Interest on late payment of TDS : Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: Through below TDS rate chart we have tried to explain TDS rates which are applicable for financial year 2020-21. Interest on late payment of TDS : Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: TDS on Salary FY 2020-21 AY 2021-22 Important Changes in GST w.e.f. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 Accordingly, section 192 – 195 of the act lay down various payments on which the payer has to deduct TDS. It is an indirect way for India's government to raise income tax at source. TDS Chart for AY 2020-21. 26 May 2020 Dear Sir, Kindly confirm the rate of interest to be paid if I fail to pay Apr 20 TDS payment by 07th May 20 and for how many months it has to be paid. Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. It is important to first understand the rules regarding TDS payment due date before getting to know the provisions regarding interest to be levied for failure to deduct TDS or delay in TDS payment. Nirmala Sitaram to provide relaxations from certain compliances under the Income Tax Law, many queries have been raised about the extension of the due date of payment of TDS for the month of March 2020. Under Section 201(1A) for late deposit of TDS after deduction, interest payment should be at a rate of 1.5% per month. TDS and TCS Rates Chart – Examples of how to calculate TDS for FY 2020-21 New rates of Tax Deducted at source (TDS) and Tax Collected at source (TCS) under Income Tax Act, 1961 are announced in second week of May, in amidst of COVID – 19. 3. Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. Interest Rate for Payment of TDS Under Section 201(1A) of the Income Tax Act, 1961 , if tax is not deducted at source, either partly or fully, an interest rate of 1% per month will be applicable from the date on which tax was supposed to be subtracted to the date on which it is actually subtracted. Interest on Late Payment of TDS Other Compliances for July, 2020 15th July – Due date for TCS Returns for FY: 20-21, Quarter 1 (Apr’20 – Jun’20) 31st July – Due date for filing TDS/TCS Returns for FY: 19-20, Quarter 4 (Jan’20 TDS is Tax Deducted at Source. However, those having self-assessment tax liability for FY 2019-20 exceeding Rs 1 lakh have to deposit the tax by July 31, 2020 (Which is the normal date for filing ITR) to avoid penal interest. TDS RATE CHART FY: 2020-21 (AY: 2021-22) Section Nature of Payment Threshold Indv/ HUF Others Rs. Union Finance Bill 2020 was presented by India’s Finance Minister Nirmala Sitharaman which introduced various amendments for various income tax and the new tax regime for FY 2020-21. The calculation of interest is on a monthly basis and not on the number of days i.e. Penalty and interest of late filing The different types of penalty and interest are: Late filing fee – This will be applicable if you do not file Form 24Q on time. If the self-assessment tax is deposited after July 31, 2020, here's how penal interest will be calculated: Let us say Mr X's self-assessment tax due for FY 2019-20 is Rs 1.5 lakh. Deductor is a person who is liable to deduct TDS before making payment to a deducted. Calculate Now! from The TCS and TDS Rate for Fy 2020-21 is reduced by 25% for the non-salaried defined payments made to residents for the period of 14th May, 2020 to March 31st, 2021. We know that Due date for TDS is 7th of next monthHowever for March,TDS Due date is 30 AprilIf deposited late,we have to pay interest @ 1.5%If TDS is deposited lateInterest is payable fromDate of Deduction (and not Last Date of Challan)toActual Date of Deposit@ 1.5%Changes in Interest Rate … Update on 13-5-2020: TDS & TCS rates reduced by 25% up to March 2021.Download Press Release Here Other Tax Updates: Due date of all income tax returns for F.Y. Interest on late payment of TDS : Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: Non-payment of TDS (either in whole or in part)-If tax is deducted but not paid by the deductor then the interest rate is 1.5% per month (18% per annum) from the date on which TDS is required to be deducted till the date of actual payment of TDS. Particulars TDS Rates (in %)(AY 2020-21) TDS Rates (in %)(AY 2021-22) 1 where the person is resident in India-Section 192: Payment of salary Normal Slab Rate Normal Slab Rate/New Reduced Slab