TDS Returns Due Dates for FY 2019-20(AY 2020-21)

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Filing TDS Return

Every assessee whose TDS has been deducted will need to file his/her TDS return. These returns should be filed after particular intervals of your time , and therefore the information that has to be submitted to the tax authorities include TAN (Tax Deduction and Collection Account Number), amount deducted, Permanent Account Number (PAN), TDS payment, quite payment, etc. There are late filing fees for delayed filing of TDS returns so it’s important to control the due dates in mind further as correct documents required.

Due Date for Filing TDS Return FY2019-20

Quarter Quarter Period Quarter Ending Last Date for TDS Returns
1st Quarter April, May, June June 30,2019 31st July, 2019
2nd Quarter July, August, September September 30,2019 31st October, 2019
3rd Quarter October, November, December December 31,2019 31st Jan, 2020
4th Quarter January, February, March March 31,2020 31st May, 2020

Due Date to File TCS Returns for FY 2019-20

Quarter Quarter Period Quarter Ending Last Date To File Returns
1st Quarter April, May, June June 30,2019 15th July, 2019
2nd Quarter July, August, September September 30,2019 15th October, 2019
3rd Quarter October, November, December December 31,2019 15th January, 2020
4th Quarter January, February, March March 31,2020 15th April, 2020

In case there are delays in depositing TDS, or errors while filing TDS returns, the subsequent penalties shall become applicable:

  • Late filing fees
  • Penalty
  • Interest

Late Filing Fees

Failure to file your TDS returns within the maturity date will mean that you simply are going to be subject to a late filing fee of Rs.200 per day. The fee are going to be charged for each day after the maturity , until the date on which your return is filed. However, the utmost fees that you simply will had to pay are going to be limited to the TDS amount.

Example

For instance, just in case your TDS payable amount is Rs.7,500 on May 14, and therefore the amount is paid on November 19, the entire number of days between the aforementioned dates is 190. Therefore, Rs.200 per day for 190 days are going to be Rs.38,000. However, since your TDS payable amount is Rs.7,500, your late filing fees are going to be only Rs.7,500 and not Rs.38,000. But, an interest will be charged to you.

Penalty for TDS Return

In case TDS returns are filed after the maturity , or there are discrepancies within the return forms, the subsequent penalties shall become applicable:

  • Penalty under Section 234E: Under this section of the tax Act, the deductor are going to be charged Rs.200 per day until TDS is paid, but the penalty amount can not be more than the TDS amount.
  • Penalty under Section 271H: A penalty which will range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable just in case wrong details are submitted, such as incorrect PAN, incorrect tax amount, etc.

A penalty won’t be charged under Section 271H of the tax Act just in case TDS/TCS returns aren’t filed within the maturity , as long as the subsequent conditions are applicable:

  • The TDS/TCS is paid to the government’s credit.
  • The filing of the TDS/TCS return is completed before the expiry of 1 year from the maturity date.
  • The interest and late filing fees (if any) are paid to the government’s credit.

Interest Rate for TDS Payment

Under Section 201(1A) of the tax Act, 1961, if tax isn’t deducted at source, either partly or fully, a rate of interest of 1% per month are going to be applicable from the date on which tax was likely to be subtracted to the date on which it’s actually subtracted. In case tax has been deducted, and has not been paid either partly or fully, a rate of interest of 1.5% per month are going to be applicable from the date on which tax was deducted to the date on which it had been paid.

Example

For instance, just in case the TDS payable amount of a private is Rs.7,500 and therefore the date on which it had been deducted is January 14, and TDS was paid on May 18, the interest owed to the single person shall be Rs.7,500 x 1.5% per month x 5 months = Rs.562.5.

TDS Return Forms

The following are the TDS return forms and therefore the purpose that they’re used:

Form Number Purpose
Form 24Q TDS from salaries
Form 26Q TDS on all amount apart from earnings
Form 27Q decrease of tax from dividend, interest or any other amount payable to non-residents
Form 27EQ Collection of tax at source

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