As per Income Tax Act, 1961 every person or company making some payment of specified nature, is required to deduct TDS at specified rates. After that, the same needs to be deposited, and the return of TDS is required to be filed before the due date. Here in this post, we are discussing the TDS due date for payment and the TDS due date for filing of return.
TDS Due Date For Payment
The due dates for payment of TDS are the 7th of next month in which TDS is deducted/credited and for the month of March, it is 30th April. For easy considerations of the viewer, here is the tabulated chart of TDS Due Date for Payment.
|Period||Quarter||TDS Due Date For Payment|
|April||1st Quarter||07th May|
|May||1st Quarter||07th June|
|June||1st Quarter||07th July|
|July||2nd Quarter||07th August|
|August||2nd Quarter||07th September|
|September||2nd Quarter||07th October|
|October||3rd Quarter||07th November|
|November||3rd Quarter||07th December|
|December||3rd Quarter||07th January|
|January||4th Quarter||07th February|
|February||4th Quarter||07th March|
|March||4th Quarter||30th April|
TDS Due Date For Return Filing
TDS due dates for return filling- In the above table, we show that the payment of TDS is made monthly although the return of TDS is filed quarterly. The due dates for return filing of TDS are the last date of the month after quarter-end, and for the last quarter, the due date is 31st May. For easy considerations of the viewer, here is the tabulated chart showing the TDS due date for return filing.
|Quarter||Month||TDS Due Date For Return Filing|
|1st Quarter||April-June||31st July|
|2nd Quarter||July-September||31st October|
|3rd Quarter||October-December||31st January|
|4th Quarter||January-March||31st May|
Fees/Interest/Penalties of TDS Payment and Return
Non Deduction of TDS (either in whole or in part)- If tax is required to be deducted and not deducted by the deductor then the interest rate is 1% per month (12% per annum) from the date on which tax was deductible to the date on which it is actually deducted.
Non-payment of TDS (either in whole or in part)- If tax is deducted but not paid by the deductor then the interest rate is 1.5% per month (18% per annum) from the date on which TDS is required to be deducted till the date of actual payment of TDS.
A person who fails to file a TDS return on or before the due date as prescribed then he shall be liable to pay a sum of late fees as prescribes under section 234E and/or he may also be liable to pay a penalty as prescribed under section 271H.
Late filing fees- As per section 234E, where a person fails to file a TDS return on or before the due date then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues.
Note:- The amount of late fee will be subject to the maximum amount of TDS.
Penalty under section 271H- Under Income Tax Act, 1961 section 271H prescribes a penalty for two types of default. one is for a person who fails to furnish the TDS return within the prescribed time and the second one is for the person who furnishes incorrect information while filling the TDS return.
As per section 271H, The defaulter would be liable to pay a minimum penalty of Rs. 10,000, however, the maximum amount of this penalty may be extended to Rs. 1,00,000.
Note:- This penalty is in addition to the penalty under section 234E.
Frequently Asked Question- FAQs
What is the TDS due date for payment every month?
The TDS due date for payment of every month is the 7th of next month in which TDS is deducted/credited and for the month of March, it is 30th April.
What is the TDS due date for payment for March 2020?
Normally, the due dates for payment of TDS are the 7th of next month in which TDS is deducted/credited and for the month of March 2020, there is no change for the due date and it is 30th April.
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)