Wednesday, 29 June 2011

Tax Deducted at Source related Dates

It is the duty of the payer other than individual payer to deduct Tax at source from certain payments made during any financial year. The Tax deducted at source should be deposited in Time.  Normally 07th of the next month of any tax deduction, the tax deducted must be deposited in the Income Tax account in any bank.

The liability of the TDS deductor is not over just depositing the amount deducted in any bank. He should report it properly.

Deposit of TDS amount

The last date of depositing TDS IS 07th of the next month. IF 07th is a public holiday the deposit can be made in the next working day.

TDS Quarterly Return

He has to file TDS return every quarter in specified forms. The 15th of every quarter is considered as the last date of filing TDS return ie, 15th July, 15th October, 15th January.

FIRST QUARTER                –             15TH JULY

SECOND QUARTER          –             15TH OCTOBER

THIRD QUARTER               –             15TH JANUARY

FOURTH QUARTER          _             15TH MAY

TDS Certificate

The deduct or should issue TDS certificate after submitting the TDS quarterly return within 15 days from the last date of submitting quarterly return. The date of issuing TDS return is

FOR NON SALARY TDS in FORM NO 16A

FIRST QUARTER                –             31st JULY

SECOND QUARTER          –             31st OCTOBER

THIRD QUARTER               –             31st JANUARY

FORTH QUARTER             _             31ST MAY

FOR SALARY TDS              _             31ST MAY (Annual TDS certificate is required IN FORM NO.16)

FOR SALARY ONLY YEARLY TDS RETURN IS REQUIRED AND THE DATE OF ISSUING TDS CERTIFICATE IS 31ST MAY

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