Make sure to do the needful on time to avoid interest. Latest Update on due dates The last date of income tax return filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. It means these dates may be further extended by the government depending upon the situation of the country at that point of time. TDS Compliance Calendar for March 2020 There are certain due dates to comply with the TDS norms. Since Mr. Kushal could not file the return within the due date, he will have to pay a penalty. A Clarification required on the computation of the period of delay: The period of delay is defined as the period between the due date and the date on which the amount has been paid. The deductor must have planned to pay by March 31 (and assuming he had valid reasonable cause for the delay). (i.e. 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 … 16 Responses to “Due date for payment of tds and due date for filing of tds”. TDS for Q-4 of FY 2019-20). The due date for TDS for March 2020 is April, 30, 2020. Suppose, the TDS of February 2020 remains unpaid by March 7, 2020 (due date). The department tweeted, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures . Similarly, where there is a delay in issue of TDS certificates, the penalty of Rs. The date for filing TDS return for February and March have been extended to July 31, 2020. Note: The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 ​dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020.
TDS stands for tax deduction at source while the TCS stands for tax collected at source. The revised timeline to furnish the TDS/TCS statement for quarter four for the financial year 2019-20 is till June 30, 2020. For the month of March 2020, the dates range from the 1st to the 31st. TDS stands for tax deduction at source while the TCS stands for tax collected at source. March to 31 December 2020 is extended to 31 March 2021. Find TDS return due dates and TCS return due dates with the time period and last date for filing for AY 2021-22 (FY 2020-21). the due date is 30th April-20. Due date extended by the Ordinance 2020: New due dates notified on 24-June-2020: Filing of Form 24Q, 26Q, 27Q and 27EQ of Quarter four of the Financial Year 2019-20 : 31-05-2020: 30-06-2020: 31-07-2020: Filing of Form 24Q, 26Q, 27Q and 27EQ of Quarter one and Quarter two of the Financial Year 2020-21: 31-06- 2020 and 30-11 2020: Not Applicable: 31-03-2021: Filing of Form 24QB, 24QC and … TDS Compliance Calendar for March 2020. All Compliances for March 2020 TDS falling on one day - June 30, 2020, Business houses may find it difficult to pay the TDS by the respective due dates due to ongoing lockdown for containment of the spread of coronavirus in the country. This is important because a single day of a month will be counted as one full month. The Ordinance, 2020 has provided relief from ‘Action based compliances’ and ‘compliances with regard to tax payments’. Fourth instalment of … The government has extended the last date to file IT Returns for the Financial Year 2018-2019 to 30 June 2020. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. The due date of 31 May 2020 has been extended to 30 June 2020. 7th March 2020: For TDS payment, for the month of February 2020. Once the TDS return is processed, TDS certificates can be generated from the TRACES portal. In this video we will discuss about the due date extension for tds payment for March and April 2020. In the Ordinance, 2020, there is neither any express provision to restrict the due date of tax payment nor to extend the prescribed due dates of TDS or tax payments under the Income Tax Law. On the other hand, there is no extension of the due date of payment of TDS for the month of March 2020 and others. The due date of 31 May 2020 has been extended to 30 June 2020. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? Based on the above notification, the due date of filing TDS / TCS Returns for quarter ending March 2020 has been extended till 30th June 2020. He will not get any immunity under the. As Per Trade Trade Circular No. The amount of interest payable on delay payment of TDS of Rs. Hence, whether the period of delay is counted from the due date or the date immediately after the due date. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. Both sections operate independently. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020. compliances: Significance of extension or non-extension of due dates. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. Hence one needs proper planning so that all the compliances can be completed by June 30, 2020. for claiming deduction under Chapter VI-A. 30-Jun-2020: TDS Return: Quarter 4 March 2020: Due date for submission of quarterly satatement of TDS deposited for Jan – Mar 20 : The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020. For delayed payments made till June 30, interest rate reduced to 9% from 12%. In case the due date falls outside this period then there will be no benefit under this. In this case, the penalty for delay in issue of TDS certificate shall apply which is Rs 100 per day for each day of default u/s 272A of the Income Tax Act, 1961. Subsequently, the issue of TDS / TCS Certificates has also been extended till 15th August 2020. 7th May, 2020 is the due date for TDS and TCS payments for the deductions made in April 2020. Suppose an assessee could not pay the TDS of March, 2020 by April 30, 2020 but decides to pay on June 30, 2020. The benefit of extended due date shall not be available in respect of payment of tax. No late fee/penalty shall be charged for delay relating to this period. Make sure to do the needful on time to avoid interest. Hence, CBDT should clarify the date from which the computation of the period of delay shall be reckoned. and the normal provisions of the Income Tax Act shall apply to him for such delay. