The Income Tax rules have brought two major amendments in the provisions related to Tax deducted at Source (TDS) to broaden the scope of TDS and to make the rules governing the furnishing of TDS return more transparent. 1st Amendment: Furnishing Data related to non deduction of tax All those individuals whose only source of income is in the nature of dividend, interest (other than interest on securities), NSS etc. and his total of such income does not exceeds the maximum exemption limit, then the recipient of such income can make a declaration in prescribed form (Form 15H or 15G, as the case may be) for non deduction of tax at source and submit a copy in duplicate to the assessee. In other words, only by filling the appropriate form one can avoid unnecessary deduction of tax at source. But the department has inserted a new clause that specifies that all the data related to non deduction of tax like particulars of amount paid or credited on which tax was not to be deducted etc is to be furnished while filling the statement in Form 15H or 15G, as the case may be.
2nd Amendment: Revised Due Date for filing TDS Return
Another major amendment made by the department is in respect of due date of filling of quarterly E – TDS Return. Earlier the due date for filing quarterly TDS return was 14th of the month following the quarter, and in case of E â€“ TDS Return, 15th of the month following the quarter is the due date. Thus a uniform date was provided for all deductors but as per the amendment, the due date for filing of TDS statementÂ between the government and the non â€“ government deductors have been segregated in the following manner:
|Date of ending of the quarter of the financial year||Due date for Government Deductors||Due date for other Deductors|
|30th June||31st July of the financial year||15th July of the financial year|
|30th September||31st October of the financial year||15th October of the financial year|
|31st December||31st January of the financial year||15th January of the financial year|
|31st March||15th May of the financial year following the financial year in which deduction is made||15th May of the financial year following the financial year in which deduction is madeâ€|
Hence it is advisable to file your TDS return within the revised date to avoid any penal interest. Taxmantra.com ensures to keep its users updated with every upcoming amendments notified by the department. Please feel free to Contact Us for any assistance on any issues relating to individual taxation.