Section 3(1) and section 3(2) are two mutually exclusive provisions. Further deduction for contribution to PF, PPF, NSC, donations made up to July 31, 2020 can be claimed in the return for 2020-21. The revised timeline to furnish the TDS/TCS statement for quarter four for the financial year 2019-20 is till June 30, 2020.
35/2020 dated 24.06.2020, the due date for furnishing the TDS statement for the first quarter of the FY 2020-21 gets extended to March 31, 2021 from the normal due date of July 31, 2020. In the example given above, if the period of delay is counted from the due date i.e. However, the provisions related to interest and imposition of penalty have been overwritten by the Ordinance, 2020. compliances: Significance of extension or non-extension of due dates. 100 per day for each day of delay shall be applicable from July 1, 2020. Even after the lifting of lockdown, it will take time to settle and return to normalcy. 10,000 at the prescribed rate of TDS of 10%. The amount of interest payable on delay payment of TDS of Rs. In this case, the immunity given from non-imposition of the penalty and non-initiation of prosecution will be withdrawn if the assessee fails to pay the due TDS by June 30. The due date of 31 May 2020 has been extended to 30 June 2020. Similarly, the due date for payment of ESI contribution for the months of February and March 2020 is extended to 15.05.2020 against the normal due date of 15.03.2020 and 15.04.2020 respectively. Further, the time limit for completion or compliance of various actions falling under 20 March to 31 December 2020 is extended to 31 March 2021. Say you have not deposited TDS by 7th May 2020. How to Download TDS Certificate in Form 16B? Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. However, the TDS is actually paid on June 25, 2020. June 30, 2020 without any penal Consequences), Interest for delayed Belated Tax Returns or Revised Returns for FY 2018-19 (earlier due date was 31st March,2020) can be filed till June 30th. See the nature of compliance and the new due dates notified by the department on 24 June 2020. Original Notification & Press Release can be viewed as under: The due date for TDS for March 2020 is April, 30, 2020. Suppose, the TDS of February 2020 remains unpaid by March 7, 2020 (due date). Important: TDS / TCS Return filing dates have been changed, however, dates of making TDS / TCS payments have not changed. In normal circumstances, if the TDS is paid on May 20, 2020 then the deductor has to pay interest @ 1.5 % from March 2020 to May 2020 or 3 months. COVID 2019 – No change in TDS / TCS payment dates . Since the Ordinance is a special law to override to the provisions of Income Tax Act, 1961 in order to provide relief from the compliances to the taxpayers owing to COVID-19 distress, in case there is no express provision to override any of the provisions of the Income Tax Act, the provisions as contained in the Income Tax Act, 1961 shall prevail. Hence, whether the period of delay is counted from the due date or the date immediately after the due date. For filing of TDS/TCS Statement: Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-2020 – The original due date was 31 May 2020 which had been extended till 31 July 2020. Subsequently, the issue of TDS / TCS Certificates has also been extended till 15th August 2020. The due date for furnishing Form 24G has been extended from March 15, 2020 to July 15, 2020 vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. By a notification dated 24th June 2020, followed by a Press Release, CBDT has extended the last date for filing TDS / TCS Returns for quarter ending March 2020 from 30th June 2020 till 31st July 2020. payment of TDS and if paid by June 30, 2020, Form 16A for Non Salary Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. *For delayed deposit of TDS, interest has been reduced to 9 % from 18% *Aadhaar-pan linking extended to June 30 from March 31 *Vivaad se Vishwaas scheme extended to June 30. May 1 then the period of delay will be 1 month only. The amount of TDS comes to Rs. In this video we will discuss about the interest on delayed payment of tds before 30.04.2020. Remember, the rate of interest is reduced and not the amount of interest.
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