Due Date for TDS and TCS Returns

Due date for TDS and TCS Returns
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TDS

What are the due dates of TDS Returns for the financial year 2020-21 (Assessment Year 2021-22)?

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Quarter Due Date
Apr 2020 to Jun 2020 31st Mar 2021
Jul 2020 to Sep 2020 31st Mar 2021
Oct 2020 to Dec 2020 31st Jan 2021
Jan 2021 to Mar 2021 31st May 2021

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Note: Considering the COVID-19 pandemic, the due dates for furnishing the TDS returns for Q1 & Q2 were extended to 31st March 2021 vide a CBDT Notification dated 24th June 2020. 

Click here>> Due date for TDS return in case of sale of immovable property

What is the due date for the payment of TDS?

TDS returns are to be furnished quarterly but the TDS payment to the credit of the Government needs to be done monthly. The due date for payment of TDS is generally the 7th day of the next month. The only exception to this is 30th April for the month of March.

TCS

What are the due dates of TCS Returns for the financial year 2020-21 (Assessment Year 2021-22)?

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Quarter Due Date
Apr 2020 to Jun 2020 31st Mar 2021
Jul 2020 to Sep 2020 31st Mar 2021
Oct 2020 to Dec 2020 15th Jan 2021
Jan 2021 to Mar 2021

15th May 2021

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Note: Considering the COVID-19 pandemic, the due dates for furnishing the TCS returns for Q1 & Q2 were extended to 31st March 2021 vide a CBDT Notification dated 24th June 2020.

What is the due date for the payment of TCS?

TCS returns are to be furnished quarterly but the TCS payment to the credit of the Government needs to be done monthly. The due date for payment of TCS is generally the 7th day of the next month.

Penal Provisions for TDS & TCS

What will be the interest in case of delay in deposit/remittance of TDS?

As per section 201(1A), in case of delay in deposit/ remittance of tax after deduction interest @1.5% for every month or part of a month will be levied. 

What will be the interest in case of failure/delay to deduct TDS?

As per section 201(1A), in case of delay in failure/delay in deduction of tax interest @1% for every month or part of a month will be levied. 

What is the late fees applicable for delay in furnishing TDS/TCS returns?

Late fees for delay in furnishing TDS/TCS returns is covered u/s 234E of Income Tax Act,1961.

If Quarterly TDS returns or TCS returns are not furnished within the prescribed due date then late filing fees of Rs 200 per day shall be levied for the period the failure continues.

Note: The amount of late fees shall not exceed the amount of TDS/TCS.

What is the penal provision for TDS/TCS return?

Penal provision for TDS/TCS returns is covered u/s 271H of Income Tax Act,1961.

If the taxpayer fails to furnish the TDS/TCS return or furnishes incorrect information in the TDS/TCS return. Penalty u/s 271H shall not be less than Rs. 10,000/- but may extend to Rs. 1,00,000/-.

Click here to understand how the taxpayer can apply for relief/relaxation from the penalty under section  271H

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About CA Ankita Khetan 166 Articles
Ankita is a Chartered Accountant in practice and holds a Diploma in IFRS (from ACCA, UK). She is also a Commerce PG and Certified Independent Director (from IICA). She holds a certification in Forex and Treasury Management. Her area of expertise is GST and Income tax. She is passionate about reading, writing, and sharing knowledge on areas related to finance and taxation.

2 Comments

  1. Due date for TCS payment of Mar’21 is 07/04/2021 and not 30/04/2021.

    Unlike TDS, there is no relaxation given for TCS for the month of March and the same needs to be paid by 7th April of the following previous year.

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