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At the time of paying to the payee, the payer has to deduct TDS on certain occasions. This payment is other than payment of salary, and the payer has to file TDS return in Form 26Q. 26Q is to be submitted on a quarterly basis.
Total amount paid during the quarter and TDS amount deducted on such payments have to be reported in 26Q.
As against 24Q which contains 2 annexures, Form 26Q contains only one annexure. Challan details (BSR code, date of payment, total amount etc.), details of deductor and deductees are to be mentioned. Along with this, if the deductor hasn’t either deducted TDS or deducted it at a lower rate, reasons are also to be mentioned in the form.
|April to June||31st July|
|July to September||31st Oct|
|October to December||31st Jan|
|January to March||31st May|
The due date to file TDS return in form 26Q for Q1 and Q2 of FY 2020-21 stands extended to 31 March 2021.
If TDS is not deducted – 1% per month, from due date of deduction to actual date of deduction,
If TDS is not deposited – 1.5% per month, from actual date of deduction to actual date of payment.The interest is 0.75% in the case of due dates falling between 20 March 2020 and 29 June 2020. If the sum remains unpaid after 30 June, the normal interest of 1.5% is chargeable
Late Filing Fees – under section 234E, a fine of Rs. 200 per day is to be paid until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount.
The penalty under 271H – In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000.
No penalty will be charged under 271H if –