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Important Update / News / Due Date

TDS / TCS RETURN

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Tax Deducted At Source (TDS)

Tax deduction at source is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account.

Tax Collection at Source (TCS)


Tax collection at source is one of the modes of collection of taxes, by which a certain percentage of amounts are collected  by a seller or collector from the buyers of the goods at the time of specific nature of goods sold and collected amount is remitted to the Government account.

TDS/TCS Return Due Date

Period

TDS Form

Salary (24Q)

Other (26Q)

TDS Form

Interest, dividend other sum payable to non-residents

(27Q)

TCS Form

(27EQ)


Quarter-1


Quarter-2


Quarter-3


Quarter-4


April to June


July to Sep


October to Dec


Jan to March

31st July

 

31st October

 

31st January

 

31st May

31st July


31st October


21st January


31st May

31st July

 

31st October

 

31st January

 

31st May

TDS Form 26QB

TDS Return cum TDS Deposit 

on Sale of Property

Due date on or before 7th of the following month from the month of TDS deducted 

(upto 31st May 2016)


Due date will be 30th the following month

(From 1st June 2016 onwards )

Due Date 

of 

TDS Deposit

For the month of April to February

For the month 

of

March

On or before 7th day of the follwing month (E.g-April month, date of deposit tax will be 7th May and so on)

On or before 

30th April

TDS/TCS Rate Chart

F.Y. 2014-15 (AY 2015-16)

TDS/TCS Rate Chart

F.Y. 2015-16 (AY 2016-17)

TDS / TCS Rate Chart FY 2014-15 AY 2015-16.pdf
(Kindly click for download)
TDS/TCS Rate Chart FY 2015-16 & AY 2016-17.pdf
(Kindly click for download)

Interest for Delay 

of deposit of TDS


1.5 % per month or part thereof. The period for delay is taken from date of deduction to date of deposit. 


(E.g. if deducted date is 28th June & due date is 7th July, but deposit tax on 10th July, interest will charged for 2 month.)

Penalty for faliure

 to file

 TDS Return


U/S 234 E

U/S 271H

Rs. 200/- per day after due date to till date of filling , limited to not more than tax due. 


(E.g. if due date is 15th July & return filed on 25th July, 10 days delay, penalty will be charged of Rs. 200 x 10 days = Rs.2000/- or If, tax is only Rs, 1500/- than penalty will not be over Rs. 1500/-)


Min Rs 10,000 to Max Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement.

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