Calculate interest on late payment, late deduction, & Filing of TDS using this TDS Interest Calculator: The calculation of interest is on a monthly basis and not on the number of days i.e. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. Due date for deposit of TDS for Non-Government deductors: It is 7 th of the next month, except for the month of March. Therefore, they are similar to TDS provisions during COVID-19. For Q1 of FY 2020-21, the due date for payment of advance taxes is 15 June 2020. 0.75% per month instead of 1/1.5 percent per month) will be charged for this … %PDF-1.5
This benefit is available only if such TDS is remitted to the credit of government on or before 30.06.2020. 1 0 obj
For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. Below are the latest TDS rate table applicable between 1st April and 13th May 2020 of FY 2020-21. Most banks deduct TDS every quarter. However,Due to Lockdown,Government has temporarily reduced Rate by 50%. Current Rate. x��}Y�DZ� ����0��Dn��dQ��b��E`f`���M�%���������)6� vGVVVf,'�̪~�����/��ݞ���s{{����Oy��槿=~���^�����_�������_�үj=�1��8�UC36�q5��H-Q�����]��
vU�_�We9����ye�������
��av^N�����? The due date to deposit the TDS for the month of March 2020 was April 30, 2020. <>
8,40,000. Rs 49,400. endobj
Interest Rates amidst COVID-19 Outbreak: Reduced rate of interest of 9% shall be charged for non-payment of TDS if the due date falls 20.03.2020 to 29.06.2020 provided TDS is paid by 30.06.2020. Union Finance Bill 2020 was presented by India’s Finance Minister Nirmala Sitharaman which introduced various amendments for various income tax and the new tax regime for FY 2020-21.. Several amendments in the TDS and TCS regulations that will take effect this … Every employer makes the ESI payment on a monthly basis, and the payment is given to the ESI department. — Income Tax India (@IncomeTaxIndia) April 4, 2020 This ensures the bank does not deduct any TDS on your interest income. TDS is to be paid by 7th of the following month. The PF annual return due date is 25th April of the following year. TDS is Tax Deducted at Source. Then the calculation comes to (August to April 4th 2021) 247days * Rs 200 per day i.e. Due between 20 Mar 2020 to 29 June 2020, if paid by 30 June 2020. For eg – TDS deducted on 15th June 2016 is required to paid on or before 30th July 2016. This video helps viewers to understand, how much interest is to charged on the delayed payments of TDS of the month of April and May. Interest on delayed payments for FY 2018-2019 12% to 9%; No extension for TDS payment. Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). So, we have different TDS rates up to 14th May, 2020 and from 14th May, 2020 for the FY 2020-21. Penalty and interest of late filing. The Government has not stated any separate process for TCS. The government has provided relief in the TDS rates for the period 14.05.2020 to 31.03.2021. The Ordinance was promulgated by the Hon’ble President of India under the power conferred under Art. part of a month is considered as a full month. 0.75% per month instead of 1/1.5 per cent per month) will be charged for this period. The last date for IT returns for FY 2018-2019 is 30 th June 2020. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. Revenue Ruling 2020-7 PDF , announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2020-12, dated March 16, 2020. Thursday, or else have to incur interest … <>
4 0 obj
Introduction. TCS payments for the month of Mar-2020 needs to be made within 30th April, 2020. Aaadhar PAN linking date to be extended to 30 th June 2020. 7th July, 2020 is the due date for TDS and TCS payments for the deductions/collections made in June, 2020. The different types of penalty and interest are: Late filing fee – This will be applicable if you do not file Form 24Q on time. endobj
