Due DatesTDS

TDS Payment Due Dates for the FY 2019-2020

TDS Payment Due Dates

All the deductor of TDS is required to deposit the TDS at a specified Date to the government account. Due Dates for Payment of TDS is prescribed by the Central Government. Every deductor is required to deposit the TDS on or before the due date specified.  Failing to deposit TDS on or before due date result in penalty. Therefore, deductor must be aware about the due date of deposit of TDS.

Key facts about Payment of TDS

  • TDS Payment is the payment of TDS to the credit of Government
  • TDS payment should be done after TDS deduction.
  • Deductor is responsible to deposit the TDS.
  • TDS payment is done on monthly basis.
  • TDS payment is made on a specified date (on or before due date)

Person responsible to deposit the TDS

  • Every deductor, who deduct the TDS
  • is require to deposit the TDS amount to the government account on or before the due date
  • No deductor can deposit the TDS deducted unless he has a valid TAN.

TAN required for Payment of TDS

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.

Thus, TAN is needed by all persons who is responsible for deducting, payment and filing of TDS returns.  It is mandatory to Quote TAN in any communication with the income tax department. Bizindigo will help you to apply for TAN for deduct the TDS, TDS payment, TDS return.

TDS payment due date

Due Dates for Deposit of TDS

Deduction for the

Month

Due Date For Payment of TDS

April

7th May

May

7th June

June

7th July

July

7th August

August

7th September

September

7th October

October

7th November

November

7th December

December

7th January

January

7th February

February

7th March

March

30th April

How to Deposit TDS?

Process for Payment of TDS Online

TDS payment is made through the various challans like ITNS 281 or 26QB (only specified for TDS on House Property).

Follow the below steps to Pay or deposit the TDS online :

  • Login to the TIN NSDL website / Portal.
  • Select the applicable challan for payment of TDS.
  • Fill the challan details as required for payment of TDS
  • Select the correct Financial Year for which you want to pay the TDS
  • Select the Correct Assessment Year.
  • Select the Section of TDS under which you have deducted the TDS.
  • Select the desired Payment mode (e-Payment, Net Banking, any Other mode).
  • Enter your TAN (Issued by the income tax department) in the field specified for it.
  • Fill other details like address, email id, mobile number etc.
  • Post confirmation of challan details, proceed to Pay the TDS amount

After successful payment of challan amount, an acknowledgment would be generated. Keep the payment acknowledgement for record purpose.

Interest on Late Payment of TDS

Failing to deposit the TDS on time is result into penalty. Thus, Interest is charged as a penalty for non-deposit of TDS within the Due date. Interest is calculated on the TDS amount at prescribed rate. Prescribed rate of Interest is summarized in tabular form:

Section

Nature of Default

Interest subject to TDS amount

Period for which interest is to be paid

201A

Non deduction of TDS(either in whole or in part)

At the rate 1% per month

From the date on which TDS is  deducted to the date on which tax is actually deducted

After deduction non-payment of TDS (either in whole or in part)

At the rate 1.5% per month

From the date of deduction to the date of payment

For Example, A has to deduct TDS of Rs 1000 on May 20, but he pay the TDS after due date say on 7th July, so he pay the interest on Rs 1000 at the rate of 1.5% for the month of june.

Consult a Tax Expert

BIZINDIGO provides the expert guidance related to Tax Filings, TDS Compliances. We can help you in guiding applicability of TDS, Payment of TDS and filing of TDS Return or TDS Statement as per lncome Tax Laws. We can also help you with TAN Registration.

Call/WhatsApp: 8851222731