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HURRY! Just 3 More Days to E-File Tax Deducted At Source (TDS) Statement; Know These Important Things Before E-Filing

Tooba Maher
Tooba Maher

Now only three days are left to e-file quarterly statement of tax deducted at source (TDS) for the last quarter of financial year 2018-19. If you file the TDS statement after the last date, i.e. May 31, 2018, then you will be charged of late fee of Rs. 200 per day and a penalty of up to Rs. 1,00,000, as per the department's official twitter account - @IncomeTaxIndia. 

Interestingly, the due date to e-file TDS for assessees in Odisha has been extended to June 30 due to cyclone Fani. 

Important Things to know about e-file TDS:

  • For the e-filing of TDS statement, Form 16/16A can easily be downloaded from TRACES portal @ tdscpc.gov.in, as per the Income Tax department.

  • This contains 7-character TDS certificate number.

  • The transaction based report (TBR) can be downloaded, rather than TDS certificate for deductions made from non-PAN non-residents and reported in form number 27Q, mentioned by the IT department on its Twitter account.

  • The new format of Form 24Q is also present for TDS on salaries.

  • The new form improves accuracy and also avoids mismatches in the return of income tax filed by deductee.

  • Currently, the due date for issue of TDS certificates in Form 16 and 16A is June 15, 2019.

  • For delaying in issue of TDS certificate shall result in penalty of Rs. 100 for each day of default. 

  • The deadline for issuance of TDS certificates has been extended by the department to July 15 for cyclone Fani -hit Odisha.

  • The Central Board of Direct Taxes (CBDT) stated with a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life caused by cyclone Fani hitting Odisha earlier this month, the relief in TDS compliance is being given to the deductors in the state. 

  • Additionally, the Income Tax Department has also extended the last date for depositing TDS for the month of April 2019 from May 7 to May 20 for deductors in Odisha.

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