Due Dates for E-Filing of TDS/TCS Return FY 2019-20

Due Dates for E-Filing of TDS/TCS Return FY 2019-20

Find TDS return due dates and TCS return due dates with the time period and last date for filing for AY 2020-21 (FY 2019-20). TDS stands for tax deduction at source while the TCS stands for tax collected at source. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. While for the TCS, the person receiving the payment has to collect tax from the person making payment and deposit thereafter with the government.

New TDS/TCS Update Due to Covid19

  • “Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates”
  • 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% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
  • As per the recent updates by the government on the TDS, TCS certificates, the department has extended the validity of both lower or nil TCS, TDS certificate till 30th June 2020 in the view of currently going coronavirus pandemic.

SAG Infotech as always works for helping taxpayers by providing needful materials that make return filing work easy. We cover TDS return filing last date and TCS return filing due dates in a proper format (quarterly basis) for FY 2019-20 (AY 2020-21). Also, the taxpayer gets the details of TDS/TCS payment deposit on a monthly basis for government and non-government employees.

Last Dates of FY 2019-20 for TDS Return Filing along with the Last Dates of FY 2019-20 for TCS Return Filing.

TDS Due Dates of FY 2019-20 for Return Filing

Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July 2019
2nd Quarter 1st July to 30th September 31st Oct 2019
3rd Quarter 1st October to 31st December 31st Jan 2020
4th Quarter 1st January to 31st March 30th June 2020 | Read Ordinance 2020

Note: TDS Deducted under section 194IA on the transaction in the month of March, has to be deposited on or before 30th April of 2020.

TCS Last Dates of  FY 2019-20 for Return Filing

Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 15th July 2019
2nd Quarter 1st July to 30th September 15th Oct 2019
3rd Quarter 1st October to 31st December 15th Jan 2020
4th Quarter 1st January to 31st March 30th June 2020 | Read Ordinance 2020

Note:

  • Quarterly TDS/TCS Certificate: After uploading quarterly TDS return you can generate TDS/TCS certificate within 15 days of uploading your return.

TDS & TCS Payment Deposit Due Dates for Govt & Non-government

  • The due date for depositing TCS is the 7th of next month.
  • Due dates for depositing TDS as under:
    • For non-government Deductors- 7th of next month (except for the month of March
      where the due date is 30th of April)
    • For Government Deductors-
      i) If paid through challan- 7th of next month
      ii) If paid through book-entry- Same day i.e. the day on which TDS deducted.

TDS Payment Due Date for Sunday or Public Holiday

Tax-deductible at source is done at the time of the payment to the receiver and the tax deducted is directly deposited by the giver to the government directly. The TDS filing is mandatory for everyone who has been into the payment transactions and therefore calls for various compliance by the government. The latest upcoming TDS return filing due date given by the government is near. Get to know the complete details on the TDS return filing due date here for better information. As per the sources, it has been found theta the upcoming TDS return due date is falling on Sunday which is a public holiday, therefore, once can also pay the TDS on the next working day.

Due Date of 15G/15H Form

The due date for quarterly furnishing of 15G/15H declaration received by the payer from 1/04/2017 onwards and the manner for dealing with from 15G/15H received by payer during the period from 01/10/2015 to 31/03/2016 has been specified in Notification No. 09/2016 dated 9th June 2016 wide F.No.DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539.

S.No. Scenarios Original Due Date Extended Due Date
1 For 15G/H Received from 1/04/2019 to 30/06/2019 15/07/2019
2 For 15G/H Received from 01/07/2019 to 30/09/2019 15/10/2019
3 For 15G/H Received from 01/10/2019 to 30/12/2019 15/01/2020
4 For 15G/H Received from 01/01/2020 to 31/03/2020 30/04/2020 30/06/2020 (Read Order)

TDS on Purchase of Immovable Property

  • The time limit for TDS deposition on the purchase of immovable property is the 30th day of the following month in which the property is purchased. For Example: if the property is purchased in the month of June than TDS can be deposited by 30th July.

