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 .

Example:

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.

Example

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.