The directions come amid several measures announced by the finance ministry to support individuals and businesses impacted by Covid-19. Hello. The interest rates announced today are computed from the federal short-term rate determined during January 2020 to take effect February 1, 2020, based on daily compounding. The due dates for payment of TDS is the 7th of next month in which TDS is deducted/credited and for the month of March 2020, it is 30th April. The due date for payment in case of TDS on sale of immovable property under section 194IA is 30 days from the end of the month including the month of March. The due date for payment in case of TDS on sale of immovable property under section 194IA and TDS from rent by Individual or HUF under section 194IB is 30 days from the end of the month. Also, we will see the penalty for late payment or filing. New Rate (Temporary) Interest Rate on Late Deposit of TDS. Delayed payment of TDS @ 9% till June 2020. For March, the due date is 30 th April. '��YI��;��Zfg]F��Z�w]Uq��y�5�>Ha��ͣ�7�z�G�~��7�U+�\��?o�+��qe�S�$V�=�2G^�x�pJW��Z�JDQ�w�{e���T1��ը��qqސ8��\N����N�E1��c��K XT�MH�T�6�U�.a]���v�*aa>��;�F��߁q���ALrˀ�W��k!�S�������N� ; Interest-This is applicable if you do not deposit the TDS amount on time. Late payment will attract reduced interest @ 0.75% per month or part of the month .Further, due date for filing of TCS returns in Form 27EQ for Q4-2020 has been extended to 30th June, 2020 from 15thMay, 2020. Ans. �װ�
FY,��)h�S`�S�ł�Eg�7��˘��G#�:)��VJǟ;��� ;0n�\��r��ە^^��'%����)e�0�ɕ�F]��B)��s�*^d��B��&)��)�����
�R�����T�۔�.��8��"��Ԙ�7L"D�f�e�v�o���ǯ�z�+�ڥX\�z���8+8:�$M+��9�j0���Ϋ�z�� '�2��OǸ�Y]ȅ�bؚ����|�ˇ��ߋFC�+j�������h�
�}����r� �;']�}95R��0�z��̆&�0Ch����`�`�/� �FB(~9�u@"�. No interest, late fee, and penalty to be charged. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. ; Interest rate Interest on late payment of TDS: Assessee is liable to pay Interest @ 1.5% for every month or part of the month on the amount of TDS from the due deduction … Related Links Online payment using Challan ITNS 281. ; Due date for deposit of TDS for Government deductors: 7 th of the next month if paid through Challan and same day on which the TDS is deducted if paid through … PF due date 1.50%. Changes in Interest Rate due to lockdown, If TDS Late Deposit. Due dates for TDS payment for FY 2020-21 AY 2021-22 Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged from the deductor. 26 May 2020 For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% p.m. for April and May if you pay before 31/05, Capital Gain on Unlisted Shares sold to Foreign, Form 112 articleship with LL B(3 year course), Interest paid in challan but not shown in GSTR 3B return, BOE IGST entries not reflecting in GSTR 2B. No late fee and penalty to be charged, if complied before till 30th June 2020. India's largest network for finance professionals. 3 0 obj
; Penalty – This is applicable if the Form is not filed within 1 year of the due date. TDS during the quarter amounted to Rs. No late fee/penalty shall be charged for delay relating to this period. would be applicable instead of … �x��؇�MwC���@�qM�m쾭j��2Y��ŵɅ6ȭw����ђ����Z(Z��ݮk���. %����
Online payment (ITNS 281) directly through TDSMAN (Video) Interest on Late Payment of TDS. 9������VRe�ΐ�7$I���Y�R�hc�>�3�i�2\˜�ʻs16@�7�;
������Z��%M�lb��d�t�Z21���v�-���潌T3j��vai>�%Ӟ�vC]}�4-O=)8,,����~��h-lJ\�Ha�\3�� c-�
h��ךE���������6��4��c�\q�E�_$�R�eN
���=,j��>]膻���6�ϡ&\�7�� �wia��� (��P��Q���mD(�R�Q����|&���?3Ȭ�,��-!�O��/`���7l�0(�ı\�zH2�X[q�Q6�R��Y ��#�}@P�#&)�,1 2 0 obj
1.5%*50%=0.75%. For easy considerations of the viewer, here is the tabulated chart for the due dates of TDS payments. <>>>
