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know about Penalty for Late Filing TDS Return | Academy tax4wealth

Click here to know about the penalties incurred upon missing the TDS payment due date. Get all details about TDS e payment/e filing at Academy Tax4wealth. Read and make your self professional in Tally, Hurry Up!<br>https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return<br>https://academy.tax4wealth.com/course/tds-returns-filing<br>https://academy.tax4wealth.com/<br>

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know about Penalty for Late Filing TDS Return | Academy tax4wealth

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  1. 7/7/22,12:43PM PenaltyforLateFilingTDSReturn|Academy Tax4wealth CategoriesBlogForums Courses CAExamTestSeries LOGIN Penaltyfor Late FilingTDSReturn SearchBlog LatestPost PenaltyforLateFiling TDSReturn TallyCourseOnline 2022 -Fees,Duration, Benefits,Eligibility, & More JobOriented Professional Courses After12thCommerce CareerasanIncome TaxInspector Job Oriented Online AccountingCourses AfterGraduation What is Financial Auditingand its Advantages:ABrief Introduction 07Jul2022 0 AdminTax4wealth Penalty forLate FilingTDS Return WhatisThePenaltyforTheLateFilingofaTDSReturn? TDSsystemisanimportantaspectofthetaxcollectionsystemofour country.Inthecontextofsystematicmanagementoftax,whilethesystem ofpaymentoftaxatthesourceofincomeisconvenientforthe government,itisalsoveryconvenientfortheincometaxpayer.Butthe FileTDSReturnOnlineeverythreemonthsisalsoamandatory obligationofeverycompanyorinstitutioninIndia.FailuretofileaTDS returnontimealsoattractsapenalty.Soletusknowaboutthedifferent dimensionsofTDSreturn. THISBLOGINCLUDES: What’sTDS? TDSisdeductedonwhichtypeofincome? OnwhatbasisisTDSdeducted? Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

  2. 7/7/22, 12:44 PM PenaltyforLateFilingTDSReturn|Academy Tax4wealth WhenisitmandatorytodepositTDS? The last date fordepositing the TDSCaomurosuesntandCTaDteSgroeriteusrndiffeBrlosg CBAlEoxagmTCesatSteerigesoriesLO.GIN Forums TDSformsdifferdependingonthepayment TDSPayment Methods OnlatedeductingTDS OnthelatefilingoftheTDSreturn TDS certificate is also available Conclusion FAQs GSTCertificationCourses Salaryclass IncomeTaxSaving WhatisTDS? TDSisanacronymforTaxDeductedatSource.Insimplewords,itcanbe understoodinsuchawaythatfromwheretheincomeisearned,thetaxis deductedatthesameplace.Acompanyoraninstitutiondeductstaxand depositsitintheaccountoftheIncomeTaxDepartmentofthe governmentatthetimeofpayingsalary,commission,orprofessionalfee totheemployees,orprofessionals.Taxisdeductedinthenameofthe actualtaxpayeronly.Theamountremainingaftertaxispaidonlytothe personnelorprofessionals. StockMarketCourses CompanyIncorporation InvestmentPlanning Startup ExcelCertificationcourse Income Tax CertificationCourse Clickhere👉Section194Q–Taxdeductiononthepurchaseof goodsandFAQs. IndianEconomy Trademark and Copyright Certification Course UnderstandTDSeasilywithanexample: TDSsystemcanbeeasilyunderstoodwithanexample.Firstofall,itis importanttoknowthat10%TDSisdeductedonpaymentofmorethan Rs.30,000regardingtheprofessionalfee.Insuchasituation,whenthe companyhastopayafeeofonelakhrupeestoaprofessional,then10%of onelakhi.e.,tenthousandrupees,thecompanywilldeductTDSand deposititwiththeIncomeTaxDepartmentinthenameofthesame professional.Thecompanywillpaytheremaining90thousandrupeesto theconcernedprofessional. CompanyLawCertificateCourse MSMECertificationCourse OnlineAccountingCourses MutualFundCourses CompanySecretaryCourses TDSisdeductedonwhichtypeofincome? Onpaymentofsalariesofemployees. On the interest payable by the bank. Onpaymentofacommission. Onpaymentofrentofahouse,shop,office,land,etc. Onpaymentofservicechargesofprofessionals. OnpaymentofservicechargesofConsultantsorFreelancersetc. CharteredAccountantCourseOnline CostManagementAccountingCourse CAExamTestSeries Readmore👉ACompleteAnalysisofSection194RofIncome Tax. PopularTags. OnwhatbasisisTDSdeducted? HowmuchTDSwillbedeductedfromthesalaryofanemployee?It dependsontheincometaxslabapplicableinthatfinancialyear. Normally,TDSof10%isdeductedbybanksonpaymentofinterest, subjecttotheconditionthattheinterestismorethan40thousandrupees inayear.ButifthecustomerdoesnotgivethePermanentAccount Number(PAN)tothebank,thenthebankdeductsTDSof20%onthe gst stockmarket Incometax Tax TDS T4W onlineaccountingcourses interest. Similarly,TDSisdeductedfromeverysourceofincome. Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

