TDS Statement Filing Due Date


Filing the TDS statement after the due date, which is May 31, 2019, will invite a late fee of Rs. 200 per day and a penalty up to Rs. 1,00,000, said by the Income Tax Department. However, the Income Tax Department has extended the due date for e-filing TDS for assessees in Odisha to June 30 on account of Cyclone Fani.
A quarterly statement refers to a quarterly return to be filed by the deductors of tax. The following details must be included in the statement:
  • PAN of the deductor and the deductee.
  • Sum of tax remitted to the Government.
  • Information of TDS challan.
  • Other details, if required.

10 Things to Know

  1. For filing the quarterly TDS statement online, a copy of Form 16/16A can be downloaded from the TRACES portal – tdscpc.gov.in, according to the Income Tax Department.
  2. The Form 16/16A contains the seven-character TDS certificate number.
  3. The transaction-based report (TBR) can be downloaded instead of TDS certificate for deductions made from non-PAN non-residents and reported in form number 27Q, the I-T department mentioned.
  4. The new format of Form 24Q is also available for TDS on salaries.
  5. “The new form improves accuracy and avoids mismatches in the return of income tax filed by deductee,” the Income Tax Department noted.
  6. Meanwhile, the due date for the issuance of TDS certificates in Form 16 and Form 16A is June 15, 2019.
  7. Delay in issue of TDS certificate will lead to a penalty of Rs. 100 for each day of default.
  8. However, the department has extended the deadline for issuance of TDS certificates to July 15 for assessees in Odisha.
  9. In a statement, the Central Board of Direct Taxes (CBDT) said that with a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life caused by Cyclone Fani earlier this month, the relief in TDS compliance is being given to the deductors in the state.
  10. The Income Tax Department has also extended the due date for depositing TDS for the month of April 2019 from May 7 to May 20 for deductors in the state.

Penalty under section 271H

As per section 271H, where a person fails to file the statement of tax deducted/collect at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then assessing officer may direct such person to pay penalty under section 271H. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees prescribed under section 234E.
No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:
  • The tax deducted/collected at source is paid to the credit of the Government.
  • Late filing fees and interest (if any) is paid to the credit of the Government.
  • The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.
It should be noted that the above relaxation is applicable only in case of penalty levied under section 271H for delay in filing the TDS/TCS return and not in case of filing incorrect TDS/TCS statement.
Apart from above relaxation, in following two cases the taxpayer can get relief from penalty under section 271H:
  • Under section 273A (4) the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce the penalty levied under the Income-tax Act. Penalty can be waived or reduced by the Commissioner of Income-tax if the conditions specified in section 273A (4) in this regard are satisfied.
  • Apart from shelter of section 273A (4), section 273B also provides immunity from penalty in genuine cases. As per section 273B, penalty under section 271H will not be levied if the taxpayer proves that there was a reasonable cause for failure.




FundsTiger is an Online Lending Marketplace where you can search for and avail Fast and Easy loans from almost all the leading Banks and NBFCs. You can Apply for Loans with Best possible Rates of Interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.

Comments

  1. analyticalspaceMay 31, 2019 at 3:03 AM

    You must file your TDS now. Last date is 31 May 2019….

    #TDS #Tax #MarketPlace #FinTech #Lending #CGTMSE #BusinessLoan #MSMELoan #UnsecuredLoan #PersonalLoan #HomeLoan #LAP #OD #Loan #PMAY #BalanceTransfer #CollateralFree #UnsecuredBL #SMELoan #HomeLoanTransfer #Online #FundsTiger
    #FridayForFuture

    https://www.fundstiger.com/tds-statement-filing-due-date/

    ReplyDelete
  2. lakshmiMay 31, 2019 at 3:04 AM

    Good information for Self employed People.

    ReplyDelete
  3. UnknownJune 4, 2019 at 4:37 AM

    #TDS #statement #Due #date
    TDS Statement Filing Due Date

    ReplyDelete

Post a Comment

Popular posts from this blog

PPF Rules you may not be Aware of

Image
https://www.fundstiger.com/ppf-rules/ PPF or Public Provident Fund is one of the most popular long-term savings option. A subscriber can make annual contribution ranging from ₹500 to ₹1.5 lakh in a financial year. The interest rate on PPF is revised every quarter and for the April-June quarter, it fetches an interest rate of 8% per annum. PPF account has tenure of 15 years and can be renewed in blocks of five years. It also enjoys income tax benefits. NRIs are not eligible to open an account under the PPF scheme but they can continue to hold their pre-existing PPF accounts, which were opened while they were resident. 1. How to maximise PPF Interest Earnings? The interest rate on PPF deposits is not fixed. The government revises interest rates every quarter, depending on the yields of government bonds. The interest is compounded annually and credited at the end of the financial year. An investor can choose to deposit the money as a lump sum or in a maximum of 12 contribution
Read more

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Image
https://www.fundstiger.com/pradhan-mantri-jeevan-jyoti-bima-yojana/ The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. Eligibility Criteria Any person aged between 18- 50 years having a saving bank ac
Read more

Post Office Monthly Income Scheme (POMIS)

Image
Post Office Monthly Income Scheme (POMIS) is an investment scheme introduced by the Indian Postal service. This small savings scheme allows the investors to set aside a specific amount for five years investment plan. Subsequently, interest is calculated to this investment at the appropriate rate and paid out to the depositors on a monthly basis. Post office offers monthly income schemes among a host of banking products, investment instruments and services. Since it operates under the purview of the Finance Ministry, it is highly reliable. It is a risk-averse MIS and generates a steady income every month. You can invest up to Rs 4.5 lakhs individually or up to Rs 9 lakhs jointly. Features and benefits of the POMIS: 1. As this is a government-backed scheme, your capital is protected by the government. Until maturity, your money is safe. These are also low-risk investments. Being a fixed income scheme, the money invested by borrowers is not subject to market risks and is safe.
Read more