Overview
Deduction of tax at source (Section 192 to 196)
Certificate of deduction of tax at lower rate (Section 197)
No Deduction of Tax in certain cases (Section 197A)
Rate of tds under different sections
Basic provisions relating to due date of payment of TDS to
the credit of Government
Before understanding the provisions relating to levy
of interest for failure to deduct tax at source/delay in payment of TDS, it is
important to first understand the provisions relating to the due date for
payment of TDS to the credit of the Government account.
Section 192 to 195
gives various items of payments on which tax is to be deducted by
the payer.
The tax deducted by the payer (i.e., a non-Government payer) is to be paid to
the
credit of the Government as follows:
👉Tax deducted during the
month of April to February should be paid to the credit of the Government on or
before 7 days from the end of the month in which the deduction is made.
👉Tax deducted during the
month of March should be paid to the credit of the Government on or before 30th
day of April.
Note : Tax deducted under Section 194-IA (i.e., on immovable
property), Section 194-IB (i.e. on rent) & Section 194M (i.e., on certain
sum paid by an Individual/HUF) should be paid to the credit of the Government
on or before 30 days from the end of the month in which deduction is made.
Interest for failure to deduct tax at source/delay in payment of TDS
As per section 201, if any person who is liable to deduct tax at source does not deduct
it
or after so deducting fails to pay, the whole or any part of the tax to the credit of the
Government, then, such person, shall be liable to pay simple interest as given below:
👉Interest shall be levied at 1% for every month or part of a month on the amount
of
such tax from the date on which such tax was deductible to the date on which such tax was deducted.
👉Interest shall be levied at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which
such tax was actually remitted to the credit of the Government.
In other words, interest will be levied at 1% for every month or part of a month for delay
in deduction and at 1.5% for every month or part of a month for delay in remittance after
deduction.
Due Dates for filing of TDS/TCS return
|
Quarter ending
|
Due date for filing of TDS return (Both for Government and other
Deductor)
|
Due date for filing of TCS return
|
|
30th June
|
31st July
|
15th July
|
|
30th September
|
31st October
|
15th October
|
|
31st December
|
31st January
|
15th January
|
|
31st March
|
31 th May
|
15th May
|
The due dates for filing of TDS/TCS return for different quarters of Financial Year
2021-
22 are as follows:
|
Quarter ending
|
Due date for filing of TDS return (Both for Government and other
Deductor)
|
Due date for filing of TCS return
|
|
30th June 2021
|
31st July 2021
|
15th July 2021
|
|
30th September 2021
|
31st October 2021
|
15th October 2021
|
|
31st December 2021
|
31st January 2022
|
15th January 2022
|
|
31st March 2022
|
31 th May 2022
|
15th May 2022 |
TDS & TCS Crash Course for covering in-depth discussion on both Income Tax & GST certificate course conducted by www.Gstpanacea.com
Speakers:
CA. Manoj Kumar Gupta, Jodhpur
CA. Sangam Kumar Aggarwal, Delhi
CA. Abhishek Raja Ram, Delhi
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