What will happen if I forget to deposit TDS?

What will happen if I forget to deposit TDS?

TDS Payment: Due Dates and Penalties

But first, let us explain you those 3 magical words: TDS (Tax Deducted at Source):

Have you observed ‘prasaad’ offered at the place of pilgrimage? They slice out a piece of it before you can take it with you? Later they also give it back to you. [AdSense-B]

Same principle! You need to slice out a part of the payment you make to specified persons. The sliced amount will then be deposited every month into the god’s account- our government. This sliced payment, credited to deductee’s PAN, will be reflected in TDS return that you have to file every quarter. Hence, the person whose amount you deducted will be able to adjust it against tax payment that he will have to make to the government. Simple!

TDS return is to be filed by the assessee who had deducted the TDS.

TDS Payment: Due Date

For non government assessee: [AdSense-B]

All the corporate assesses and those covered under Tax Audit under section 44AB of the Income Tax Act should deposit TDS online mandatorily. Others can also deepoosiit the same with banks.

Let CA In Delhi tell you another secret. You can pay TDS quarterly also, if Assessing Officer, with prior approval of the Joint Commissioner, permits the same. In that case, TDS due dates are:

What if I don’t pay TDS? [AdSense-B]

Well, 1.5% interest per month awaits you then. Also, the interest will be calculated from the month of date of deduction till the date amount is deposited with the government. Pay attention! Date from which amount is deducted, and not the due date.

Example: If you deducted TDS on 20^th January and instead of depositing before due date of 7^th February, you deposited the same on 15^th February, then the interest will be calculated from? The month of January, and not 7^th February. Pheww..government is mean if you don’t pay on time.

Ok, I paid TDS every month before due date, now what? File TDS return every quarter. Click here to check due dates for TDS returns and what happens if you don’t file the same.

 
 
 
 
 
 
 
  
 
 
 
  
 
 
 Rahul Bhandari 
 
2021-07-07
 
 
  
Good environment
  
 
  
 
 
 
  
 
 
 Dhruv Gupta 
 
2021-05-09
 
 
  
Their expertise in tax planning is commendable!
  
 
  
 
 
 
  
 
 
 rahul tiwari 
 
2021-04-07
 
 
  
Solid domain knowledge, very professional .
  
 
  
 
 
 
  
 
 
 Manoj Singh 
 
2021-03-11
 
 
  
Very responsive and polite. Great experience.
  
 
  
 
 
 
  
 
 
 Vinod Kumar 
 
2020-11-27
 
 
  
Had a good experience. Filed my ITR digitally with quick turnaround time.
  
 
  
 
 
 
  
 
 
 Gaurav Thakur 
 
2019-12-22
 
 
  
Professional behavior
  
 
  
 
 
 
 
 
 
 Google rating score: 4.8 of 5, based on 56 reviews