Instabill - GST Invoice, Payment & Inventory Software
Due Date of TDS payment for FY 2017-18 last quarter has approached
Tax compliance is one of the most integral and inescapable requirements in every business. As a matter of fact, tax obligation is the foremost liability for every business entity. This is the reason why most companies stick to the deadlines related to payment of income tax and other taxes and deduction of tax at source, called as TDS.
In this regard, it’s worth knowing that the due date for payment of TDS has arrived. It is 30th April 2018 for the month of March 2018.
#1. What is TDS?
The concept of Tax Deduction at Source (TDS) is governed u/s 190 of the Income Tax Act 1961. According to this concept, any entity who is liable to make payment of tax amount on the behalf of any other person referred to as deductee shall deduct the amount of tax at source from the deductee’s account as a deductor and remit the same into the account of Central Government within a prescribed time. This process is known as Tax Deduction at Source.
#2. Who is the tax deductor?
Depending upon the type of transaction, the deductor can be an employer, owner of a company, a property owner, or any other person who is supposed to Tax at source.
#3. What is the deadline for payment of TDS?
The due date for the payment of TDS amount is 7th of next month of every month. The due date for filing TDS return online is May 31, 2018, for the last quarter of the financial year 2017-18 (i.e. January-March, 2018).
#4. What if TDS is not paid on time?
According to the act, if a person fails to pay TDS if he is supposed to do so, then he will be deemed as an assessee, which means that he will have to incur the tax liability. In such case, interest will be charged on TDS @ 1.5% for every month after the due date.
If you need any assistance related to TDS filing online, feel free to contact us at 8881-069-069.
