1] Payment of TDS
The TDS amount to be deposited with the Government of India
within the stipulated time frame. The details of the same are as given below:-
Sr. No.
|
Date of
Payment/Deduction
|
Due date
of Payment
|
1
|
January
|
7th February
|
2
|
February
|
7th March
|
3
|
March
|
30th April
|
4
|
April
|
7th May
|
5
|
May
|
7th June
|
6
|
June
|
7th July
|
7
|
July
|
7th August
|
8
|
August
|
7th September
|
9
|
September
|
7th October
|
10
|
October
|
7th November
|
11
|
November
|
7th December
|
12
|
December
|
7th January
|
Alternatively, the deductor can make an advance payment to the
Government of India and utilize the same to deduct the TDS month on month. The
Advance payment made can be utilized +/- 1 financial year from the Date of
Payment.
2] Filing of TDS Return
The TDS Return needs to be filed every quarter by the Deductor.
This statement contains the full details of the Payment made, Pan No. of the
Service Provider, Date of Payment and amount of TDS Deducted. Based on this
Return, the Income Tax will provide credit to the Service Provider. The due
date for submitting the Quarterly Return is as follows:-
Sr.No.
|
Quarter Ending
|
Due Date of Filing TDS Return
|
1
|
31st March
|
31st May
|
2
|
30th June
|
31st July
|
3
|
30th September
|
31st October
|
4
|
31st December
|
31st January
|
3] Interest on TDS
If the TDS amount is deposited beyond the due date, then the Interest is charged from the date of deduction @1.5% per month.
4] Penalty for Late
filing of TDS Return.
IF the TDS Return is not filed with the Income Tax Department within the Due Date, then the penalty of Rs. 200/- per day is charged till the date of filing of the TDS Return or the actual TDS amount whichever is lower.
Ananya Accounting Services
Mobile - 8884567799 / 08049537711
