TDS payment and return filing due date extended

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Due to the Covid-19 pandemic, the CBDT has issued the notification for For filing of belated tax returns and revised return for the assessment year 2020-21, which was required to be filed on or before 31 March 2021, the extra time has now been given till 31 May 2021. In this article, we will discuss TDS payment and return filing due date extended.

TDS payment and return filing due date extended

The Central Board of Direct Taxes (CBDT) on Saturday gave taxpayers and consultants extra time to make several statutory filings and, in several cases, for depositing tax deducted at source (TDS), given the challenges they are facing due to devastating second wave of the coronavirus pandemic.

The extra time has been given for filing tax returns in answer to a notice, filing appeals to commissioners, and raising objections on orders of dispute resolution panels, according to an official statement.

Now, the Taxpayers can make TDS filings/payments, for which the due date was 1 April 2021 or later, till the end of May 2021 or within the date specified in the law or in the notice published, whichever is later.

TDS Due date falls between April 2021 – May 2021

  • March 2021 TDS Payment Due date was 30 April
  • Q4 Jan-March 2021 TDS Return due date was 31 May
  • April 2021 TDS payment due date is 7th May 2021

Now all above due date extended to 31st May 2021

For TDS compliance by persons getting payment in property transactions, the due date has now been extended from 30 April to the end of May. This applies to both remitting the deducted taxes to the government and filing the required tax statement. There is a 1% TDS claim in property transactions.

In the case of rent payment above Rs50,000 a month, there is a 5% TDS requirement. In such cases, the due date for making payment to the government and filing the statement has now been extended from 30 April to the end of May. Also, similar relaxation in due date has been given in the case of work contracts, including the supply of labor for bringing out any work.

If you want any other guidance related to Income Tax Return filing  or TDS Return Filing please feel free to talk to our business advisors at 8881-069-069.

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