Due date of payment of TDS on Salary for March 2020

TDS 3554 views 3 replies

What is the due date of final payment of TDS on salary which is deducting from employees for F.Y 2019-20? Any extension in the due date?  If an employee intends to make investment under 80 c before 30th June, whether final tax is to be arrived at after considering the proposed Investment amount  declared by the employee? 

Replies (3)
Yes...
But, Before 30th Jun-2020...

There are certain due dates to comply with the TDS norms. For the month of March 2020, the dates range from the 1st to the 31st.

7th March 2020: For TDS payment, for the month of February 2020.

10th March 2020: For GSTR-7 and GSTR-8 filing, related to TDS for the month of February 2020.

There is no extension of due dates for payment of TDS for March 2020 as per Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.

However, the following reliefs have been provided by the section 3(2) in case where tax or TDS is not paid by the due date which falls in the specified period but is paid by June 30, 2020-
1. The assessee shall not be liable for the penalty for delay in the payment of taxes or TDS after the prescribed due date.
2. No prosecution shall be initiated against the assessee for delay in the payment of taxes or TDS after the prescribed due date.
3. Reduced rate of interest of 0.75% p.m. is payable by the assessee for the delay in the payment of taxes or TDS after the due date.
4. Reduction in the computation of the period for which interest is payable.

Read this article for more details
https://www.taxcorner.co.in/2020/04/no-extension-of-due-date-of-tds-payment-for-march-2020-onwards-amid-covid-19.H T M L

 


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