Changes in Interest Rate due to lockdown, If TDS Late Deposit. would be applicable instead of … For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. The government had recently extended the deadline to file IT returns for FY 2018-19 to June 30, 2020. TDS is Tax Deducted at Source. lt�j��+�I�0ߧ�N�8ޱ=q���}���@y�f���v��~+p�-uR=��J�n�>p+4.W��fC$ 2j 0.75% per month instead of 1/1.5 percent per month) will be charged for this … As per section 201(1A), interest for delay in payment of TDS should be paid before filing the TDS return. ; Penalty – This is applicable if the Form is not filed within 1 year of the due date. 1. Also, we will see the penalty for late payment or filing. In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. — Income Tax India (@IncomeTaxIndia) April 4, 2020 This ensures the bank does not deduct any TDS on your interest income. 26 May 2020 For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. So, we have different TDS rates up to 14th May, 2020 and from 14th May, 2020 for the FY 2020-21. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. Every employer makes the ESI payment on a monthly basis, and the payment is given to the ESI department. Therefore, the due date of the PF return is the same as the payment date, and that is before the 15th of the following month. Apart from interest income on bank instruments, TDS also applies on EPF withdrawal, income from corporate bonds, on post office deposits, on rent and on insurance commission. In this post, we will look at payment and filing due dates for PF, ESI, TDS. The different types of penalty and interest are: Late filing fee – This will be applicable if you do not file Form 24Q on time. Current Rate. Mr. Saxena files the TDS return for the first quarter of 2019 – 2020 on April 4, 2020. 1.50%. ; Interest-This is applicable if you do not deposit the TDS amount on time. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 22 0 R 23 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> stream Interest on TDS. Hello. 1.5%*50%=0.75%. No interest, late fee, and penalty to be charged. 9������VRe�ΐ�7$I���Y�R�hc�>�3�i�2\˜�ʻs16@�7�; ������Z��%M�lb��d�t�Z21���v�-���潌T3j��vai>�%Ӟ�vC]}�4-O=)8,,����~��h-lJ\�Ha�\3�� c-� h��ךE��‡�������6��4��c�\q�E�_$�R�eN ���=,j��>]膻���6�ϡ&\�7�� �wia��� (��P��Q���mD(�R�Q����|&���?3Ȭ�,��-!�O��/`���7l�0(�ı\�zH2�X[q�Q6�R��Y ��#�}@P�#&)�,1 2.2 Employee state insurance (ESI) due dates. 7th July, 2020 is the due date for TDS and TCS payments for the deductions/collections made in June, 2020. 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