Please note that 7th March, 2018 is the last date for TDS and TCS payments for the deductions made in February 2018. Make sure to do the needful on time to avoid interest. To understand the details/ calculations for late payment interest click on the links below.
7th March – last date for TDS payment for deductions during February, 2018
7th March – last date for TCS payment for collections during February, 2018.
The sections under which interest for various delays/ defaults need to be paid are as follows:
- Section 234A for delay in filing the return of income
- Section 234B for default in payment of advance tax
- Section 234C for deferment of payment of individual instalment or instalments of advance tax
- Section 234D for excess refund granted to the taxpayer
- Section 201(1A) for failure to deduct tax at source/delay in payment of tax deducted at source
- Section 206C(7) is levied for failure to collect tax at source/delay in payment of tax collected at source
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows:
Tax deducted during the month of April to February should be paid to the credit of the Government on or before 7th day of the next month.
Example 1: Tax deducted on 25th April, 2018 has to be deposited to Government’s account by 7th of May, 2018
Example 2: Tax deducted on 15th December, 2018 has to be deposited to Government’s account by 7th of January, 2019.
Tax deducted during the month of March should be paid to the credit of the Government on or before 30th of April.
Example: Tax deducted on 15th March, 2018 has to be deposited to Governments account by 30th of April, 2018.