Quick Answer: How Can I Pay TDS Penalty?

What is the last date for TDS payment?

Generally, the due date for TDS payment is always the 7th day of the next month, with a few exceptions.

For example, if an organization wants to pay TDS for the month of July, then the due date for the same will be the 7th of August..

What if TDS due date falls on Sunday?

For eg – TDS deducted on 15th June 2016 is required to paid on or before 30th July 2016. A common question asked is what is the last date of payment when above mentioned due date falls on a Sunday or public holiday….TDS Payment Due Date.MonthDue DateJanuary7th FebruaryFebruary7th MarchMarch30th April10 more rows

Is TDS return mandatory?

Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.

Is TDS certificate mandatory?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

What is TDS deduction salary?

How to calculate TDS on Salary?Income Tax SlabTDS DeductionsTax PayableUp to Rs.2.5 lakhsNILNILRs.2.5 lakhs to Rs.5 lakhs5% of (Rs.5,00,000-Rs.2,50,000)Rs.12,500Rs.5 lakhs to Rs. 6.33 lakhs20% of (Rs.6,33,000-Rs.5,00,000)Rs.26,600

What is the rule of TDS deduction?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.

When should we pay TDS?

It means, if the deductor has deducted tax from payments in the month of November, then he has to pay the TDS on or before the 7th of December….8) What are the due dates for TDS?MonthThe due date for payment of TDSDecember7th of JanuaryJanuary7th of FebruaryFebruary7th of MarchMarch30th of April8 more rows

In which month income tax is deducted?

Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month.. Understand your Form 16 better here. Your bank may also deduct tax at source when you earn interest from a fixed deposit. The bank deducts TDS at 10% on FDs usually.

How can I pay TDS penalty Online?

Following is the procedure that a deductor needs to follow:Login TIN NSDL Portal. To pay TDS online visit the website of income tax department. … Select the Relevant Challan. … Fill in the Challan Details. … Confirm Challan Details. … Make TDS Payment. … Online Verification.

What is the penalty for TDS late payment?

Penalties for late filing of TDS returnsParticularsMinimum PenaltyMaximum PenaltyLate filing of Form 24Q (Penalty under Section 234E)Rs 200 per day until TDS return is filedPenalty amount should not exceed tax deductedNon- filing of Form 24Q (Penalty under Section 271H)Rs 10,000Rs 1,00,000Sep 4, 2020

What if last date of payment of TDS is Sunday?

As we know, TDS is required to be paid by 7th of next month except for the month of March where the due date is April 30. … Hence, accordingly, if the bank is closed (due to Sunday or holiday or strike) on the due date of payment, the same can be paid on the next working day.

What is TDS rate?

TDS Rates Applicable for a Domestic CompanyTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.2020TDS Rates from 14.05.2020 to 31.03.20215 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)53.752 102 101.5 7.51 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 100.75 3.75 7.51011 more rows•Sep 29, 2020

How do I pay late fees for TDS return?

Download the Conso File from Traces portal. In case of payment towards late filing fee, please Tag the challan towards the payment, in the “Fee” column” using RPU Ver. 3.8, mentioning appropriate amount in such column and validate to generate the FVU. Submit the Correction Statement at TIN Facilitation Centre.

Who should pay TDS?

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

Why TDS return is filed?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.

How is TDS penalty calculated?

Due Date of TDS Return :Delay in filing TDS Return (In Days) :Late fee for fiing TDS Return u/s 234E amounting to Rs 200 per day (maximum to TDS amount) :Penalty u/s 271H is applicable which is Rs 10,000 (may be exteded to Rs 1,00,000) :

Is TDS payment date extended?

The date for filing TDS return for February and March have been extended to July 31, 2020. … The March 31 ordinance has enabled provision empowering the central government to further extend due dates to beyond June 30, 2020. The due date for filing ITR for FY2019-20 has already been extended till November 30, 2020.

What is the last date of TDS payment for March 2020?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsDecember31st December31st JanJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)FebruaryMarch9 more rows•Sep 29, 2020

What happens if TDS is not deducted?

For delay/non-deduction of TDS, an interest of 1% per month or a part thereofon the amount of such tax from the date on which it was deductible, to the date on which it is deducted is required to be paid; … And for delay in filing of TDS returns a late filing fee of Rs.