TDS Payment due date for fy 2021-22, how to deposit
Who is laibale to deduct tds ?
According the TDS provision of Income Tax Act 1961 any person make payment to specified person and exceed the specified limt mention in the relevant section of TDS deduction rate . So a person making payment to individual or company liable to deduct TDS . But if payer person is an individual and HUF whose books are not required to be audited under the Income Tax Act. However if such ( individual and HUF) person paying rent exceeding Rs. 50,000 per month are required to deduct TDS @5% even if the the individual or HUF is not liable for a tax audit.
Who is Liable to pay TDS ?
If a person deducted TDS according the TDS provision of the Act need to pay TDS to Central Government on the next following month on or before 7th .
X private limited pay rent professional fee Rs.5,00,000 to Y Ltd on 05-04-2021 tds applicable rate is 10%
so X private limited decucted TDs Rs. 50000 ( 10% of Rs. 5,00,000)
An balance Rs.4,50,000 ( 500,000-50,000) need to pay Y ltd
and TDS payment Rs.50,000 need to Central Government through challan no 281 online
Due date of TDS payment in case of Non Government Assessee
In case of monthly payment 7th of the next month
March month 30th April
Incase quarterly payment sechme
April to June on of before 7th July
July to Sept on or before 7th Oct
Oct to Dec on or before 7th Jan
Jan to March on or before 30th April
If TDS deductor fail to pay timely the assessee shall be liable to pay interest on such delay @ 18% per year or 1.5 % per month or part there of.
If A limited deducted TDS on 01-04-2021 in such case assesse shall be liable to pay 7 th May but if assessee paid it on 10 May than assessee liable to pay interest two month means April and May.