Revised Due Dates Relating To TDS(Tax Deducted at Source) Compliance As Per Notificaton 24June 2020

Interest on Delay payment of TDS

In case of a delay in payment of tax, the interest shall be charged at a reduced rate of 0.75%. Further, no penalty and prosecution would be levied for such delayed compliance. This relaxation has been provided only in respect of taxes which are due for payment between 20-03-2020 and 29-06-2020 and the assessee has paid the tax on or before 30-06-2020.

No concession shall be available to a taxpayer for making delayed payment of TDS, TCS or Advance-tax. The press release dated 24-06-2020 also states that the reduced rate of interest of 9% for delayed payment of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30-06-2020.

Form 24Q. It is used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961.

Form 27Qis the statement of TDS return that is required to be filed when tax is deducted and deposited while making payments (other than salary) to non- residents.

Form 27EQis a quarterly statement that mention details and information regarding tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961

Form 26 QBis a TDS certificate for deduct TDS on a sale of property equal to or greater than Rs. 50,00000.

Form 26QCis the challan-cum-statement for reporting the transactions liable to TDS on rent under section 194-IB of the Income-tax Act, 1961

Form 24QDTDS will be deducted if aggregate amount of payment for some specified transactions defined under this section exceed Rs. 50 lakh.

Form 16/16Ais the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees or other TDS deduction

Form 16Cis the TDS certificate which is issued by the Tenant of property to the Landowner of property in respect of TDS deducted on rent

Form 16Dis a TDS Certificate issued by a Payer for payment of a commission, brokerage, contractual fee, the professional fee under Sec 194M