What is the due date for TDS payment for May 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. Since Mr. Kushal could not file the return within the due date, he will have to pay a penalty. As per section 234(E), a fee of Rs.
Do I have to pay income tax after TDS?
– TDS Meaning and Full Form. 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. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.
What is the payment of TDS?
TDS or Tax Deducted at Source is a specific amount that is reduced when a certain payment like salary, commission, rent, interest, professional fees, etc. is made. The person who makes the payment deducts tax at the source, while the person who receives a payment/income has the liability to pay tax.
Is TDS payment due date extended?
25,000 from May to December at a rate of 1% per month. Interest paid on delay in deposit of TDS is not allowed as an expenditure under the Income Tax Act….Interest on Late Payment of TDS.
|Quarter||Last Date for Filing Return|
|1st July to 30th September||7th October|
|1st October to 31st December||7th January|
What is the due date for TDS payment for FY 2021-22?
TDS Due Dates of FY 2021-22 for Return Filing
|Quarter||Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July 2021|
|2nd Quarter||1st July to 30th September||31st October 2021|
|3rd Quarter||1st October to 31st December||31st Jan 2022|
|4th Quarter||1st January to 31st March||31st May 2022|
What is the last date for TDS payment for March 2021?
Due Date for Filing TDS Returns FY 2020-2021
|Quarter||Quarter Period||Due Date|
|1st Quarter||April – June||31 March 2021|
|2nd Quarter||July – September||31 March 2021|
|3rd Quarter||October – December||31 January 2021|
|4th Quarter||January – March||31 May 2021|
Is income tax and TDS same?
Income tax: It is paid on the annual income where taxes are computed for a particular financial year. TDS: It is deducted at source on a periodic basis in the particular year. Income Tax: The taxpayer determines his liability and makes the payment directly to the government.
What is TDS new rule?
In the Union Budget for 2022-23, the finance minister proposed that when buying a property, the homebuyer should deduct tax deducted at source (TDS) at the rate of 1 per cent on a non-agriculture immovable property of over Rs 50 lakh on the basis of the sale price or the stamp duty value, whichever is higher, after an …
What is TDS limit?
Items Liable for a TDS Deduction Section 192 – TDS on salaries: TDS on salaries is deducted at the rate of the income tax slab for the relevant year. For the assessment year, 2020-2021 the exemption limit for an individual is Rs 2,50,000.
How can I check my TDS payment?
Check TDS Status by PAN Card.
- Visit www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml.
- Enter the verification code.
- Choose on ‘Proceed’
- Enter the PAN and TAN details.
- Choose the financial year as well as the quarter and the type of return.
- Select ‘Go’
- Get the details displayed on the corresponding screen.
What is the due date for TDS payment for FY 2021 22?
What if TDS is paid late?
Under Section 201(1A), in case of late deposit of TDS after deduction, you have to pay interest. Interest is calculated at the rate of 1.5% per month from the date on which TDS was deducted to the actual date of deposit.
What is the difference between TDs and income tax?
The TDS is said to be deducted at the source level and that also on the periodic basis in a particular year.
Is TDs a direct tax or an indirect tax?
Tax Deducted at Source or TDS is a way of collecting indirect tax by The Government of India, as per the Income Tax Act, 1961. TDS that comes under IRS (Indian Revenue Service) is directly managed by CBDT (The Central Board of Direct taxes). TDS is collected in order to keep the revenue source stable for the govt.
When is TDs to be deducted?
Obtain a TAN by applying in from 49B
Is TDS deducted monthly or annually?
TDS is a small amount of tax that can be deducted monthly, annually, periodically or occasionally from the earning of an individual or a business (the earning is not limited to salary but also includes interest, commission, fee etc.) Note: The earning could be regular or irregular in nature.