ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is one of the essential concepts of the Income Tax Act 1961. Every registered assessee who is liable to deduct TDS or TCS shall collect/deduct tax and the same will be deposited within the prescribed time limit as per the Government.
BASIC GUIDELINES FOR ASSESSEE LIABLE TO DEDUCT TDS/TCS
He shall quote the Tax Deduction/ Collection Account Number on all the documents pertaining to TDS/ TCS.
He shall collect or deduct the tax amount as per the applicable rate.
DUE DATES FOR FILING TDS/TCS RETURN
|
Quarter |
For TDS Return |
For TCS Return |
|
Apr – June |
31st July |
15th July |
|
July - Sep |
31st October |
15th October |
|
Oct-Dec |
31st January |
15th January |
|
Jan – Mar |
31st May |
15th May |
Along with the late fee you have to pay interest as per section 201A. The below table describes the method of interest calculation:
|
Type of Default |
Interest Rate |
Period |
|
Non-deduction of Tax at source in whole or in part |
1% per month |
From the due date on which tax supposed to get deducted to the date on which tax is actually deducted |
|
Non-payment of tax after deduction either in whole or in part |
1.5% per month |
From the date of Tax deducted to the date of payment |
If a person fails to file a return on or before the due date then as per section 234E of Taxation rules he needs to pay a fine of Rs. 200 until the date you file the return.
*But the maximum amount of penalty that the person needs to pay on late filing is Rs. 5000/- only.
PENALTY U/S 271H
If a person fails to file a statement of Tax Deducted/ Collected at the source on or before the due date then the assessing officer may impose a penalty under section 271H.
The amount of penalty which he can levy is Rs. 10,000 but not go beyond Rs. 1,00,000
The Neusource Startup Mind is the finest business startup consultant that offers various services of compliances along with the registration like Company Registration, Proprietorship Firm Registration, LLP Registration, EPF Registration or read more about TDS Penalty.
25 Mar
All pieces that originate from the Team are important to present the organization and to reach at new statures. Neusource is one of an Endeavor in current field.