Penalties on TDS/TCS Return Filing After Due Date

TDS ensures an on-time payment of tax on behalf of income generator but not on behalf of the one who deducts the tax. For example: if an employer deducted tax on behalf of an employee, implies that employee has paid the tax but that doesn’t mean the employer has also paid the same. So, here comes the role of penalties and late payment charges.

In our day to day life, we come across such terms like late payment fees, fines, etc on pending bills or outstanding payments. The same is with income tax, the penalty or delayed payment fees are charged by the Income Tax Department (ITD) to an individual who is not in compliance with the IT law or could not meet his/her tax duties in a well- manner. So when such individuals fail to pay the taxes on time, the penalties are levied along with interest.

In the same way, if a deductor or employers who deduct the TDS (Tax Deducted at Source) from the income of their employees, fails to pay TDS to the government or fails to submit relevant tax documents to the IT department on time, becomes liable to pay penalties for the late or non-payment of TDS.

The section 234E of Income Tax Act, which was introduced on 1st July 2012, deals with the late payment fees or penalty applicable for late submission of quarterly TDS/TCS returns by the Deductor to the ITD.

Late Filing Fee If Miss The TDS/TCS Return Due Date

According to this Section 234E, a late fine of INR. 200 per day has to be paid to the Income Tax Department in case of late filing of TDS/TCS return and the fine will be levied for every single day of delay until the late payment charges become equal to the amount of TDS and not more than that.

Interest on Non-Payment of TDS/TCS

In addition to the penalty, the interest will also be charged alongside. The interest is payable by the taxpayers before the filing of the TDS return. The details about interest rates are given in Section 201 A.

  • 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% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
    However, none or short payments of TDS/TCS made after 30th June will attract following interest liability:-
  • When a part or whole amount of tax is Non-deducted at source then 1% per month interest is subject to TDS/TCS amount when the Interest period starts from the date on which the tax was deductible and lasts till the actual date of deduction.
  • When a part or whole amount of TDS is not paid then 1.5% per month interest is subject to TDS/TCS amount when the Interest period starts from the deduction date and lasts till the actual date of payment.
  • Interest at the rate of 1.5% per month ( from the date when it was deducted to the actual date of deposit) has to pay for late payment of TDS after deduction.
  • Note: The interest is calculated on the basis of a number of months and not on the basis of a number of days so a part of a month will be taken as a whole month.

Example – If you have to pay TDS amount of INR 3000 which you had deducted on January 15th. But you paid this TDS after the actual date of TDS deposit, on May 29th. So, the interest will be calculated as INR 3000 X 1.5% per month X 5= INR 225.

However, according to many High Court Cases, a month is a period of thirty days. But Under the Income Tax Act, 1961, there is no precise definition for a month.

The most noteworthy point:

  • The calculation of interest for payable TDS amount is done on the basis of the date from when TDS was deducted instead of the date on which it was due.

Penalty

According to the norms of the Income Tax Act, You might become liable to pay the penalty of equal amount as the deducted/collected amount

Prosecution under Section 276B

Section 276B states that if a person fails to pay to the credit of the Central Government within the specified time, as mentioned above, the TDS by him according to the provisions of Chapter XVII-B, he shall be penalized with fine along with severe imprisonment for a time period between 3 months and 7 years. The punishment will be based upon the circumstances or the inspection done by the concerned tax authority or assessment officer.

Penalty Sections for Late Filing of TDS/TCS Return

Penalty (Sec 234E): The TDS deductor will be accountable to pay a penalty of INR 200/- per day to the IT department till the date the complete TDS amount is being paid. However, the penalty shall be limited to the actual TDS amount and can not be more than that.

Penalty (Sec 271H): As per this section, when an individual fails to file the TDS/TCS return before the due dates, the Assessing Officer may direct him/her to pay penalty under section 271H along with the late fee applicable as per section 234E.

The penalty under section 271H starts from INR.10,000 and can be extended to INR 1,00,000 when the Deductor/Collector files a wrong return.

Conditions when no penalty is levied for delayed filing or payment of TDS/TCS return as per section 271H.

  • The tax deducted at source is paid to the credit of the government.
  • The interest along with late filing fees is paid to the credit of the government.
  • The TDS/TCS return is filed prior to the expiry of one year period from the due date as stated (provided that the return submitted is correct)

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