Rate Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee. Late Fees/Interest 3.1 Delay in the deposition of Provident Fund: Interest The person who fails to complete the payment within the given deadline shall be responsible for paying 12% per year interest for each day he has delayed. Check TDS Rates Chart for FY 2020-21 & AY 2021-22. Download TDS Rate Chart For FY 2019-20. TDS on Bank FD, RD, EPF, Interest, Rent, Commission.Form 15G 15H Interest on late payment of TDS : Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: Interest on late payment of TDS : Changes made as per Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24 th March 2020: For Non payment Interest Applicable. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. Revised TCS rates for FY 2020-21-In the month of May 2020, The government has announced a package of Rs. 26 May 2020 For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % … Finance minister Nirmala Sitharaman had also cut interest rate to 9% from 18% on delayed deposit of TDS. Some important TDS changes by Budget 2020 are amendement of section 194 whereby TDS will now be deducted on complete dividend, as dividend distribution tax (DDT) has been abolished and dividend will now be taxed in the hands of … TDS payment need to be done monthly basis. Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. TDS RATE CHART FY: 2019-20 (AY: 2020-21) Section Nature of Payment Threshold Indv/ HUF Others Rs. TDSMAN August 4, 2020 August 4, 2020 2 Comments on Interest on Late Payment of TDS In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and tax audit from 30th September 2020 to 31st October 2020. The Hon’ble Finance Minister Nirmala Sitharaman has announced the reduction in the rates of TDS & TCS as a part of the stimulus of 20 Lakh crore economic package amidst the lockdown situation in India. Presenting TDS Rate Chart for FY 2020-21 based on Income Tax Budget 2020 revised TDS Rates or Proposed TDS Rates for Residents. shall be eligible for this reduced rate of TDS. This is the TDS interest calculator which will help you in calculating interest on late deduction, late payment and late filing. Interest-This is applicable if you do not deposit the TDS amount on time. Over a period of 19 years, Relyon with its "Saral" products has been striving to serve various The government had recently extended the deadline to file IT returns for FY 2018-19 to June 30, 2020. New TDS rate post Covid 19 for FY 2020-21 How to apply for the new Loan under 59 Scheme by the Government Class 3 DSC Signature and E-tendering- What you need to know Here is Why Indian Rupee is Falling Against The U Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. part of a month is considered as a full month. TDS payment due date for March 2020 extended or not for COVID-19 pandemic: After the announcement of various relief measures by the Finance Minister Smt. TDS Rate Chart For FY 2019-20. It needs to be deducted on a specific payment at a prescribed rate by the payer/deductor. Income Tax Assessment Year 2020-21 - Latest TDS Rates FY 2019-20. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 Let’s take a look at the TDS Rates for FY 2020-21. Also, for late payment Interest at the rate of 1.5 % per month or part of the month on amount of TDS from the date of tax was deducted till the date such tax is paid shall be charged. Below table provides simplified view of all the payments where TDS is applicable on payment made to resident. 20 Lakhs crore in which Current TCS rates along with TDS rates were revised and cut by 25%.For this, the S. No Section of the Income-tax Act Nature of Payment Existing Rate of TDS Reduced rate from 14/05/2020 to 31/03/2021 1 193 Interest on Securities 10% 7.50% 2 194 Dividend 10% 7.50% 3 194A Interest other than TDS Rate Chart for FY 2020-21 / AY 2021-22 in India - Find here IT sections for TDS and TCS New TDS Rates Chart Rates on an Immovable Property, Etc. Due to ongoing COVID-19 pandemic and the imposition of nationwide lockdown, many taxpayers were compelled to delay the deposit of TDS for the month of March, April and May 2020 to June 30, 2020 with interest, though at a concessional rate.. Find out TDS Rates on FD, Immovable Property, EPF, services, contracts & for salaried individuals, self-employed & senior citizens. 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