TDS ON SALARY

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This discussion clarifies the deadline for TDS (Tax Deducted at Source) on salary payments. Despite lockdown concerns, the payment date for TDS deducted from March salaries remains in April. However, the interest rate for delayed remittances up to June 30th, 2020, has been reduced to 9% per annum, offering some relief to employers.

SARLAPARK

SARLAPARK (Querist)

27 March 2020 The final payment of TDS on salary used to deduct from the March salary of employees and used to pay in April every year. Due to the current situation of lock down, is this also extended to June 30th? Or, the tax should be deducted from March salary itself and deposit in April 2020?
Please reply.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

27 March 2020 Not extended to 30th June as of now.

Spurto Consultancy Services

Spurto Consultancy Services (Expert)

28 March 2020 TDS deposit date have not been extended to 30.06.2020. TDS can be deposited with lower rate of interest @9% instead of applicable interest rates upto 30.06.2020.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

29 March 2020 The date of payment is not extended. But interest on delayed remittance up to 30-06-2020 is reduced to 9 % per annum.
Inference :- clause 5 under the head 'Income tax' in the press release of the FM.

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