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June 29, 2020

Revised due dates relating to TDS Compliance as per Notification 24 June 2020

by facelesscompliance in Income Tax

Revised due dates relating to TDS (Tax Deducted at Source) Compliance as per Notification 24 June 2020

The recent CBDT’s notification No. 35 /2020, dated 24-June-2020 on various due dates of compliance under the Income-tax Act, 1961. Following are the revise due date relating to TDS and TCS related compliances

Nature of complianceOriginal Due DateDue date extended by the Ordinance 2020New due dates notified on 24-June-2020
Filing of Form 24Q, 26Q, 27Q and 27EQ of Quarter four of the Financial Year 2019-2031-05-202030-06-202031-07-2020
Filing of  Form 24Q, 26Q, 27Q and 27EQ of Quarter one and Quarter two of the Financial Year 2020-2131-06- 2020 and 30-11 2020Not Applicable31-03-2021
Filing of  Form 24QB, 24QC and 24QD of February  202030-03-202030-06-202031-07-2020
Filing of   Form 24QB, 24QC and 24QD of March 202030-04-202030-06-202031-07-2020
Filing of  Form 24QB, 24QC and 24QD of April to November, 202030 days from end of month in which tax is deducted 31-03-2021
Form 16 for tax deducted from salary paid during the Financial Year 2019-20  15-06-2020  30-06-2020  15-08-2020  
Form 16A for tax deducted from payments (other than salary) for Qtr. ending March 31, 2020  15-06-2020  15-07-2020  15-08-2020  
Form 16B/16C/16D for tax deducted under section 194-IA/194-IB/194M during February 2020  14-04-2020  15-07-2020  15-08-2020  
Form 16B/16C/16D for tax deducted under section 194-IA/194-IB/194M during March 2020  15-05-2020  15-07-2020  15-08-2020  
Issue of TCS certificate for the 4th Qtr. of the Financial Year 2019-20  30-05-2020  15-07-2020  15-08-2020  

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Interest on Delay payment of TDS

In case of a delay in payment of tax, the interest shall be charged at a reduced rate of 0.75%. Further, no penalty and prosecution would be levied for such delayed compliance. This relaxation has been provided only in respect of taxes which are due for payment between 20-03-2020 and 29-06-2020 and the assessee has paid the tax on or before 30-06-2020.

No concession shall be available to a taxpayer for making delayed payment of TDS, TCS or Advance-tax. The press release dated 24-06-2020 also states that the reduced rate of interest of 9% for delayed payment of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30-06-2020.

Form 24Q. It is used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961.

Form 26Q is used to file TDS details on payments made other than salary

Form 27Q is the statement of TDS return that is required to be filed when tax is deducted and deposited while making payments (other than salary) to non- residents.

Form 27EQ is a quarterly statement that mention details and information regarding tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961

Form 26QB is a TDS certificate for deduct TDS on a sale of property equal to or greater than Rs. 50,00000.

Form 26QC is the challan-cum-statement for reporting the transactions liable to TDS on rent under section 194-IB of the Income-tax Act, 1961

Form 24QD TDS will be deducted if aggregate amount of payment for some specified transactions defined under this section exceed Rs. 50 lakh.

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees or other TDS deduction

Form 16C is the TDS certificate which is issued by the Tenant of property to the Landowner of property in respect of TDS deducted on rent 

Form 16D is a TDS Certificate issued by a Payer for payment of a commission, brokerage, contractual fee, the professional fee under Sec 194M

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