TDS form 16
This query is : Resolved
05 April 2020
Is there any extention in date for submitting Form 16 by the employer for TDS dedction?
I have to cut TDS for first time for FY 2020 2021.
I understand, for employees, whom I am paying more than Ra. 5 lacs per annum, I have to deduct TDS.
Please guide.
I have to cut TDS for first time for FY 2020 2021.
I understand, for employees, whom I am paying more than Ra. 5 lacs per annum, I have to deduct TDS.
Please guide.
06 April 2020
Dear Pragna,
For FY 2020-21 you will deduct TDS when you will pay the Salary,say for April 2020, last date of deposit will be 07.05.2020, and so on every month you will do this. You have to file Quarterly TDS returns in form 24Q (April, May and June 2020 and so on ) but issue of form 16 to Employees shall be with last Quarter TDS return i.e, next year May 2021on the annual basis. Please go to TDS website www.tdscpc.gov.in and you will get all details.
For FY 2020-21 you will deduct TDS when you will pay the Salary,say for April 2020, last date of deposit will be 07.05.2020, and so on every month you will do this. You have to file Quarterly TDS returns in form 24Q (April, May and June 2020 and so on ) but issue of form 16 to Employees shall be with last Quarter TDS return i.e, next year May 2021on the annual basis. Please go to TDS website www.tdscpc.gov.in and you will get all details.
06 April 2020
Vijay ji,
Thanks for your guidance.
So there is no extension for 07.05.2020 deadline for April Salary? How to deposit TDS, I have to deposit online?
Thanks for your guidance.
So there is no extension for 07.05.2020 deadline for April Salary? How to deposit TDS, I have to deposit online?
06 April 2020
Yes online on www.incometaxindiaefiling.gov.on, TDS CHALLAN NO 281, Section 92B, AY 2021-22, You have to segregate TDS and Cess (4% of TDS amount) and that is it. However if you are not expert first take the opinion of your CA or some other expert.
06 April 2020
Thanks Vijay ji. Just one more query. Upto Rs. 5 lacs, TDS is nil. Above Rs. 5 lacs, I have to deduct TDS and submit to govt., correct?
06 April 2020
Yes, You are right if net taxable salary of an employee is up to 5 lac, tax benefit u/s 87A can be availed up to Rs 12500 and consequently tax liability of that employee will be zero, and you need not to deduct any tax thereon.
06 April 2020
Thanks a lot for your guidance, Vijay ji.
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