What is the due date for TDS and TCS payment?
TDS & TCS Payment Deposit Due Dates for Govt & Non-government. The due date for depositing TCS is the 7th of next month. ii) If paid through book entry- Same day i.e. the day on which TDS was deducted.
What is the due date for GST TDS payment?
They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7. 3. The amount deposited as TDS will be reflected in the electronic cash ledger of the supplier. 4.
What is the payment of TDS and TCS?
Tax Deducted at Source and Tax Collected at Source are both incurred at the source of income. TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers.
What is the interest on late payment of TDS and TCS?
When TDS is deducted but not paid – Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid.
What is the due date for 194q TDS?
The TDS is to be deposited on or before the seventh day of the month following the month in which the TDS is deducted. For example, if the deduction month is January, the due date of payment is February 7.
What is the late payment of TDS on GST?
Late iling of TDS Return Late fees of Rs. 100 per day for each day for which the failure continues subject to a maximum of Rs. 5000. Any excess or erroneous amount deducted and paid to the Govt shall be dealt for refund under Section 54.
What is the penalty for TCS?
Under Section 271H, a penalty can be levied if the tax collector files an inaccurate TCS return. A minimum penalty of Rs 10,000 and a maximum penalty of up to Rs 1,00,000 can be levied if the collector files a wrong TCS return.
What is the new TCS rule?
The new TCS rule states that the TCS for foreign remittances under the Liberalised Remittance Scheme was increased frm 5% to 20% percent TCS. However, the applicability of this new TCS rule is subject to certain conditions and varies depending on the nature of payment.
How do I check my TDS and TCS?
Login to the GST Portal with valid credentials. Click the Services > Returns > TDS and TCS credit received command. 2. The TDS and TCS credit received page is displayed.
What is the payment of TCS?
Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the buyers.
How to calculate interest on tcs late payment?
Interest @ 1% is liable to be paid from the date on which the TCS amount was collected and not from the date the TCS payment was due. For example: TCS amount was collected on 25th June and the due date for TCS Payment was 7th July. The assessee fails to deposit the TCS amount by 7th July.
How can I pay interest on late payment of TDS?
Select the payment type. In case of a normal payment, click on the (200) TDS/TCS Payable by Taxpayer, or if it is a payment against the request raised by the income tax department (e.g., Payment of interest or late fees as per section 234E), then you must click on the (400) TDS/TCS Regular Assessment (Raised by I.T.
Is TDS due on Sunday?
A common question asked is what is the last date of payment when above mentioned due date falls on a Sunday or public holiday. In this case, the next working day can be considered as the last day of payment of Tax Deducted at Source.
What is the penalty for not deducting TDS?
If the assessee fails to file the TDS return within the prescribed time frame, he will be liable to pay ₹ 200 per day as a penalty U/S 234E, but the penalty can not exceed the TDS amount to be paid.
Is TDS refundable?
The TDS refund period depends on various factors. If you have filed the ITR details on time, it can take anywhere between three to six months to receive the refund. The refund period will also depend on completing the e-verification.
What is the time limit for TDS?
The time limit for TDS deposition on the purchase of immovable property is the 30th day of the following month in which the property is purchased. For Example: If the property is purchased in the month of June then TDS can be deposited by 30th July.
What is the 2% TDS deduction?
What is the rate of TDS? TDS is to be deducted at the rate of 2 percent on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Two Lakh Fifty Thousand Rupees.
Who pays TCS?
Tax Collected at Source (TCS) is a tax payable by a seller which he collects from the buyer at the time of sale of goods. Section 206 of the Income Tax Act mentions the list of goods on which the seller should collect tax from buyers.
What is the latest news about TCS penalty?
A jury in Dallas, Texas federal court has found Tata Consultancy Services (TCS) guilty of stealing DXC Technology's trade secrets which is likely to land a $210 million penalty on the Indian software major.
Can we claim TCS back?
If the TCS amount exceeds one's tax liability, one can request a refund through the return filing process. After filing, follow up with tax authorities to ensure the refund processing and receipt of the excess TCS amount is necessary," said Sandeep Bajaj, Advocate, Supreme Court of India.
How to avoid tax on outward remittance from India?
The TCS rate on foreign remittances exceeding ₹7 lakhs is 20%. By limiting your total expenses or investments in foreign avenues to ₹7 lakhs, you can reduce or avoid the foreign remittance tax. Furthermore, transactions made through foreign credit cards and debit cards are also kept outside the purview of the LRS.
What is the 20% TCS rule?
Starting from October 1, 2023, all overseas outward remittances, except for medical and educational purposes, over a threshold limit of Rs 7 lakh in a financial year will attract a tax collection at source (TCS) of 20%.
What is 20% TCS?
The Dynamics of the 20% TCS Provision
The dawn of a new provision, effective since July 1st, dictates that individuals, including Indian residents, sending money abroad for purposes like gifts, education, property investment, or vacations must pay an additional 20% as TCS.
What is the difference between TCS and TDS with example?
TCS is collected by the seller at the time of sale. TDS is to be deducted by the individual (or company) making the payment. TCS is to be collected by the individual (or company) selling the specified goods. The due date for depositing TDS is the 7th of every month while TDS returns have to be submitted quarterly.
What is the difference between TDS and TCS?
What is TDS and TCS amount? TDS amount is the tax deducted by an individual or company while making a payment. In comparison, TCS amount is the tax collected by the seller during the time of sale.
