Wednesday, April 6, 2011

Due date to deposit TDS deducted/provision in March,2011 is 30.04.2011

on Wednesday, April 6, 2011

Due date to deposit the tax deducted on amount/Income paid in March 2011 and Tax deducted on provisions created in March 2011 is 30.04.2011. This is as per notification 41/2010 dated 31.05.2010(download complete notification from link given at the end)

Old rule :Many people have a doubts regarding the due date for tds payment in March month. In old rules due date for tax deducted in month of march was 7 April and date to deposit tds deducted on provision on last day of financial year was 31.05 of next financial year. 

but the these rule has been amended and as per latest rule for tds deducted in march 2011 ,due date to deposit tax is 30.04.2011.(read text in red in rule 30 Given below)

So enjoy for next three weeks and deposit tax on or before 30.04.2011.

New rule is reproduced here under.

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub­ section (1A) of section 192.  

Rule :30.                                                           

(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

(a)  on  the  same  day  where  the  tax  is  paid  without  production  of  an  income‐tax challan; and 
  • (b) on or before seven days from the end of the month in which  the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.   

(2)  All  sums  deducted  in   accordance  with   the   provisions  of   Chapter XVII‐B by deductors other  than  an  office  of  the  Government  shall  be  paid  to  the  credit  of  the  Central Government ‐ 
  • (a)  on or before 30th  day of April where  the  income or  amount  is  credited or paid in the month of March; and 
  • (b)  in any other case, on or before seven days from the end of the month in which‐  
    •    (i)  the deduction is made; or  
    •   (ii)  income‐tax is due under sub‐section (1A) of section 192.

(3)    Notwithstanding  anything  contained  in  sub‐rule  (2),  in  special  cases,  the  Assessing Officer  may,  with  the  prior  approval  of  the  Joint  Commissioner,  permit  quarterly payment  of  the  tax  deducted  under  section  192  or  section  194A  or  section  194D  or section  194H  for  the  quarters  of  the  financial  year  specified  to  in  column  (2)  of  the Table below by the date referred to in column (3) of the said Table:‐

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  1. If a TDS deducted on 31ST march & same is deposited in May then interest will be charged for how many months?

    1. two months interest @ 1.5 % per month ,total 3 %