The deduction of tax at source is necessary as it is responsible for remitting the unavoidable TDS payment to the government either on or before the specified due date which is computed according to the provisions mentioned in the Income Tax Act. In this blog, we will learn about the concept of making e-payments of TDS(Tax Deducted at Source).
The due dates for the payment of TDS can be different based upon your connection to the government as follows:
For a Government Assessee: Those assessees who are connected to the government in some way will have to make their payments within the dates given below:
For Other Assessee: Those assessees who are not connected to the government or are not a part of the government, for them the due dates are listed below for submission:
If the Assessing Officer has the consent of the Joint Commissioner, then he can allow the taxpayer to opt for quarterly payments. In such a case, the due date for the payment of tax will be as given below:
The deductor of TDS can make the E-payment of TDS by following the given steps:
In case the taxpayer has not submitted the TDS payment after the expiration of the specified date, then the taxpayer will have to face an interest at the rate of 1.5% for each month or for every part of the month during the period of delay. According to the guidelines of the Income Tax Act, this rate of interest will be computed on the basis of the date of tax deduction and not from the date that has been specified for the payment.
In this blog, we came across the e-payment of TDS and due dates for making an e-payment of TDS for a government assessee and for other assessees. We also came across the option of quarterly e-payment of TDS for the taxpayers and the Process of making an e-payment of TDS and the consequences for making a delayed e-payment of TDS.