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Income Tax RelatedAmendment in TDS RulesAmendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules which are applicable to the month of March and to the Quarter ended 31st March 2011 are as follows: (i) Time limit for deposit of TDS for the entire month of March will be 30th April 2011 instead of two separate time limits i.e 7th April for TDS up to 30th March and 31st May for TDS as of 31st March. (ii) Non-salary TDS certificates will need to be issued on quarterly basis (instead of monthly or annual basis) (iii) Time limit for filing quarterly TDS statement for last quarter of FY is advanced to 15th May instead of 15th June. As can be seen from the above that the time limit for deposit of TDS deducted during the month March 2011 (i.e. on payment basis OR on provision entries made at the year end) shall be April 30th 2011 as against the due date of 7th April and 31st May. Please note that failure to deduct TDS attract (i) disallowance ofexpenditure u/s. 40(a)(ia) on which TDS not made while computing income under normal provisions; (ii) Levy of interest under section 201 (IA) at the rate of One and Half Percent or part of the month forthe period of delay in deduction and/or deposit of TDS (iii) Levy of Penalty under section 271C for failure to deduct TDS. ~ ngoportal |
