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Penalty for Late Filing TDS Return Academy
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Penalty for Late Filing TDS Return
What is The Penalty for The Late Filing of a TDS
Return? TDS system is an important aspect of the
tax collection system of our country. In the
context of systematic management of tax, while
the system of payment of tax at the source of
income is convenient for the government, it is
also very convenient for the income taxpayer. But
the File TDS Return Online every three months is
also a mandatory obligation of every company or
institution in India. Failure to file a TDS
return on time also attracts a penalty. So let us
know about the different dimensions of TDS
return. THIS BLOG INCLUDES Whats TDS?
TDS is deducted on which type of income? On what
basis is TDS deducted?
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7/7/22, 1244 PM Penalty for Late Filing TDS
Return Academy Tax4wealth
When is it mandatory to deposit TDS? The last
date for depositing the TDSCaomurosuesnt and
CTaDteSgroeriteusrn diffeBrlosg
CBA lEoxagm TCesat SteerigesoriesLO.GIN
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TDS forms differ depending on the payment TDS
Payment Methods On late deducting TDS On the late
filing of the TDS return TDS certificate is also
available Conclusion FAQs
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Income Tax Saving
What is TDS? TDS is an acronym for Tax Deducted
at Source. In simple words, it can be understood
in such a way that from where the income is
earned, the tax is deducted at the same place. A
company or an institution deducts tax and
deposits it in the account of the Income Tax
Department of the government at the time of
paying salary, commission, or professional fee
to the employees, or professionals. Tax is
deducted in the name of the actual taxpayer
only. The amount remaining after tax is paid only
to the personnel or professionals.
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Understand TDS easily with an example TDS system
can be easily understood with an example. First
of all, it is important to know that 10 TDS is
deducted on payment of more than Rs.30,000
regarding the professional fee. In such a
situation, when the company has to pay a fee of
one lakh rupees to a professional, then 10 of
one lakh i.e., ten thousand rupees, the company
will deduct TDS and deposit it with the Income
Tax Department in the name of the same
professional. The company will pay the remaining
90 thousand rupees to the concerned professional.
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TDS is deducted on which type of income? On
payment of salaries of employees. On the
interest payable by the bank. On payment of a
commission. On payment of rent of a house, shop,
office, land, etc. On payment of service charges
of professionals. On payment of service charges
of Consultants or Freelancers etc.
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of Income Tax.
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On what basis is TDS deducted? How much TDS will
be deducted from the salary of an employee? It
depends on the income tax slab applicable in that
financial year. Normally, TDS of 10 is deducted
by banks on payment of interest, subject to the
condition that the interest is more than 40
thousand rupees in a year. But if the customer
does not give the Permanent Account Number (PAN)
to the bank, then the bank deducts TDS of 20 on
the
gst
stock market
Income tax
Tax
TDS
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interest. Similarly, TDS is deducted from every
source of income.
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7/7/22, 1244 PM
Penalty for Late Filing TDS Return Academy
Tax4wealth Categories Blog Forums
When is it mandatory to deposiCtoTurDseSs?
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Every company or institution deducting TDS at the
source of income is required to deposit TDS by
the 7th of every month. It is worth noting here
that the TDS deducted by the 7th of the month
following the month on which TDS is deducted has
to be deposited by the company with the Income
Tax Department. For example, if an employee
working in a company is paid for March, then the
TDS deducted on his salary for August has to be
deposited with the Income Tax Department by the
7th of September. This 7th date applies to all
types of TDS. It is mandatory to deposit the TDS
for the last month of the financial year i.e.,
March by 30 April. Also, if any government
institution is not using the challan for TDS
payment, it is mandatory to deposit the money on
the same date as the TDS is deducted. If the due
date of TDS payment falls on a Sunday or any
other public holiday, TDS can be paid on the next
working day. The last date for depositing the TDS
amount and TDS return differs It is important
to note one fact that the date of deposit of TDS
amount and the date of filing of TDS return is
different. The due date for depositing the TDS
amount falls every month while the TDS return is
filed every three months. These dates are the
same for all government institutions or
non-government institutions. It is mandatory to
file a TDS return for the first quarter i.e.,
April, May, and June by 31st July of the same
financial year. It is mandatory to File TDS
returns for the second quarter i.e., July,
August, and September by 31 October. It is
mandatory to file TDS returns for the third
quarter i.e., October, November, and December by
31 January. It is mandatory to file a TDS return
for the fourth quarter i.e., January, February,
and March by 31st May of the next financial
year. TDS forms differ depending on the
payment TDS is deducted from various sources of
earnings. It is necessary to use the
appropriate TDS form while deducting TDS. Also,
it is necessary to mention these forms while
filing a TDS return. Form 24Q for deducting TDS
on payment of salary, Form 26Q for deducting TDS
on payment other than salary, and Form 27Q for
deducting TDS on payment for NRIs. TDS Payment
Methods There are two modes of TDS payment used.
