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TDS Compliances

TDS Compliances, TDS Penalty, TDS Late Fee

TDS Compliances

TDS COMPLIANCES

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is one of the essential concepts of Income Tax Act 1961. Every registered assesse who is liable to deduct TDS or TCS shall collect/deduct tax and same will be deposited within the prescribed time limit as per Government.

BASIC GUIDELINESS FOR ASSESSEE LIABLE TO DEDUCT TDS/TCS

  1. He shall quote Tax Deduction/ Collection Account Number on all the documents pertaining to TDS/ TCS.
  2. He shall collect or deduct the tax amount as per applicable rate.
  3. He shall file TDS or TCS return periodically
  4. He shall issue TDS or TCS certificate in respect of tax amount deducted or collected.

DUE DATES FOR FILING TDS/TCS RETURN

 Quarter

For TDS Return

For TCS Return

Apr – June

31st July

15th July

July - Sep

31st October

15th October

Oct - Dec

31st January

15th January

Jan – Mar

31st May

15th May

INTEREST ON DELAY DEPOSIT TAX LIABILITY

Along with the late fee you have to pay interest as per section 201A. Below table describe the method of interest calculation:

Type of Default

Interest Rate

Period

Non-deduction of Tax at source in whole or in part

1% per month

From the due date on which tax supposed to get deducted to the date on which tax is actually deducted

Non-payment of tax after deduction either in whole or in part

1.5% per month

From the date of Tax deducted to the date of payment

PENALTY U/S 234E

If a person fails to file Return on or before due date then as per section 234E of Taxation rules he needs to pay fine of Rs. 200 until the date you file return.

*But the maximum amount of penalty that the person need to pay on late filing is Rs. 5000/- only.

PENALTY U/S 271H

If a person fails to file statement of Tax Deducted/ Collected at source on or before the due date then the assessing officer may impose penalty under section 271H.
Amount of penalty which he can levied is Rs. 10,000 but not go beyond Rs. 1,00,000

The Neusource Startup Mind is the finest business startup consultant that offers various services of compliances along with the registration like Company Registration, Proprietorship Firm Registration, LLP Registration, EPF Registration or read more about TDS Penalty.

25 Mar

Neha Sahni
Neha Sahni

All pieces that originate from the Team are important to present the organization and to reach at new statures. Neusource is one of an Endeavor in current field.