35/2020, and thus, time limit of furnishing return of TDS, i.e. Tax Deducted on 20th March, TDS deposited on 5th May (due date was 30th April) The period of 20th March to 31st March will be calculated as one month, 1st April to 30th April will be another month & from 1st May to 5th May will be treated as another one month. The interest paid for the financial year for the bank as a whole is considered even if deposits are with different branches of same bank. 02 june 2020 as per recent budget due to covid 19, if tds deposited in may 2020 for 31 march 2020 deduction of tds, how many month late for interest on tds c.bakshi Follow How to Download TDS Certificate in Form 16B? Thus , it is clear that whilst date of TDS filing which is 31st May ( falls between 20 March 2020 – 29 June 2020 )is extended to 30th June 2020 , delay in deposit of TDS will be subject to interest @ .75% for every month of delay . The due date for filing the TDS return for the first quarter is 31 st July 2020. A common question asked is what is the last date of payment when above mentioned … As such in this case, the interest payable is for three months. Mr. X has file the return on April 4 th 2021 for the year 2020-21 and the TDS amount is Rs 840000 for the quarter. TDS is the percentage of your monthly household income that covers your housing costs … only for July. (Practising CA) TDSMAN March 11, 2020 July 6, 2020 No Comments on Interest on Late Payment of TDS. SAVE ON TAXES.   29 May 2020, The applicable period is 20th March 2020 to 30th June 2020, Your are not logged in . TDS is applicable on interest on recurring and term deposits (fixed deposits). So, the lender adds together your mortgage payments, property taxes, heating costs, 50% of your condo fees and debts, and divides the total by your gross annual income. Individual, HUF, Firm, Co-operative, LA and Domestic company. SAVE ON TAXES. Form 27Q is a quarterly statement of deduction of tax u/s 200(3) of the income tax act in respect of payments other than salary made to non residents for the quarter ended. As per section 234(E), a fee of Rs. TDS Rates on Interest Income. The calculation of interest is on a monthly basis and not on the number of days i.e. Any one received intimation like this. Each payer who is subject to pay interest to an occupant is at risk to deduct TDS. TDS on rent (April 2020 and May 2020): Rs. Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says, "By the reading of Ordinance dated March 31, 2020, it may be concluded that the government has extended the deadline of TDS return and Form-16 to June 30, 2020, from their earlier respective date of May 31, 2020, and June 15, 2020, respectively. Then the calculation comes to (August to April 4th 2021) 247days * Rs 200 per day i.e. January 1, 2021; KNOW YOUR PAN AO CODE; Chnages In GST applicable from 01.01.2021; CASH PAYMENT LIMIT REDUCED TO Rs 10000/- FROM Rs 20000/- EARLIER .RULES ALSO APPLICABLE ON CAPITAL EXPENSES ; New labour code and financial impact on salaried; DOWNLOAD 89(1) RELIEF CALCULATOR FREE FY 2019-20; Due … However, if tax is deducted on the last day of the month, in that case, that month is not counted for calculation of interest. Claim against deposit can be made at end of tenancy. Latest rates of TDS & TCS amid Covid-19. TDS Rate 2% TDS 1000 Due Date For Deposit 20-Dec-17 Autual Date For Deposit 2-Feb-18 No of Months late 3 Total Interest( tds*1.5%*month) 45 Fees for Late TDS Return Due Date 31-Jan-18 Autual Filling Date 7-Feb-18 No of Days 7 Calendar month is considered in calculating interest therefore if you delay payment by one day, you have to pay interest for two months. * For this calculation, for part of the month, interest is payable for the whole month. Actual date of making the TCS payment for the month ending March is 7th April ,2020 and filing the return for the same by 31st May, 2020. Professional Course, India's largest network for finance professionals, Late payment interest on TDS for the month March 2020 is charged @18%, Value entered wrongly in GSTR 3B in nil rated supp, Difference between OD and CC for bank loan, Excise duty and gst on manufacturing of chewing to, Anybody in Dubai (UAE) who attempts CA Final group.   This is not applicable for those who have not submitted their … 200 would be levied for each day of default. 200 would be levied for each day of default. Interest on TDS. The new TDS and TCS rates came into effect from May 14, 2020 and remain effective till March 31, 2021, i.e., till the end of the financial year 2020-21, Finance Minister Nirmala Sitharaman stated in her press briefing. Date from which interest is payable@ 18% till the date of filing, if not filed by 24th June, 2020. … Invest before 31st March, 2020. has reintroduced this scheme with certain modifications. Delay in Deduction of TDS; Amount of TDS : 10000: Due date of deduction of TDS (Date of credit in books or date of payment, whichever is earlier: 15th April 2019: Actual Date of deduction of TDS : 20th September 2019: Due date of deposit of TDS to the account of government: 7th October 2019: … 4th April, 2020. How will transactions of more than one buyer/seller be filed in Form 26QB - TDS on immovable property. For example, If you have invested in a 5 year FD, the TDS will be deducted at the end of each year (31 march) when the bank will add interest to your amount. Check out the free demo videos here https://www.caclubindia.com/coaching/, Asha Kanta Sharma 5th May, 2020. NSC Investment Rules. Below are the revised TDS rate chart (with 25% cut) applicable between 14th May and 31st March 2020 of FY 2020-21. The new TDS and TCS rates came into effect from May 14, 2020 and remain effective till March 31, 2021, i.e., till the end of the financial year 2020-21, Finance Minister Nirmala Sitharaman stated in her press briefing. The lower TDS Rates will be in effect for the period from 14th May 2020 to 31st March 2021. Reduced rate not considered. Taxes: Include the property tax amount. March, 2020. So for March 2020 TDS , 1.5% interest for March and 0.75% interest for April, may and June - if we are going to pay on or before 29 June 2020. TDS … Segment 194 is an arrangement with the arrangements identifying with TDS on interest payments, for example, fixed/repeating stores. The due date to file TDS return for the last quarter of the FY 2019 – 2020, that is January 2020 – March 2020 is May 31, 2020. 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