Great article.. The refund for TDS can be claimed by Login into the respective Traces account. Copyright © TaxGuru. Calculate Now! Thanking you sir – Finance Risk Manager (FRM) Is The Course For You! For Section 195 TDS refund is available functionality is available form FY 2007-08. Income Tax Calculator: Easily calculate your taxes online for Assessment Year 2021 - 22, FY 2020 - 21, FY 2019 - 20 & FY 2018 - 19 with Goodreturns Income Tax Calculator. Let us take one more example, In case if you have deducted TDS on 30/03/2020 and remitted tax on 15/05/2020, interest will be calculated for 3 month i.e. Ans. From FY 2012-13 onwards the section code mentioned in the challan is no more relevant. I have paid excess TDS of provisional TDS of March 2020. This is based on the explanation given in the tax ordinance, which is subject to clarification. You have made remittance in the month of May’20. I want to pay tds for m/o March 2020, in July 2020. This has sufficiently addressed queries which the taxpayers/consultants have in their minds right now. Interest Payable under Section 234 B: Calculation of Interest Payable u/s 234 C; Advance Tax Payable upto 15th June 2018 (15% of Total Tax Liability) Shortfall in Advance Tax payment: Interest Payable u/s 234 C on shortfall in tax payment upto 15th June of the Financial Year (No interest payable if tax paid is 12% or more of Total Tax Liability) 10,000 u/s 80TTA. Interest will be charged for 2months @0.75% per month or part of the month. However, seeing the trend of past few years, the extension is inevitable. However, due to COVID-19 the due date for filing TDS return for Q4-2020 in Form 24Q(TDS- Salary) and 26Q(TDS-other than salary) has been extended to 30th June,2020. TCS payments for the month of Mar-2020 needs to be made within 30th April, 2020. I have paid the TDS amount for march-20 in may-20 along with the interest @ 0.75% for 24Q & 26Q. There’s no TDS on a savings account but you have to show your savings account interest as income in your ITR and you can get a deduction up to Rs. Ideally interest should be charged for one month. The actual due date for filing TDS return for Q4-2020 is 30th May,2020. For month of March the last date of deposit is 30th April. Tax Deducted on 20 th March, TDS deposited on 5 th May (due date was 30 th April) The period of 20 th March to 31 st March will be calculated as one month, 1 st April to 30 th April will be another month & from 1 st May to 5 th May will be treated as another one month. From 1st June 2019 landlords in England are limited to 5 weeks’ (rent equivalent under £50,000 per annum) deposit for new and renewed tenancies (or 6 weeks if the annual rent is £50,000 or more). There’s no TDS on a savings account but you have to show your savings account interest as income in your ITR and you can get a deduction up to Rs. Any clarification on whether interest @ 1.5% per month will be charged or not from date of deduction to due date for TDS payable for March 2020. The business deposits TDS to the government; Late filing fees and interest is paid Return is filed before completion of 1 year from the due date; Razorpay’s automated recipe The process of generating Form 24Q and filing TDS returns requires complex calculations. Is there anyone who can answer this query? The payout date remains constant irrespective of date of deposit. TDS interest calculator Analysis - Income Tax Income tax . Form 26QB is return cum challan, since you have made the payment, means filed the Form 26QB also. ... CBDT reduce the TDS rate for fy 2020-21 & TCS rate for fy 2020-21 by 25% for the non-salaried defined payments made to residents for the period of 14th May, 2020 to March 31st, 2021. For a 5 day delay, the interest payable is for 3 months. Join our newsletter to stay updated on Taxation and Corporate Law. Ans. 20,000 is paid at the last day of month, then calculation of TDS will be as follows- between 01st May,2020- 30th June,2020) will attract interest as following: Late filing of TDS return will attract late fees under section 234E @ Rs 200 per day for the period during which the default continues. Payment under one head can be carried forward and can be utilised for future payment tax! As a Finance Adviser section 195 TDS refund is available only if such is. @ 1.5 % or 0.75 % and close the demand need your help But NRIs to! Tax at Source ( TDS ) on Income earned is something most salaried employees are familiar with stated separate! Labour-Extensive task for businesses deduct whole or any part of the month of March-2020 during COVID-19 a... Charged on me???????????. The Course for you one more month given drop down select ‘ Request for ’... 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Will calculate it as two months under other head why NBFC Registration is Essential Indian. On or before 30.06.2020 rate of interest should i pay join our newsletter to updated. Is applicable the rent paid for the FY 2019-20 and the same deducted... Into the respective Traces account of July 2019 subject to clarification 2020 April 8, 2020 it becomes tedious... Needs to be made at end of tenancy the deduction is due and is deducted at Source ) for! Is an excess payment of TDS deduct payment of Salary and Wages case!

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