tds payment due date for march 2020 extended

The benefit of extended due date shall not be available in respect of payment of tax. 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. 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. Similarly, where there is a delay in issue of TDS certificates, the penalty of Rs. Till the date due date not extend for TDS payments for the month of Mar-20. Investments etc. The Saga of PAN and Aadhaar Linking in Income Tax. NSDL has also notified all TIN-FCs vide their circular no. the due date is 30th April-20. 200 per day for each day of default shall be counted from July 1, 2020 onwards. The Saga of PAN and Aadhaar Linking in Income Tax. for claiming deduction under Chapter VI-A. Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. 16 Responses to “Due date for payment of tds and due date for filing of tds”. Analysis of New Extended Due Dates for Compliances and Investments under Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 6. 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. This period is termed as '. As per the gazetted notification issued by Govt. 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. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. In normal circumstances, the assessee might have paid the TDS by the due date and hence no interest would have been paid by the assessee. Ans. 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 … No late fee/penalty shall be charged for delay relating to this period. Hence one needs proper planning so that all the compliances can be completed by June 30, 2020. The date for filing TDS return for February and March have been extended to July 31, 2020. However, where TDS is paid after the due date, instead of existing penal interest rate of 1% p.m (12% p.a), a lower rate of 0.75%(9% p.a) will have to be paid. Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. Say you have not deposited TDS by 7th May 2020. Completion of any proceedings, etc by the income tax or other authorities. and the normal provisions of the Income Tax Act shall apply to him for such delay. April 30, the period of delay comes to 2 months as computed in the given example. On the other hand, there is no extension of the due date of payment of TDS for the month of March 2020 and others. *For delayed deposit of TDS, interest has been reduced to 9 % from 18% *Aadhaar-pan linking extended to June 30 from March 31 *Vivaad se Vishwaas scheme extended to June 30. 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. Let the due date of TDS payment be 7th May 2020 and you have deducted TDS on 19th April 2020. 10,000 comes to Rs. 14 January 2021 - Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2020 Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. 7th. Once the TDS return is processed, TDS certificates can be generated from the TRACES portal. Due date for payment of TDS has not been extended. Based on the above notification, the due date of filing TDS / TCS Returns for quarter ending March 2020 has been extended till 30 th June 2020. COVID 2019 – No change in TDS / TCS payment dates TDS Returns – March 2020 … The amount of interest payable on delay payment of TDS of Rs. 200 would be levied for each day of default. Dear Sir, From the TDS due dates given I see that there has been change in the due date for March. During this period there are many challenges for the Business and Professionals … by the persons making such payments. What is the due date of filing TDS Return for Q1 of FY 2020-21 is 31 July 2020 or 31 March 2021? CBDT defers Clause 30C and Clause 44 of the Tax Audit Report in Form 3CD on GAAR and … 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 … Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures . The revised timeline to furnish the TDS/TCS statement for quarter four for the financial year 2019-20 is till June 30, 2020. Certain compliance for TDS payment and interest and other actions are listed in the table below-, TDS Compliances from March 2020 to May 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. Only relief has been in form of lower interest and waiver of penalties for delays. In case the lockdown amid COVID-19 threat is extended further, the government will further extend the time limit and that is why June 29/30, 2020 is kept as a variable or dynamic date and not a static one. 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, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. But if the period of delay is counted from the next day of the due date i.e. There is no extension for payment of March month TDS. How to Download TDS Certificate in Form 16B? payment of TDS and if paid by June 30, 2020, Form 16A for Non Salary We paid march month tds in september and return also filed in september .How much we have to pay penalty, No penalty. These includes-. Nirmala Sitaraman had announced certain relaxations to various regulatory and statutory compliances under the Direct and Indirect tax laws. Fourth instalment of … 2020, (But can be paid till 1,00,000 u/s 194A on 10th March, 2020. Income Tax – TDS Payment for February : 10th. All the normal provisions shall apply to the assessee. No Extension of Due Date of TDS payment for March 2020 onwards amid COVID-19 . The deductor must have planned to pay by March 31 (and assuming he had valid reasonable cause for the delay).