  3. 7/7/22,12:44PM PenaltyforLateFilingTDSReturn|Academy Tax4wealth CategoriesBlogForums WhenisitmandatorytodeposiCtoTurDseSs? CAExamTestSeries LOGIN EverycompanyorinstitutiondeductingTDSatthesourceofincomeis requiredtodepositTDSbythe7thofeverymonth.Itisworthnotinghere thattheTDSdeductedbythe7thofthemonthfollowingthemonthon whichTDSisdeductedhastobedepositedbythecompanywiththe IncomeTaxDepartment.Forexample,ifanemployeeworkingina companyispaidforMarch,thentheTDSdeductedonhissalaryfor AugusthastobedepositedwiththeIncomeTaxDepartmentbythe7thof September.This7thdateappliestoalltypesofTDS.Itismandatoryto deposittheTDSforthelastmonthofthefinancialyeari.e.,Marchby30 April.Also,ifanygovernmentinstitutionisnotusingthechallanforTDS payment,itismandatorytodepositthemoneyonthesamedateasthe TDSisdeducted.IftheduedateofTDSpaymentfallsonaSundayorany otherpublicholiday,TDScanbepaidonthenextworkingday. ThelastdatefordepositingtheTDSamountandTDSreturn differs: ItisimportanttonoteonefactthatthedateofdepositofTDSamountand thedateoffilingofTDSreturnisdifferent.Theduedatefordepositing theTDSamountfallseverymonthwhiletheTDSreturnisfiledevery threemonths.Thesedatesarethesameforallgovernmentinstitutionsor non-governmentinstitutions.ItismandatorytofileaTDSreturnforthe firstquarteri.e.,April,May,andJuneby31stJulyofthesamefinancial year.ItismandatorytoFileTDSreturnsforthesecondquarteri.e., July,August,andSeptemberby31October.ItismandatorytofileTDS returnsforthethirdquarteri.e.,October,November,andDecemberby31 January.ItismandatorytofileaTDSreturnforthefourthquarteri.e., January,February,andMarchby31stMayofthenextfinancialyear. TDSformsdifferdependingonthepayment: TDSisdeductedfromvarioussourcesofearnings. Itisnecessarytouse theappropriateTDSformwhiledeductingTDS.Also,itisnecessaryto mentiontheseformswhilefilingaTDSreturn.Form24Qfordeducting TDSonpaymentofsalary,Form26QfordeductingTDSonpaymentother thansalary,andForm27QfordeductingTDSonpaymentforNRIs. TDSPaymentMethods: TherearetwomodesofTDSpaymentused.Thefirstmethodisonline payment,inwhichthepaymentismadedirectlybyvisitingthewebsiteof theIncomeTaxDepartment.Onlinepaymentismandatoryforall companiesandsuchtaxpayerstowhomAct44ABofIncomeTaxis applicable.ThesecondmodeofTDSpaymentischallan.InwhichTDS paymenthastobemadebyvisitingthebranchofthebankauthorizedby theIncomeTaxDepartment.AssessesmusthaveTANforbothtypesof payments. OnlatedeductingTDS: ItisintheinterestofanycompanyorinstitutiontodeductTDSatthe sametimewhenthepaymentisbeingmade.IfTDSisnotdeductedon time,interestisalsotobepaidattherateofonepercentpermonth.This interestgetsaddedtillTDSisdeductedontherelatedpayments. Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

