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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Due dates for filing of Statement and Challan

The due dates for filing statements for different forms are as per the below table:

Quarter Period Government Deductor Non-Government Deductor
Q1 1 Apr-30 June 31st July 15th July
Q2 1 July-30 Sep 31st Oct 15th Oct
Q3 1 Oct-31 Dec 31st Jan 15th Jan
Q4 1 Jan-31 Mar 15th May 15th May

Form 24Q, Form 26Q & Form 27Q

Period  Government Deductor Non-Government Deductor
Tax Deducted from April to February Tax deposit without Challan i.e. through Book entry-Same Day 

Tax Deposit Through Challan

7th of Next Month

7th of next month
Tax Deducted in March from 1st to 31st March Tax deposit without Challan i.e. through Book entry-Same Day

Tax Deposit Through Challan

7th of Next Month

30th April

The Due Date of Filing Quarterly Statement of TCS (27EQ) is as below:

Quarter Period Government Deductor Non-Government Deductor
Q1 1 Apr-30 June 15th July 15th July
Q2 1 July-30 Sep 15th Oct 15th Oct
Q3 1 Oct-31 Dec 15th Jan 15th Jan
Q4 1 Jan-31 Mar 15th May 15th May

Source: TRACES

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CBDT press release: Extension of due date for deposit of TDS and TCS for the State of Tamil Nadu

CBDT has issued a press release regarding extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu.

The issued press release has been given below:

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes 

PRESS RELEASE

New Delhi, 7th December, 2015

Subject: Extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu – regarding

Chennai and a large part of Tamil Nadu have received unprecedented rainfall leading to flooding of large areas and disruption of normal life, including business and commerce. Given the extent of disruption, it is considered expedient in public interest to extend the due date for deposit of tax deducted at source and tax collected at source to provide relief to the deductors located in the State of Tamil Nadu.

The Central Board of Direct Taxes, in exercise of its powers conferred under section 119 of the Income-tax Act, 1961 ( the Act) has issued an Order extending the date for deposit of tax deducted at source [under section 200(1) of the Act] and tax collected at source [under section 206C (3) of the Act] during the month of November 2015 from 7th of December to 20th December, 2015 in respect of deductors located in the State of Tamil Nadu.

The Order is available on the website of the Department at www.incometaxindia.gov.in

(Shefali Shah)

Pr. Commissioner of Income Tax (OSD)

Official Spokesperson, CBDT

Source: Income Tax

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CBDT extends due date for payment of TDS/TCS for Tamil Nadu

CBDT has extended the due date for deposit of tax deducted at source (TDS) and tax collected at source (TCS) during the month of November from December 7 to December 20, in respect of deductors located in Tamil Nadu.

F.No. 385/26/2015-IT(B)

Government of India

Ministry of Finance

Central Board of Direct Taxes

(CBDT)

New Delhi, Dated: 5th December, 2015

Order under section 119 of the Income-Tax Act, 1961

Sub: Extension of time for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu.

In exercise of the powers conferred under kction 119 of the Income‑Tax Act, 1961 (the Act), the Central Board of Direct Taxes hereby extends the due date [under section 200 (1) of the Act] for paying to the credit of the Central Government, tax deducted at source and the due date [under 206C (3)] for paying to the credit of the Central Government, tax collected at source, in respect of deductions or collections made during the month of November, 2015, from 7th of December, 2015 to 20th of December, 2015 in respect of deductors located in the State of Tamil Nadu.

(Anand Jha)

Commissioner (IT&CT)

Source: Income Tax

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Important Guidelines for payment towards liability on account of Tax Deducted / Collected at Source

Given below are some relevant guidelines related to payment of TDS/ TCS liability:

A. Central Government Account (Receipts and Payments) Rules, 1983:

Date of Receipt for Cheques or Drafts: The Central Government Account (Receipts and Payments) Rules, 1983 contain, inter alia, regulate public moneys received by or on behalf of the Government of India. As per clause 20 of Part I (Preliminary and General Principles), the Date of receipt of Government revenues, dues etc. is determined as follows:

20. Date of receipt of Government revenues, dues etc.-

Government dues tendered in the form of a cheque or draft which is accepted under the provisions of rule 19 and is honoured on presentation, shall be deemed to have been paid-

i. where the cheque or draft is tendered to the bank, on the date on which it was cleared and entered in the receipt scroll;

B. Rule 125 of Income Tax Rules, 1962:

Electronic Payment of Tax: Rule 125 of Income Tax Rules, 1962 relates to Electronic Payment of Tax. The relevant provisions are as under:

  • The following persons shall pay tax electronically on or after the 1st day of April, 2008:
    • a company; and
    • a person (other than a company), to whom the provisions of section 44AB are applicable.
  • For the purposes of this rule :
    • “pay tax electronically” shall mean, payment of tax by way of-
    • internet banking facility of the authority bank; or

In the light of the above, it is suggested that the payments towards TDS may kindly be made through e-payment mode. This helps in better reporting of challan by deductors and consequential matching of such challans.

It shall help the deductors in reduction of late payment interest that may arise due to delay in date of tendering of cheques and date of credit to the Government account.

Source: TRACES

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