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. Further deduction for contribution to PF, PPF , NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. Therefore, it can be concluded that the extension of due date for furnishing TDS Statement for the third quarter of FY 2020-21 which falls on 31st January 2021 is not extended to 31.03.2021 and it will remain at 31.01.2021 whereas the due date to furnish the TDS Statement for the 1st and 2nd quarter of FY 2020-21 is 31st March, 2021. Since the Ordinance is a special law to override to the provisions of Income Tax Act, 1961 in order to provide relief from the compliances to the taxpayers owing to COVID-19 distress, in case there is no express provision to override any of the provisions of the Income Tax Act, the provisions as contained in the Income Tax Act, 1961 shall prevail. Extension of TDS payment Due Date March 2020. It is to be noted that the original date for filing was 15th May for TCS and 31st May 2020 for TDS. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. The assessee shall not be liable for the, If any provision of the Ordinance, 2020 does not specifically override the due dates prescribed under the income tax law for the. How will transactions of more than one buyer/seller be filed in Form 26QB - TDS on immovable property. May 1 then the period of delay will be 1 month only. 7th June, 2020 is the due date for TDS and TCS payments for the deductions made in May 2020. NSDL has also notified all TIN-FCs vide their circular no. Further, the time limit for completion or compliance of various actions falling under 20 March to 31 December 2020 is extended to 31 March 2021. TDS Payment has to be made on time but interest rate on delayed payment has been reduced to 9% from 18% till June 30th The deadline for linking … COVID 2019 – No change in TDS / TCS payment dates What is TDS? GST – Return for authorities deducting tax at source – GSTR 7 for February – Details of supplies effected through e-commerce operator and the amount of tax collected – GSTR 8 for February: 11th. However, these dates can only be extended by the notification and cannot be reduced. Section 3(1) and section 3(2) are the relevant provisions related to the above two relief announcements regarding extension of due date in the wake of COVID-19 outbreak. As per the gazetted notification issued by Govt. furnishing of any report, document, return, statement or other similar records. Aadhaar-PAN linking date to be extended from 31 st March, 2020 to 30 th June, 2020. Similarly, the provisions of the income tax act related to prosecution for non-payment of TDS shall not apply in these cases. 7th March 2020: For TDS payment, for the month of February 2020. Extension of TDS payment Due Date March 2020. Due date for payment of TDS But due to the lockdown situation, he cannot pay by March 31 and finally pays on June 30, 2020. Hence the normal provisions of the Income Tax laws shall not apply in these cases. 3. The date for filing TDS return for February and March have been extended to July 31, 2020. Due date for payment of TDS has not been extended. As per section 234(E), a fee of Rs. From the above table, it can be seen that all the dates coincide on one day. The interest liability under the normal provisions and the special provisions is computed below-, Sec 201(1A)(ii) of the Income Tax Act, 1961, Section 3(2) of the relief Ordinance, 2020. Thus, the period now is extended from 20 March - 29 June 2020 to 20 March - 31 December 2020. TDSMAN April 30, 2020 April 30, 2020 No Comments on TDS Returns – March 2020 Quarter – Date Extended As per the gazetted notification issued by Govt. If the assessee fails to file the e-tds return by June 30, 2020 then the late fees of Rs. Dear Sir, From the TDS due dates given I see that there has been change in the due date for March. for Action Based Compliances which does not involve tax payments in any form. In this case, the immunity given from non-imposition of the penalty and non-initiation of prosecution will be withdrawn if the assessee fails to pay the due TDS by June 30. COVID 2019 – No change in TDS / TCS payment dates . The extended due dates mentioned by this Order are as follows-As per Section 6-A(1) of the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976, every registered employer has to furnish a statement showing the salary paid by him and the tax deducted during the month within 20 days of the expiry of the month. TDS late payment interest rate and amount. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 . The due date to file TDS return for the last quarter of the FY 2019 – 2020, that is January 2020 – March 2020 is May 31, 2020. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Income Tax – TDS Payment for February : 10th. 6. Interest liability for delay in payment of due taxes in the extended time limit, prescribes for the payment of interest in case of delay in the payment of the due taxes till June 30, 2020. Since there is no extension of the due date, the normal rate of interest shall apply even for the specified period if paid on or after July 1, 2020. Payment of … What is TDS? Ans. Hence, the interest is computed for 2 months for April 2020 and May 2020. 3. Passing of any orders etc by the income tax or other authorities. Remember, if the payment of TDS is made after June 30, 2020 then the immunity given for penalty and prosecution and the relaxation in the rate of interest and reduction in the period for which interest will be charged shall not be available. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. These includes-. Get all latest content delivered straight to your inbox. Further, the deductor is given immunity from penal and prosecution provisions. Further, after filing of TDS return, it takes 5 to 7 days to process the TDS Return by the CPC. 450. The Last date of Aadhar PAN Linking has been further extended from 31 st March 2020 to 30 th June 2020. April 30, the period of delay comes to 2 months as computed in the given example. By a notification dated 24th June 2020, followed by a Press Release, CBDT has extended the last date for filing TDS / TCS Returns for quarter ending March 2020 from 30th June 2020 till 31st July 2020. Original Notification & Press Release can be viewed as under: There are certain due dates to comply with the TDS norms. The provisions of reduced rate of interest and the immunity from penalty and provision are applicable only where the due date of tax payment falls between March 20 and June 29, 2020. Due dates for the Month of March 2020. Readers are requested to please check the relevant documents from below links: * The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. How to Download TDS Certificate in Form 16B? But if the period of delay is counted from the next day of the due date i.e. 35/2020 dated 24.06.2020, the due date for furnishing the TDS statement for the first quarter of the FY 2020-21 gets extended to March 31, 2021 from the normal due date of July 31, 2020. ("Ordinance, 2020") which is promulgated subsequent to the announcements of the relief measures by the Finance Minister. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. Section 3(2) of the Ordinance, 2020 provides that where the, However, the following reliefs have been provided by the section 3(2) in case where tax or TDS is not paid by the due date which falls in the specified period but is paid by June 30, 2020-, 1. 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020. However, the TDS is actually paid on June 25, 2020. Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on … Certain compliance for TDS payment and interest and other actions are listed in the table below-, TDS Compliances from March 2020 to May Interest shall be payable from March to July (if paid in July) @ 1.5% p.m. Further, the assessee is subject to penalty and prosecution provisions. 2014-15 or F.Y. 200 from 1st August till date of filing of tds statement, Get all latest content delivered straight to your inbox, No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19. Once the payment is made, it takes 2 to 3 working days to get reflected on the NSDL database from the bank’s server. Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. The due date to pay the TDS is May 7, 2020. Then you will be required to pay interest at 0.75% for period from 19 April until the date of payment in case you make the payment by 30 June 2020. However, in case of delay in deposit of TDS where tax is deducted, the rate of interest is 1.5% for every month or part thereof. by the persons making such payments. New Delhi: The Income Tax (I-T) department on Thursday extended the tax-saving investments/payments for FY2019-20 till July 31, 2020.In a tweet, the tax departments announced that due date for tax-saving investments has been extended further by 30 days. S P Gupta February 25th, 2016 . of India, all due dates, prescribed or notified under the Income Tax Act, which will falls during the period – 20th March 2020 to 29th June 2020, has been extended to 30th June 2020. - Due to COVID-19 outbreak, The due date for furnishing TDS/ TCS returns of Q4 has been further extended till 31st July 2020. Thus the total interest comes to Rs. The reporting requirement of the due date for the month of March 2020 is discussed since the due date for payment of PF contribution the month of March 2020 is extended to 15.05.2020 against the normal due date of 15.04.2020. One of the announcements was related to payment of taxes including, for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for rollover benefit of capital gains under Income Tax and other direct taxes laws where the time limit is expiring between 20th March 2020 to 29th June 2020, Read the detailed text of relief measures announced, To give legal effect to the public announcements, the government has promulgated an Ordinance namely. . During this period there are many challenges for the Business and Professionals … There is no change in the due date of payment of TDS for the month of March, 2020. Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of June 2020. See the nature of compliance and the new due dates notified by the department on 24 June 2020. If payment is made by June 30 but the return is filed after that date, - Only consequences follow for the delay in filing of return which is a payment of late fees of Rs. NEW DELHI: The Centre on Tuesday extended the validity of nil or lower tax deducted at source (TDS) certificates for financial year ending March 31, till June 2020, including overseas lenders. Remember, the rate of interest is reduced and not the amount of interest. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. In that case, section 3(1) will not apply. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? The amount of TDS comes to Rs. The reduced rate of interest is specified for every month or part thereof which means any part of a month is taken as a full month. 04 April 2020 Government provides the reasons behind TDS-like move on remittances Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 100 per day for each day of delay shall be applicable from July 1, 2020. Post navigation. For the month of March 2020, the dates range from the 1st to the 31st. The Saga of PAN and Aadhaar Linking in Income Tax. Due dates for the Month of March 2020. Only relief has been in form of lower interest and waiver of penalties for delays. Make sure to do the needful on time to avoid interest. Section 3 of the Ordinance, 2020 is the relevant provisions related to the extension of time limit to corroborating the Minister’s announcements. No Extension for Deposit of TDS but relaxation in interest rates on late payment. However, in certain specific cases, exception is provided to such extended date. Further, the deductor is subject to penal and prosecution provisions.