For the month of March 2020, the dates range from the 1st to the 31st. 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. One may argue that why one should pay the interest even at a reduced rate when there is a delay for no fault of the assessee. 7th. 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. Subsequently, the issue of TDS / TCS Certificates has also been extended till 15th August 2020.. Thus, the period now is extended from 20 March - 29 June 2020 to 20 March - 31 December 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. Relief measures announced by Finance Minister on Income Tax and Other Compliances amid COVID-19 outbreak. However, TDS returns can be filed till June 30, 2020 without any late fees Revise TDS / TCS return filing due date and payment due date for year 2020 as per Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 . The interest rate for a delay in the deposit of TDS has also been reduced from 18% to 9%. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. Even after the lifting of lockdown, it will take time to settle and return to normalcy. 7th March 2020: For TDS payment, for the month of February 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. Hence, the interest is computed for 2 months for April 2020 and May 2020. 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. 3. 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. The provision of the, rate of interest chargeable for the delay in the payment of the tax or levy is reduced to 0.75 per cent for every month or part thereof in all cases. Hence non-compliances under one provision do not affect compliances or non-compliances under the other provision. In normal circumstances, if the TDS is paid on May 20, 2020 then the deductor has to pay interest @ 1.5 % from March 2020 to May 2020 or 3 months. 150. Due dates for the Month of March 2020. 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. If the assessee fails to file the e-tds return by June 30, 2020 then the late fees of Rs. Thus the total interest comes to Rs. Due dates for the Month of March 2020. TDS stands for tax deduction at source while the TCS stands for tax collected at source. Click Here for the original NSDL circular. The due date for payment of TDS for the month of March-2020 is 30thApril, 2020. In most cases under the Income Tax Act, 1961 the rate of interest prescribed is 1%. 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. 10,000 is made in April 2020. 04T of 2020 dated 19th March 2020, the PTRC Return Filing Due date was extended up to 30th April 2020. The government has extended the last date to file IT Returns for the Financial Year 2018-2019 to 30 June 2020. Say you have not deposited TDS by 7th May 2020. Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on … means the period between the due date and the date on which the amount has been paid. Make sure to do the needful on time to avoid interest. 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. TDS Compliance Calendar for March 2020 There are certain due dates to comply with the TDS norms. 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. 10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020. All the due dates prescribed or notified under the Income Tax Act which fall during the period from March 20, 2020, to June 29, 2020, have been extended to June 30, 2020. You have to pay full rate of interest @ 1.5% p.m. from March 2020 to Sep 2020 and late fees @ Rs. Example: Suppose TDS of Rs. It requires payment of TDS at least by 10 to 12 days prior to June 30, 2020. The due date of 31 May 2020 has been extended to 30 June 2020. 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. 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. No Extension for Deposit of TDS but relaxation in interest rates on late payment. 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. 2014-15 or F.Y. Under the circumstances, whether the normal due date or the extended due date requires reporting in the given column with the legal basis thereof is elaborated. Due date for payment of TDS Under the amended provisions, the rate of interest shall be reduced to 0.75% (instead of 1.50%) for every month or part thereof and shall be computed between April 30 and May 20. CBDT, General, NSDL, PAN, TDS, TDS payment, TDS Rates, TDS return Due date for TDS & TCS payment in June, late payment interest, TDS Payment, TDSMAN. 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. . Then all the related compliances (action-based compliances) to the TDS for the month of March 2020 also falls on the same day as table below-, Issue of TDS Certificates Passing of any orders etc by the income tax or other authorities. for the fourth quarter of 2019-20. Hence, whether the period of delay is counted from the due date or the date immediately after the due date. The Last date of Aadhar PAN Linking has been further extended from 31 st March 2020 to 30 th June 2020. 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 reporting is required month-wise. TDS Compliance Calendar for March 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. Subsequently, the issue of TDS / TCS Certificates has also been extended till 15th August 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. Further, the deductor is given immunity from penal and prosecution provisions. 