TDS Due Dates of FY 2020-21 For Return Filing

The full form of TDS is Tax Deducted at Source. and TCS stands for tax collected at source are two terms that are used interchangeably. There are TDS deductions on salary (TDS On Salary Limit FY 2019-20) that can be calculated using calculators (TDS Calculator FY 2019-20). If a person makes a payment to the receiver, TDS must be deducted at a set rate and paid to the government, according to the Income Tax Act. In the case of TCS, the person who receives the money is responsible for collecting tax from the payer and depositing it with the government. With the COVID-19 outbreak gripping the globe in dread, businesses and salaried individuals are constantly battling to comply with the requirements of the Income Tax Act.

Every taxpayer who has had TDS deductions is required to file a TDS return. These forms should be submitted at specific intervals, and the data supplied to the income tax authorities must include the TAN (Tax Deduction and Collection Account Number), the sum taken, the Permanent Account Number (PAN), the TDS payment, the type of payment, and so on. There are late filing costs for TDS returns that are not filed on time, so bear the deadlines in mind, and also the right papers that are needed.

We’ll walk you through the TDS return due dates for FY 2020-21 so that the process runs smoothly and you don’t have to worry about missing these deadlines:

TDS & Penalties

The aforementioned penalties will apply if TDS returns are filed beyond the due date, or if there are inaccuracies in the return forms:

Provision 234E Penalty

The deductor shall be penalized ₹200. every day till TDS is paid under this section of the Income Tax Act, but the penalty sum cannot exceed the TDS amount.

Penalty Per Section 271H

A person who misses filing TDS statement by the due date may be ordered by the Assessing Officer to pay a penalty of at least ₹10,000, which may be increased to ₹1,000,000. This fine is in addition to the late filing fee imposed as per section 234E. This section will also discuss circumstances when TDS returns have been filed incorrectly.

To summarize, it is essential to be a good citizen and to file your taxes. To avoid fines and to reap tax benefits, it is always advisable to file your taxes within the deadline.