No Change in TCS Return Filing Dates
PrintListen to this Article
In recent years, CBDT has made efforts to rationalize the provisions and procedures of Tax Deduction at source (TDS) and Tax collected at source (TCS). The recent amendments of extending the date for filing of TDS returns has been extended to 30th of next month after the quarter end is another step towards it. However, the same has not been done for TCS returns.
The provisions for filing of TCS returns are laid down under rules 31AA of Income tax Act 1961 and for TDS under rule 31A of Income Tax act 1961. The recent amendment vide Notification no 30/2016 dt 29th April 2016 has made changes to Rule 31A of the Act, however, similar changes has not been made in the provisions of Rule 31AA of the Act. Thus the TDS & TCS return filing due dates for as on date are as follows:
| Quarter End | TDS Return Due Date | TCS Return Due Date |
| 30th June of the Financial Year | 31st July | 15th July |
| 30th September of the Financial Year | 31st October | 15th October |
| 31st December of the Financial Year | 31st January | 15th January |
| 31st March of the Financial Year | 31st May | 15th May |
There has been confusion in recent days post amendment in TDS return dates that the TCS return dates has been changed too. In view of the above all the stakeholders are advised to adhere to the due dates for TCS return i.e. 15th July 2016 for quarter ended 31st June 2016 to avoid any late filing fees.
In recent years, CBDT has made efforts to rationalize the provisions and procedures of Tax Deduction at source (TDS) and Tax collected at source (TCS). The recent amendments of extending the date for filing of TDS returns has been extended to 30th of next month after the quarter end is another step towards it. However, the same has not been done for TCS returns.
The provisions for filing of TCS returns are laid down under rules 31AA of Income tax Act 1961 and for TDS under rule 31A of Income Tax act 1961. The recent amendment vide Notification no 30/2016 dt 29th April 2016 has made changes to Rule 31A of the Act, however, similar changes has not been made in the provisions of Rule 31AA of the Act. Thus the TDS & TCS return filing due dates for as on date are as follows:
| Quarter End | TDS Return Due Date | TCS Return Due Date |
| 30th June of the Financial Year | 31st July | 15th July |
| 30th September of the Financial Year | 31st October | 15th October |
| 31st December of the Financial Year | 31st January | 15th January |
| 31st March of the Financial Year | 31st May | 15th May |
There has been confusion in recent days post amendment in TDS return dates that the TCS return dates has been changed too. In view of the above all the stakeholders are advised to adhere to the due dates for TCS return i.e. 15th July 2016 for quarter ended 31st June 2016 to avoid any late filing fees.
Category : Income Tax | Comments : 0 | Hits : 1436
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Very Important Income Tax Update regarding Micro and Small Enterprises Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky. If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability. Therefore...
Comments