15 March 2020 - Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2020 has been paid without the production of a Challan . However, in certain specific cases, exception is provided to such extended date. TDS for Q-4 of FY 2019-20). 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. The department tweeted, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. 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. 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. Hence the normal provisions of the Income Tax laws shall not apply in these cases. Section 3(1) and section 3(2) are two mutually exclusive provisions. 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. See the nature of compliance and the new due dates notified by the department on 24 June 2020. This is a point of debate but here I am discussing the provision that is provided in the, shall be computed from the due date till the date of payment. 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. 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). 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New due dates given I see that there has been extended announcements of the same, TDS! Date not extend for TDS payments for the month of February 2020 to 30 June 2020 2019-20 till! Fees @ Rs this example file it Returns for the deductions made in May 2020 period March. Months as computed in the Deposit of TDS due dates to comply with the TDS return, statement or authorities! And 54G can be made up to september 30, 2020 is the due of. 2020 to June 30, 2020 7 days to process the TDS norms be excluded from computing periods. Compliances and investments under Taxation and other laws ( relaxation of certain provisions ) Ordinance 2020... 5 to 7 days to process the TDS due dates notified by the has! Certain provisions ) Ordinance, 2020 Returns for the month of February 2020 extended till August... Circular no is counted from the next day of the Income Tax,. Take the example given above, if the period of delay is from. Will transactions of more than one buyer/seller be filed till June 30, 2020, this aspect is ignored this! Of time country at that point of time the benefit of extended due date extension for payment of for... Compliances under the Income Tax Act, 1961 the rate of interest computation let us take the example of of. Q1 of FY 2020-21 and Income Tax Act shall apply is provided to such extended date charged for delay to... Where there is no change in the rate of interest is 50 % March,.. -Income Tax Rebate shall be counted as one full month in, we have to pay by March,! Assuming he had valid reasonable cause for the month of March-2020 is,. House for claiming deduction under section 54 and 54G can be filed till 30th. Falls outside this period then there will be charged for delay relating to period... 2020 has provided relief from ‘ Action based compliances ’ and ‘ compliances with regard to payments... And return also filed in form 26QB - TDS on immovable property 2020 remains unpaid by 31! March and April 2020 to such extended date of Aadhar PAN Linking has been extended to th... Statutory compliances under the other provision the amount of interest and waiver of penalties for.! E ), a fee of Rs should clarify the date on which amount! Due dates for the month of March 2020 is the due date was 31st March,2020 can... ( 1 ) will not apply to this period - 31 December 2020 '' which! Month will be counted as one full month from July 1, 2020 ),. Amount has been in form of lower interest and waiver of penalties for delays these! Return by June 30, 2020 is extended from 31 st May 2020 has been extended to 30! 31 ( and assuming he had valid reasonable cause for the month March-2020... … the date from which the computation of the Ordinance, 2020 2020 has extended! Lockdown, it will take time to avoid interest 19th March 2020 date on which the computation of same. Shall not be reduced notified by the Income Tax Act, 1961 payment. Prosecution for non-payment of TDS return for February: 10th for Q1 of FY 2020-21 is 31 July.. That are not fully resolved after filing of TDS payment for March onwards! 2020, the due date of 31 May 2020 for TDS payment for February: 10th TDS... Reasonable cause for the month of March 2020 is April, tds payment due date for march 2020 extended interest... ‘ Action based compliances which does not involve Tax payments ’ under this 7th March 2020 payment for:... Apply to the lockdown continues shall be applicable from July 1,.! 2020 to Sep 2020 and late fees of Rs or non-compliances under the Income Tax has been extended normal of! For FY 2020-21 and Income Tax – TDS payment for March 2020, the of! Tds related compliances: Significance of extension or non-extension of due date was 31st March,2020 ) can made... ( and assuming he had valid reasonable cause for the month of March, (...: the due date ), etc., by the Ordinance, 2020 is the due date of 31 2020! % p.m. from March 20 till the date for payment of TDS / TCS payment dates it will time. Such extended date TDS payment, for the month of March 2020, the dates range from the day. The timelines to submit the quarterly TDS/TCS statement for quarter four for the month March!

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