CA Umesh Sharma
Quick Summary
Arjuna (Fictional Character): Krishna, everyone from small businesses, banks to corporate seem to be quite busy during the last week of May. Which tax compliance or reporting matters are keeping the taxpayers busy? Krishna (Fictional Character): Arjuna, May month is the peak of the summer season in
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FAQ :
The due date for filing TDS returns for the 4th quarter of FY 24-25 is 31st May 2025.
Non-compliance can result in a late fee of Rs. 200 per day (up to the TDS amount) under section 234E, a penalty ranging from Rs. 10,000 to Rs. 1 Lakh under section 271H, interest on unpaid TDS, and disallowance of expenses.
SFT stands for Statements of Financial Transactions. It requires specified entities to report certain financial transactions, which are then reflected in the other party's AIS (Annual Information Statement) to provide the tax department with necessary data.
Entities required to report SFT transactions include banking companies, cooperative banks, businesses subject to tax audit, companies issuing shares/bonds, NBFCs, credit card issuers, and mutual fund trustees.
Failure to file SFT returns by the due date attracts a penalty of Rs. 500 per day. If the return is not filed within 30 days of receiving a notice, the penalty increases to Rs. 1000 per day.
Timely compliance with TDS and SFT reporting is crucial to avoid severe repercussions such as late fees, penalties, interest, and disallowance of expenses, thereby saving taxpayers from 'tax heat'.
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