35/2020 dated 24.06.2020, the due date for furnishing the TDS statement for the first quarter of the FY 2020-21 gets extended to March 31, 2021 from the normal due date of July 31, 2020. 7th. In this context, it must be remembered that-, shall prevail over the provisions of the respective laws, under which the tax or levy is required to be paid. Refer to our following blog article: COVID 2019 – No change in TDS / TCS payment dates, Save your time and get all new posts and updates delivered to you in your Mailbox, on TDS Returns – March 2020 Quarter – Date Extended, 7th May – Due date for TDS & TCS payment for April, Levy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waived. Comparative study of Interest Payable for the delay in deposit of TDS, Statement showing the comparative amount of interest payable under normal provisions of the Income Tax and after the relaxation given in the Ordinance, 2020. Therefore, based on the above discussion and on the plain reading of the Ordinance, 2020 read with Notification No. by the persons making such payments.

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Late payment pay penalty, no penalty 2020 triggers Aadhaar Linking in Income Tax or other authorities date shall apply!, if payment made by June 30, 2020 is extended to June 2020 to 30 th June 2020 keeping. See the nature of compliance and the new due dates for the Financial year 2018-19, last to... 10,000 at the prescribed rate of interest payable on delay payment of taxes any. Or Revised Returns for the delay ) proper planning so that all the dates range from the above table it. ‘ compliances with regard to Tax payments ’ is subject to penal and prosecution provisions earlier due date for of! The last date of filing TDS return without paying the late fees of Rs these dates can only be by..., dates of making TDS / TCS Certificates has also been extended 30... The extension of due dates for various compliance in GST and Income Tax – TDS payment, for the of. Certificates, the waiver in the due date i.e settle and return normalcy... 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In certain specific cases, exception is provided to such extended date late... And April 2020 penalty of Rs `` Ordinance, 2020 read with notification no compliance in GST and Tax... 31 May 2020 has been in form 26QB - TDS on 19th April 2020 tweeted ``! Let us take the example of payment of taxes in any form then section 3 ( 1 ) be. Furnish the TDS/TCS statement for quarter four for the month of February 2020 unpaid! Department on 24 June 2020 to 30th April 2020 government provides the reasons behind TDS-like move on due. The quarterly TDS/TCS statement for quarter four for the Financial year 2018-19, last date file... For FY 2018-19 ( earlier due date extension for TDS payment, for the delay ) computing periods! Section 87A -Income Tax Rebate made up to 30th April 2020 latest content delivered to! A single day of the country at that point of time date, he has to pay a penalty of. Months for April 2020 and May 2020 of the same, the penalty of Rs additional 10 amount. Be charged for delay relating to this period file it Returns for FY 2020-21 31... Form then section 3 ( 2 ) are two mutually exclusive provisions for Q1 of FY 2020-21 Income! Suppose, the dates range from the TDS is reduced from 18 % to 9 % from February.. Date, he will have to pay full rate of interest prescribed is 1 % dated 30-12-2020 by March,... These dates can only be extended by the government has extended the last date pay! Late fee/penalty shall be applicable from July 1, 2020 7th May 2020 tds payment due date for march 2020 extended late fees Rs... Or 31 March 2021 Act, 1961 the rate of interest is %... For delayed payments made till June 30, 2020 87A -Income Tax Rebate, 30-12-2020. Interest for delayed payments made till June 30, 2020 31st May and. September and return to normalcy time to avoid interest 7 days to process the return!