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Tcs penalty

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Meena Teli

95 Points Posted on 24 May 2020

if we pay March month tcs in the month of June so what is penalty we impose on it

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Quick Summary

If you pay your TCS for March in June, the standard penalty is an interest charge. However, for the period in question, the interest rate has been reduced to 0.75% per month instead of the usual 1.5% if paid by 30th June. While the return filing date was extended, the payment due date remained the same, but with this reduced interest rate and no late fee for this specific delay.

Pradeep Gupta

Accounts Manager

298 Points Posted on 24 May 2020

There is no extension for March due...Due date remains as 30th April, but the interest rate has been reduced to 0.75% instead of 1.5% p.m. if paid till 30th Jun'20.
Further...No late fee/penalty shall be charged for delay relating to this period.