Payment of TDS and TDS Return Filing Procedures
|Penalty on failure to apply for TAN
|Due date of depositing TDS
|7th of next month for Apr- Feb
|30th Apr for March TDS.
|Due date for filing TDS Return
|15th of next quarter
|15th May for
|quarter ended March.
Default in non deduction of TDS
|Equal to tax amount deductible
|but not deducted
|1% per month or part of the month
|May be equal to tax amount deductible
|but not deducted
Default in non/ late deposit of TDS
|Equal to tax amount not deposited
|1.5% p.m. or part of the month
|Probable rigorous imprisonment for a term
|min. of 3 months which may extend upto
|7 years and with fine.
(Note: Intt. Is to be calculated from the earlier of date of deduction/payment
to the date of deposit of TDS (months to be rounded off.)
|Penalty Fee for late filing of TDS Return
|Rs.100/- per day upto 30.06.2012
|Rs.200/- per day w.e.f. 01.07.2012
However, total penalty amount cannot exceed the amount of TDS.
Due date for issue of TDS certificates
|For Non Salary (Form 16)
|within 15 days from the due date of furnishing of
|For Salary (Form 16A)
|By 31st of May of the F.Y. immediately following the
|F.Y. in which the income was paid and tax deducted.
|Penalty for delay in issuance of
|Rs.100/- per day for the period for which the failure
|continues subject to the maximum of TDS amount.
|Penalty in case of failure to mention
|PAN of the deductee in the TDS Statement
New Section 274 H
Penalty of minimum Rs.10,000/- & maximum Rs.1,00,000/- in following cases:
- In case, incorrect information is submitted in TDS/ TCS return.
- In case, TDS/TCS return is submitted after 1 year, means deductor
does not deposit TDS/TCS/Return/Interest within 1 year after
deducting TDS/TCS from deductee or collector.
Form 26QB & Form 16B
The buyer of the property with a value of Rs. 50 Lakhs or more should deduct TDS @1% at the time of making payment. The buyer has to fill Form 26QB and after submission print challan 280 with a tick on (800), which is for payment of TDS on sale of property. Then you have to wait for 7 days for the details to be reflected in 26AS. Check Form 26 AS after seven days and you will notice that the payment you had effected against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the TDS certificate number (generated by TRACES), name of deductee, PAN of deductee, acknowledgement number, total transaction amount, transaction date, TDS deposited, date of deposit, status of booking and date of booking.
Once the payment is reflected in Form 26AS, the buyer has to register himself on TRACES as taxpayer. There he has to make a request for Form 16B. After giving details for A.Y., Acknowledgement No. and PAN of the seller, request for Form 16B is filed.
Within a couple of hours, the application gets processed and the buyer will be able to view Form 16B.