Due Date for TDS and TCS Returns

Due date for TDS and TCS Returns
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Due Date for TDS and TCS Returns

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

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QuarterDue Date
Apr 2020 to Jun 202031st Mar 2021
Jul 2020 to Sep 202031st Mar 2021
Oct 2020 to Dec 202031st Jan 2021
Jan 2021 to Mar 202131st 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.

What is the due date for 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.

What are the due dates of TCS Returns for the financial year 2020-21 (Assessment Year 2021-22)?
QuarterDue Date
Apr 2020 to Jun 202031st Mar 2021
Jul 2020 to Sep 202031st Mar 2021
Oct 2020 to Dec 202015th Jan 2021
Jan 2021 to Mar 2021

15th May 2021

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 payment of TDS?

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. The only exception to this is 30th April for the month of March.

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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