Return of withholding tax
|
Period of deduction or collection at source |
Withholding tax return |
Last date of filing |
|
1 July to 31 December |
First return |
31 January of the relevant financial year |
|
01 January to 30 June |
Second return |
31 July of the next financial year |
Time limit for payment of tax deducted at source [Rule – 13] Rule – 13 has been replaced amending the time limit for payment of tax deducted or collected at source to the credit of the Government. The amended timeline is stated below –
|
Time of deduction or collection |
Date of payment to the credit of the Government |
|
July to May |
Within 2 weeks of the following month |
|
1 June to 20 June |
Within next 7 days |
|
21 June to 28 June |
Next day |
|
29 June and 30 June |
Same Day |
|
|
|
Consequence of
failure to deduct, collect or deposit tax at source [Section – 57] Section
– 57 has been replaced restructuring the failures related to deduction of tax
at source and relevant consequences. A summary of such failures and the
relevant consequences are given below –
|
Failure |
Payment of default / Amount on which additional amount will be calculated |
Period for which additional amount of 2% per month has to be paid |
|
Failure to deduct or collect tax at source |
The amount of tax required to be deducted or collected |
From the due date of the deduction / collection to the date of the payment of the amount to the credit of the Government |
|
Deduction or collection of tax at a lesser rate or in lesser amount |
The amount of shortfall |
From the due date of the deduction / collection to the date of the payment of the amount to the credit of the Government |
|
Failure to pay the deducted or collected amount or part of it to the credit of the Government |
The amount or part of it which has not been paid to the credit of the Government |
From the date of deduction or collection to the date of payment of the amount to the credit of the Government |
