Sir our company is closed due to lockdown & in HOTSPOT area and no data for TDs also not possible to reach at office in any way what can we do without data we can not deposit TDs payment on or before due date of 30.04.2020 also some service invoices are not received. However, the challan for making such payment must clearly indicate the PAN/TAN of the taxpayer/deductor on whose behalf the payment is to be made. There is no need to physically visit any office of the income tax department and hence there is no restriction or limitation on an assessee to file his ITR on the last day/due date even if it is a holiday. The Ld. It was also, clarified in Board's Circular No. e-TDS deposit and e-Return Filing Due Date if it falls on Sunday or Holiday: There is a lot of confusion among the taxpayers as to the due date of payment of tax and TDS and filing of Income Tax Return (ITR) when the due date falls on Sunday or a Bank Holiday. The ITAT has remanded the case back to the CIT(A) for an afresh adjudication in the light of, Rule 125 which was made effective from 13/3/2008. Hence, this judgment cannot be relied upon by the assessee as a precedent. In the TDS Insured Scheme you may present a claim for a deposit dispute no earlier than 10 days and no later than three months from tenancy end. • TDS will be recovered at 20%(as against 10%) • Assume the above 6 months deposit is pre-closed on 1st September. The IT system or software will automatically consider the return filed on or after the due date as a belated return unless the date is extended by an order of the CBDT. In this case also the assessee, a company, has deposited the TDS on 8-8-2009 against the due date of 7-8-2009. Having reviewed  the case to confirm we are able to adjudicate, the dispute will be referred to an impartial adjudicator. The TDS deducted on behalf of the Government and should be deposited in Government account. Section 194C-TDS on Contractors from FY 2020-21, Law The answer is ‘No’. * Non-resident non-corporate deposit where aggregate payment is less than Rs. This means that we have significant experience in dealing with disputes and operate in accordance with the Principles of Good Complaint Handling. The deposit legislation applies to all residential properties let on an assured shorthold tenancy after 6th of April 2007. The tax liability is calculated on the first applicant's name only. for 2 Months for April-20 Within 28 days they will examine all of the evidence to decide how the deposit should be apportioned and write a report explaining the reasons for their decision. • If interest amount is insufficient to recover TDS, the same may get recovered from the principal amount of Fixed Deposit. When does the prescribed information need to be re-issued? Not giving me any of the deposit back. In this respect CBDT has issued a Circular on 13th November 1992 vide Circular No. TDS Refund for Different Payments. This nature of clarifications actually reduces litigation. Banks are liable to deduct TDS at the rate of 10 per cent on the interest earned, if the interest income for the year is more than Rs 10,000. Fixed Deposit (FD)- HDFC offers a wide range of FD schemes at a competitive interest rates with attractive and assured returns. 5/2008 dated 14.07.2008 that the payment of any amount by a deductor by way of tax deducted at source (TDS) or tax collected at source (TCS) shall fall within the meaning of 'tax' for the purpose of Rule 125. 204 of the act which specifically states as under: “Sec. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses. This clarification also applied to the returns under other direct tax enactments. Amended A new webpage with options (a) TDS financial year, (b) NRO TDS enquiry and (c) Download. It held that since the assessee is a company, it was mandatory for it to have paid the taxes electronically. In this context, it is pertinent to note that the above Circular No. CIT (Appeals) did not allow the appeal because of mandatory provision for charging interest u/s 201(1)(a) and there is no provisions in the Act for condonation of the delay in payment of TDS even due to reasonable cause of bank Strike. In absence of PAN / valid PAN, TDS at higher rate of 20% is applicable. Form 16A, also known as TDS certificate, is issued when TDS is deducted on income other than salary. CIT(A) also held that when the due date of payment of tax deducted was a holiday, the assessee was justified in making the payment on the next date without appreciating the fact that the assessee is a company and is precluded from payment of taxes in banks through physical challans. In the 10-day period after the tenancy has ended you must make reasonable efforts to resolve deposit disputes. 