The first method is online payment, in which the
payment is made directly by visiting the website
of the Income Tax Department. Online payment is
mandatory for all companies and such taxpayers
to whom Act 44AB of Income Tax is applicable.
The second mode of TDS payment is challan. In
which TDS payment has to be made by visiting the
branch of the bank authorized by the Income Tax
Department. Assesses must have TAN for both types
of payments. On late deducting TDS It is in
the interest of any company or institution to
deduct TDS at the same time when the payment is
being made. If TDS is not deducted on time,
interest is also to be paid at the rate of one
percent per month. This
interest gets added till TDS is deducted on the
related payments.
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7/7/22, 1244 PM Penalty for Late Filing TDS
Return Academy Tax4wealth Also, read this ??
Deductions under Income Tax. Courses Categories Bl
og Forums On late deposit of TDS The person or
institution must deduct TDS to deposit TDS by the
7th of the next month. If TDS is not deposited
by this date, interest is to be paid at the rate
of 1.5 percent. This interest is also applicable
to the amount which is not deposited and is
added till the TDS balance is deposited.
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On the late filing of the TDS return If any kind
of TDS is deducted by any financial institution
or company during any financial year, then its
details have to be given to the government. This
statement sheet is also known as the TDS return.
This TDS return needs to be filed every three
months. For example, the details of TDS deducted
in July, August, and September have to be filed
by 31 October. If the TDS return is not filed
by the last date, then a penalty of Rs 200 per
day has to be paid under section 234E of the
Income Tax Act. This rate of penalty continues
till the total amount payable reaches equal to
TDS. If a TDS return is not filed even for one
year from the last date, then the penalty of a
minimum of ten thousand to a maximum of 1 lakh
has to be paid. TDS certificate is also
available According to section 203 of the Income
Tax Act, every TDS deductor is required to give
a certificate to the person whose TDS has been
deducted. Two types of TDS certificates are
issued. The first is Form 16 which is issued on
deducting TDS from salary. The second is Form 16A
which is deducted from any income other than
salary. Based on TDS return, the government can
easily collect tax from other sources of income.
Timely filing of TDS returns benefits every
company or institution. Because of this, those
extra expenses in the form of fines are avoided.
Simply put, timely filing of TDS returns is the
hallmark of a well-organized organization or
company. Conclusion We have discussed the
penalties and interest on late payment of TDS
due dates. Learn more about the penalties
incurred upon missing the TDS payment day of the
month. Get all details regarding TDS e payment/e
filing at Academy Tax4wealth. Grasps the File TDS
Return Online to file online tax returns
employing the authorized software tools. Click
here to know, How to File TDS Return
Online? FAQs 1. Can I file TDS after the due
date? Failure to file your TDS returns on the day
of the month can mean that you simply are
subject to a late filing fee of Rs. 200 per day.
The fee is charged for each day after the due
date till the date on which your return is
filed. However, the utmost fees that you have to
pay are restricted to the TDS amount.
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2. How do I avoid the late filing penalty?
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7/7/22, 1244 PM Penalty for Late Filing TDS
Return Academy Tax4wealth
You can avoid a penalty by filing correct
returns, paying your tax by the day of the month,
and furnishing aCnouyrsinesfo retuCrnatsegtiomriee
sly. If yBoluogcannotFodroums
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• it, therefore, you'll be able to apply for an
  extension of your time to file or a payment
  arrangement.
• What happens if you file taxes 3 years late?
• The penalty for filing late is 5 of the taxes
  you owe per month for the first 5 months up to
  25 of your invoice. The agency will charge you
  interest till you pay off the balance.
• How are TDS interest and penalty calculated? TDS
  interest for late payment
• For example, say the owed TDS amount is Rs 5000
  and also the date of the deduction is 13th
  January. TDS payment date for that deduction is
  on the 17th of May. Then the interest owed is Rs
  5000 x 1.5 p.m. x 5 months Rs 375 (from
  January to May).
• Did you like our trendy courses? Let us know if
  you want to learn more about the Income Tax
  certification Courses and post your thoughts in
  the comments!
• What is the current TDS rate?
• TDS Deduction Rate for FY 2020-21.

Taxable Income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5
Rs. 5,00,000 to Rs. 10,00,000
20
Above Rs. 10,00,000
30
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