Only three days are left to e-file the statement of TDS (tax deducted at source) for the last quarter of financial year 2018-19, which ended on March 31. Filing the TDS statement after the due date, which is May 31, 2019, will invite a late fee of Rs. 200 per day and a penalty up to Rs. 1,00,000, the Income Tax Department said on Twitter. However, the Income Tax Department has extended the due date for e-filing TDS for assessees in Odisha to June 30 on account of Cyclone Fani.
Here are 10 things to know:
- For filing the quarterly TDS statement online, a copy of Form 16/16A can be downloaded from the TRACES portal – tdscpc.gov.in, according to the Income Tax Department.
- The Form 16/16A contains the seven-character TDS certificate number.
- The transaction-based report (TBR) can be downloaded instead of TDS certificate for deductions made from non-PAN non-residents and reported in form number 27Q, the I-T department mentioned.
- The new format of Form 24Q is also available for TDS on salaries.
- “The new form improves accuracy and avoids mismatches in the return of income tax filed by deductee,” the Income Tax Department noted.
- Meanwhile, the due date for the issuance of TDS certificates in Form 16 and Form 16A is June 15, 2019.
- Delay in issue of TDS certificate will lead to a penalty of Rs. 100 for each day of default.
- However, the department has extended the deadline for issuance of TDS certificates to July 15 for assessees in Odisha.
- In a statement, the Central Board of Direct Taxes (CBDT) said that with a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life caused by Cyclone Fani earlier this month, the relief in TDS compliance is being given to the deductors in the state.
- The Income Tax Department has also extended the due date for depositing TDS for the month of April 2019 from May 7 to May 20 for deductors in the state.