  4. 7/7/22, 12:44 PM PenaltyforLateFilingTDSReturn|Academy Tax4wealth Also,readthis👉DeductionsunderIncomeTax. CoursesCategoriesBlogForums OnlatedepositofTDS: ThepersonorinstitutionmustdeductTDStodepositTDSbythe7thof thenextmonth.IfTDSisnotdepositedbythisdate,interestistobepaid attherateof1.5percent.Thisinterestisalsoapplicabletotheamount whichisnotdepositedandisaddedtilltheTDSbalanceisdeposited. CAExamTestSeries LOGIN OnthelatefilingoftheTDSreturn: IfanykindofTDSisdeductedbyanyfinancialinstitutionorcompany duringanyfinancialyear,thenitsdetailshavetobegiventothe government.ThisstatementsheetisalsoknownastheTDSreturn.This TDSreturnneedstobefiledeverythreemonths.Forexample,thedetails ofTDSdeductedinJuly,August,andSeptemberhavetobefiledby31 October. IftheTDSreturnisnotfiledbythelastdate,thenapenaltyof Rs200perdayhastobepaidundersection234EoftheIncomeTaxAct. Thisrateofpenaltycontinuestillthetotalamountpayablereachesequal toTDS.IfaTDSreturnisnotfiledevenforoneyearfromthelastdate, thenthepenaltyofaminimumoftenthousandtoamaximumof1lakh hastobepaid. TDScertificateisalsoavailable: Accordingtosection203oftheIncomeTaxAct,everyTDSdeductoris requiredtogiveacertificatetothepersonwhoseTDShasbeendeducted. TwotypesofTDScertificatesareissued.ThefirstisForm16whichis issuedondeductingTDSfromsalary.ThesecondisForm16Awhichis deductedfromanyincomeotherthansalary. BasedonTDSreturn,thegovernmentcaneasilycollecttaxfromother sourcesofincome.TimelyfilingofTDSreturnsbenefitseverycompany orinstitution.Becauseofthis,thoseextraexpensesintheformoffines areavoided.Simplyput,timelyfilingofTDSreturnsisthehallmarkofa well-organizedorganizationorcompany. Conclusion: WehavediscussedthepenaltiesandinterestonlatepaymentofTDS& duedates.LearnmoreaboutthepenaltiesincurreduponmissingtheTDS paymentdayofthemonth.GetalldetailsregardingTDSepayment/e filingatAcademyTax4wealth.GraspstheFileTDSReturnOnlineto fileonlinetaxreturnsemployingtheauthorizedsoftwaretools. Clickheretoknow,HowtoFileTDSReturnOnline? FAQs: 1.CanIfileTDSaftertheduedate? FailuretofileyourTDSreturnsonthedayofthemonthcanmeanthat yousimplyaresubjecttoalatefilingfeeofRs.200perday.Thefeeis chargedforeachdayaftertheduedatetillthedateonwhichyourreturn isfiled.However,theutmostfeesthatyouhavetopayarerestrictedtothe TDSamount. Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies 2.HowdoIavoidthelatefilingpenalty? https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

  5. 7/7/22, 12:44 PM PenaltyforLateFilingTDSReturn|Academy Tax4wealth Youcanavoidapenaltybyfilingcorrectreturns,payingyourtaxbythe dayofthemonth,andfurnishingaCnouyrsinesforetuCrnatsegtiomrieesly.IfyBoluogcannotFodroums CAExamTestSeries LOGIN it,therefore,you'llbeabletoapplyforanextensionofyourtimetofileor apaymentarrangement. Whathappensifyoufiletaxes3yearslate? The penalty for filing late is 5% of the taxes you owe per month for the first 5 months – up to 25% of your invoice. The agency will charge you interesttillyoupayoffthebalance. HowareTDSinterestandpenaltycalculated? TDSinterest forlate payment: Forexample,saytheowedTDSamountisRs5000andalsothedateof thedeductionis13thJanuary.TDSpaymentdateforthatdeductionison the17thofMay.ThentheinterestowedisRs5000x1.5%p.m.x5 months=Rs375(fromJanuarytoMay). Didyoulikeourtrendycourses?Letusknowifyouwanttolearnmore abouttheIncomeTaxcertificationCoursesandpostyourthoughts inthecomments! WhatisthecurrentTDSrate? TDSDeductionRateforFY2020-21. TaxableIncome TaxRate UptoRs.2,50,000 Nil Rs.2,50,000toRs.5,00,000 5% Rs.5,00,000toRs.10,00,000 20% AboveRs.10,00,000 30% Sharethisnews BY:AdminTax4wealth RelatedNews Yourexperienceonthissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

  6. 7/7/22,12:44PM PenaltyforLateFilingTDSReturn|AcademyTax4wealth 12Jul2021 Categories 0 Blog Admin Forums Courses CAExamTestSeries LOGIN Tax4wealth 23Jun2021 0 Admin Bestincometaxcourses forbeginnersin India Tax4wealth Section194Q–Tax deductiononthepurchase ofgoods and FAQs ReadMore ReadMore PostComments. LogintoPostaComment Nocommentsyet,Bethefirsttocomment. GetInTouch TrendingCourses Needsomehelp? We take our mission of increasing globalaccesstoqualityeducation seriously. Headquarter Under DFS Building, Annexe Building, Jeevan Vihar, Sansad Marg, New Delhi, Delhi 110001 TallyCoursesOnline TermsandConditions HowtoFileITR Online-Income Tax Retruns PrivacyandRefundPolicy SubscribeNow EmailAddress. ContactUs Certified Corporate Accountant Course AboutUs BranchO?ce ShopNo.21,22,J.J.Complex,Patna, Bihar 800001 ConnectwithusonTax4Wealth CertificateVerification LeranHowtoFile TDSReturns Online GSTReturnFilingCourseWith Practical Examples info@tax4wealth.in 9560079055 MegaGSTCertificationCourse 011-49872888 Let'stalk Copyright©2021|tax4wealth|Allrightreserved. Yourexperienceon thissitewill beimprovedby allowingcookies. Allowcookies https://academy.tax4wealth.com/blog/penalty-for-late-filing-tds-return

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