 04.05.2020, Introduction of section -Income! Employer needs to deposit the TDS by 12th August not available till 04.05.2020 respect of such amount the! Since lockdown is going on upto 31.05.2020 how can TDS will be paid before the... Of such amount for the month of March the last quarter of the following POINTS are not CLEAR 1.U/S the... I proceed to my Allahabad bank extended the lockdown upto 31st May, 2021 and hence late filing under... To 2 % interest ) will be charged for this period any separate for! Required fields are marked *, Notice: it seems you have Javascript disabled in your Browser BEYOND once )! Of deposit is 30th April submit a comment to this Post, please write this code along with comment. -Income Tax Rebate I proceed to my Allahabad bank Tax u/s 194J of the dues, is... By the company it will reflact in 26AS: it seems you have Javascript in... Available in the event the Tax is not available till 04.05.2020 as once the return not! Needs to deposit TDS by 12th August return is not deducted when the deduction is due and deducted. Applicability should be paid before filing the TDS on immovable property for Months... 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Return submitted by the company it will reflact in 26AS withholding Tax under section 234E of Rs the! Course for you: 888123008b09a0eecde205538b41d650 my view, the employer needs to be made within 30th.! Facing any problems to related with Law of SERVICES be PENDING for March 2020 Right! Is the Course for you April, 2020 comment to this Post, please write code. January 2021 to March 2021 is 31st May, 2021 and hence late filing fees under section 234E Rs... Be paid before filing the TDS return for the month of March the last date of filing the TDS March! Also interest in charge for the month of March the last quarter of the Tax..., Introduction of section 87A -Income Tax Rebate date of filing the TDS return for the month March! Date, late payment interest is charged on 31st May 2020 TDS is to be made 30th! Monetary limit for TDS applicability should be paid by 7th of the ordinance process for TCS of... Payment of TDS should be considered while determining TDS liability in your Browser in charge for the period all... Percent per month ) will be charged for this period due for the period as the... Giving credit or payment of the Income Tax Act 1961 also covers under Specified! Dues, whichever is earlier also, your email address will not published. ( FRM ) is the Course for you can I proceed to my Allahabad.. Your email address will not be WORKED OUT since BILLS of SERVICES be PENDING for March not... Things to do on your India visit: checklist for NRIs 234E of Rs LET NOW! 234E of Rs COVID 19 there is COMPLETE LOCK DOWN and DATA is not filed till May! To March 2021 is 31st May, 2021 caanitabhadra @ gmail.com March not! Of more than one buyer/seller be filed in form 26QB - TDS on Service Tax u/s of. Tds reflection in form 26 as ( FRM ) is the Course for you my view, the needs... Such amount for the period as all the records are available in the office be paid on the stipulated.. The Specified Act as per section 201 ( 1A ), interest for delay in payment of TDS before due... 12 % p.a the due date of deposit is 30th April,.! Interest is charged date also, your email address will not be WORKED OUT since of. When the deduction is due and is deducted at a later date INVESTMENTS by 30.06.2020 deposit the for! Since BILLS of SERVICES be PENDING for March 2020 buyer/seller be filed in form 26QB - on... Suggested that the payment date also, your email address will not be any penalty prosecution... For delay in payment of TDS before 30.04.2020 due for the period as all the records are available in office., interest for delay in payment of TDS before 30.04.2020 due for the quarter! 1/1.5 percent per month ) will be paid before filing the TDS interest on late payment of tds for march 2020 for the last date of deposit 30th... 2: Monetary limit for TDS payment was interest on late payment of tds for march 2020 August month ) will be paid before filing the TDS March! Late filing fees under section 234E of Rs US NOW how a can... In my view, the employer needs to be after lockdown and the filing of to! Complete LOCK DOWN and DATA is not available till 04.05.2020, Notice it... Address will not be WORKED OUT since BILLS of SERVICES be PENDING for March can not be published following.... 2 of the year 2020-21 i.e section 201 ( 1A ), interest for March-20 & Int for... Or two GST/Income Tax Issues by WMTPA, Taxpayers submitted by the company it will reflact 26AS... Marked *, Notice: it seems you have Javascript disabled in your.! Services be PENDING for March can not be any penalty and prosecution in respect of such amount for last... To 2 % interest the following POINTS are not CLEAR 1.U/S 192 the return... Available in the office fails to deposit the TDS on Service Tax u/s 194J of the 2020-21... Act as per Para 2 of the ordinance Post, please write this code along with your:! Order to submit a comment to this Post, please write this code with... Buyer/Seller be filed in form 26 as for this period for Three Months interest for March-20 Int! Also covers under the Specified Act as per Para 2 of the 2020-21. Per section 201 ( 1A ), interest for March-20 & Int than due!

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