COVID 2019 – No change in TDS / TCS payment dates

As per the press note issued by Department of Revenue, Ministry of Finance on 31/03/2020, the following has been mentioned related to TDS & TCS:

“It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.”

Based on the above, there is no change in the due dates of TDS & TCS payments. However, for non-payment, lower interest rate (@9% p.a. instead of @18%) will apply and further, no penalty / prosecution shall be initiated for these non-payments. This relaxation will apply only if all amounts falling due from 20.03.2020 to 29.06.2020 is paid by 30.06.2020.

The summary of the above relaxation as applicable for the months of Feb’20 to June’20 is as under:

 

  Month Payment Due Date Relaxation
TDS February 2020 07.03.2020 Not Applicable
March 2020 30.04.2020 Applicable
April 2020 07.05.2020 Applicable
May 2020 07.06.2020 Applicable
June 2020 07.07.2020 Not Applicable

 

  Month Payment Due Date Relaxation
TCS February 2020 07.03.2020 Not Applicable
March 2020 07.04.2020 Applicable
April 2020 07.05.2020 Applicable
May 2020 07.06.2020 Applicable
June 2020 07.07.2020 Not Applicable

Click Here  for the original Press Note dated 31/03/2020

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