GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

IT Department Cautions TDS Deductors Against Quarterly Filing Default

The Central Board of Direct Taxes (CBDT), that frames policy for the department, issued an advertisement in leading national dailies in this context.

PTI

Updated:May 18, 2018, 5:56 PM IST
facebookTwittergoogleskypewhatsapp
IT Department Cautions TDS Deductors Against Quarterly Filing Default
Income Tax office in Kolkata/File Image
Loading...
New Delhi: The Income Tax Department (ITD) on Friday cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.

The Central Board of Direct Taxes (CBDT), that frames policy for the department, issued an advertisement in leading national dailies in this context.

It said: Attention tax deductors. The last date to file Tax Deducted at Source (TDS) statement for the January-March quarter is May 31.

"For delay in filing TDS statement, you pay a fine of Rs 200 for each day of default," the advertisement cautioned.

It added that the deductors who have deducted the tax and have not deposited the same by the due date must do so "immediately" and that all deductors must register themselves at the official website of the ITD meant for this job--https://www.tdscpc.gov.in.

The ITD ad also advised the deductors to correctly quote their TAN (tax deduction account number) and also the permanent account number (PAN) of the deductees so that they get their "due tax credit."

"Non quoting of PAN or TAN in TDS statement may lead to levy of penalty," it said.

If there is no transaction liable to TDS/TCS (tax collected at source) to report for the quarter, do intimate the same at TRACES portal (the website mentioned above) using 'declaration for non filing' functionality, to avoid notice for non-filing of TDS statement.

As per income tax rules, TDS is to be deducted by the deductor (employer) from the salary of the employee and has to be filed every quarter or in three months time with the tax department.
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 709.75 2.09
Indiabulls Hsg 827.50 -8.80
Dewan Housing 246.35 -8.35
Reliance 1,174.00 0.88
Yes Bank 235.35 -5.44
Company Price Change %Gain
Indiabulls Hsg 824.45 -9.25
Reliance 1,173.75 0.87
ITC 288.60 2.14
Dewan Housing 246.65 -8.50
Infosys 709.25 1.85
Top Gainers
Company Price Change %Gain
HCL Tech 1,027.05 2.36
Coal India 282.25 2.12
Infosys 709.75 2.09
ITC 288.35 2.02
GAIL 357.20 1.39
Company Price Change %Gain
ITC 288.60 2.14
Coal India 282.10 2.03
Infosys 709.25 1.85
HUL 1,563.50 1.24
ICICI Bank 324.55 1.09
Top Losers
Company Price Change %Gain
Indiabulls Hsg 824.50 -9.13
Yes Bank 235.35 -5.44
BPCL 291.70 -3.44
Hindalco 225.20 -2.32
HPCL 207.45 -2.22
Company Price Change %Gain
Yes Bank 235.70 -5.27
Adani Ports 328.40 -1.38
ONGC 163.65 -1.12
M&M 770.60 -0.99
Tata Motors 184.00 -0.81

Live TV

Loading...
Loading...