In this post, we will look at payment and filing due dates for PF, ESI, TDS. Late Filing Fees. TDS payment due dates. Mr. Saxena files the TDS return for the first quarter of 2019 – 2020 on April 4, 2020. Reduced interest rate of 9% p.a. For month of March the last date of deposit is 30th April. In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. TDS payment due date for government and non-government. lt�j��+�I�0ߧ�N�8ޱ=q���}���@y�f���v��~+p�-uR=��J�n�>p+4.W��fC$ 2j Now in this case the due date to file TDS return for the first quarter of FY 2019-2020 (April 2019 – June 2019) is July 31, 2019. Tax deducted during the month of April 2020 03/05/2020 Tax deducted during the month of May 2020 07/06/2020 ... TDS return. Reduced interest on belated payment of TDS & relaxation in filing e-TDS returns Interest rate for belated payments in case of due dates for TDS remittances falling between 20th March and 29th of June 2020 has been reduced to 0.75% per month from the earlier rate of 1.5% per month, provided the TDS is remitted before the 30th of June 2020. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 22 0 R 23 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
�\�S-�JT����sE�}�%�u���{Ƴ4�s��u�N�,͠ As per section 201(1A), interest for delay in payment of TDS should be paid before filing the TDS return. Under Section 201(1A) for late deposit of TDS after deduction, interest payment should be at a rate of 1.5% per month. Failure to file your TDS returns within the due date will mean that you will be … “ESI contribution due date for February 2020 and March 2020 is extended till 15th April 2020 and 15th May 2020 respectively.” For more information read our blog – ESI contribution. Finance minister Nirmala Sitharaman had also cut interest rate to 9% from 18% on delayed deposit of TDS. In was announced that for delayed payments of advance tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. The month of April 2020 and May 2020 was under complete lockdown and many taxpayers could not deposit the same by the stipulated due date. 2.2 Employee state insurance (ESI) due dates. For delayed deposit of TDS, interest has been reduced to 9 % from 18% for those where the TDS is due from 20.03.2020 to 29.06.2020. The comparison which is done is the 9 per cent interest (on late payment of GST) and the interest on bank loan. TDS Rate Chart up to 14-May-2020. Therefore, the due date of the PF return is the same as the payment date, and that is before the 15th of the following month. Apart from interest income on bank instruments, TDS also applies on EPF withdrawal, income from corporate bonds, on post office deposits, on rent and on insurance commission. 1. Businesses … Make sure to do the needful on time to avoid interest implication. Other Compliances for July, 2020 Any person making eligible interest payments under section 194A will have to deduct 10% TDS while making the interest payment to a resident individual. Interest for Non-Deduction of TDS: With no extension in deadline for depositing TDS collection for March 2020, he will have to pay a lump-sum amount by April 30 i.e. ���8�[��+C=`'L�t >A�4fl�B���MP��|���"� k�Y�}��[EH���Ki�5��M� g"�LXZf ����)�������� �Kn�&�l8�u408�Q��ڝE��1�A Mr. X has file the return on April 4 th 2021 for the year 2020-21 and the TDS amount is Rs 840000 for the quarter. Due dates for TDS payment for FY 2020-21 AY 2021-22 Interest on late payment and Late deduction of TDS: As per section 201 (1A) Interest at the rate of 1% per month or part of the month on amount of TDS from the date of tax was deductible till the date of tax actually deducted shall be charged for late deduction. Interest on TDS. The government had recently extended the deadline to file IT returns for FY 2018-19 to June 30, 2020. endobj
As a COVID-19 relief measure, the income tax department has reduced TDS rate under section 194A to 7.5% for the interest paid between 14th May 2020 and 31st March 2021. Asha Kanta Sharma (Expert) Follow. Basic provisions relating to due date of payment of TCS to the credit of Government Note on Calculation of Interest on Delayed Payment of TDS/TCS AS per the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. 123 of the Constitution of India. It is an indirect way for India's government to raise income tax at source. The due date for filing the TDS return for the first quarter is 31 st July 2020. stream
A common question asked is what is the last date of payment when above mentioned …
interest on late payment of tds for april 2020 2021