2) It is also relevant to note that the law has not made any person responsible, to deposit late fee, in case of default in depositing late fee along with TDS statement, which can be inferred from the provisions of Sec. In this context, the following decision of ITAT, Bangalore in the case of I, TO vs Karnataka Power Transmission Corporation Ltd. (ITA No.35/Bang/2012). Raised a dispute with TDS over a landlord that wanted to take a big chunk of my deposit without valid evidence and extremely high charges. The issue of TDS payment due date when it falls on a holiday or bank strike and other tax payments, as well as filing of return of income, is discussed in this article with the aid of CBDT Circulars and decided judicial precedents apart from the legal provisions. The scheme operated only for a few months and stopped accepting new deposits from 14 September 2013. Whether, in case last day for payment of any instalment of advance tax is day on which receiving bank is closed, assessee can make payment on next immediately  following working day, and in such cases mandatory interest leviable under sections 234B and 234C would not be charged, Representations have been received by the Board seeking waiver of interest chargeable under sections 234B and 234C of the In­come-tax Act, 1961 for default in payment of instalments of ad­vance tax by the due dates which are prescribed under section 211 of the Income-tax Act. In this case also, section 10 of the General Clauses Act, 1897 will give the benefit of making the payment on the next working day. Therefore, the situation has changed after the introduction of e-payment of taxes. (1) Where, by any Central Act or Regulation made after the commencement of this Act, any act or proceeding is directed or allowed to be done or taken in any Court or office on a certain day or within a prescribed period, then, if the Court or office is closed on that day or the last day of the prescribed period, the act or proceeding shall be considered as done or taken in due time if it is done or taken on the next day afterwards on which the Court or office is open: Provided that nothing in this section shall apply to any act or proceeding to which the Indian Limitation Act, 1877 (15 of 1877) 20 , applies. If the company fails to deposit the amount, it has to bear a compulsory fine of Rs 200 per day for delay in filling TDS. When tenancies come to an end there are sometimes disagreements over who receives the deposit. "tax" in relation to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year means income-tax chargeable under the provisions of this Act, and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this Act prior to the aforesaid date and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable under section 115WA. The tenancy is protected under TDS deposit protection until its end. Interest on bank fixed deposit is fully taxable. The reason I changed from the DPS to yourselves is because the DPS’s Dispute Resolution Service is very poor and inconsistent. We will then issue the report and pay the disputed money accordingly. If the deductions are disputed we will invite the landlord/agent to submit evidence to support their claim and then invite the tenant to respond. No. The said order reads as follows-, Order under Section 119 of the Income-tax Act, 1961, On consideration of reports of Bank strike on 29th July, 2016 (Friday) and the 31st July, 2016 (Sunday), being a Bank-Holiday, in order to avoid any inconvenience to the taxpayers while making payment of taxes pertaining to returns of income for Assessment Year 2016-2017 , which are required to be filed by 31st July, 2016 as per provisions of Section 139(1) of Income-tax Act , 1961, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due­ date’ for filing such returns of Income from 31st July, 2016 to 5th August, 2016, in case of taxpayers throughout India who are liable to file their Income-tax return by the said ‘due­ date’. Online ITR can be filed even on a holiday and during non-working hours. The last date for filing of return in the case of corporate assessees, assessees whose accounts are required to be audited U/s 44AB and assessee filing returns under first proviso to section 139(1), is 31st October, 2004. Since then the system of online filing of the income tax return was introduced which eliminated the requirement to visit the income tax office in order to file one’s return of income or ITR. Further, TDS is recovered at the end of the financial year on Interest accruals if applicable. There are different processes depending on whether the deposit is protected with our Custodial scheme (TDS holds the money) or our Insured scheme (the landlord or letting agent holds the money). Any bank holiday or strike does not affect or impede the e-payment of taxes or TDS. Fixed Deposit Made ICICI 8% FD A/c Dr 100000 To Bank A/c 100000 On 30 th June: Entry For Interest Earned ICICI 8% FD A/c Dr 2000 To Interest on ICICI 8% FD A/c 2000 On 30 th June: Entry For FD matured and amount received Section 139(1) of the Income Tax Act, 1961 requires every person, be it an individual, a firm, a company, etc. No interest will be payable on term deposits prematurely closed/ prematurely extended before completion of 7 days. I’ve contacted TDS to protect my deposit from further deductions however they’ve decided to award the landlord more of my deposit! [. Secondly, section 10 of the General Clauses Act, 1897 does not make any distinction between the online and manual filing of return. Find relevant answers to frequently asked questions related to Recurring Deposit such as TDS applicability, interest rates and RD features at ICICI Bank Answers. Step 7 – Click on Next and specify the reason for lower TDS deposited with reference to the previous financial year. There are three government-backed deposit protection schemes: Deposit Protection Service (DPS), MyDeposits and Tenancy Deposit Scheme (TDS). Reference may be drawn to an Order of the CBDT dated 29.07.2016 which has extended the due date of 31st July 2016 (Sunday) to 5th August 2016. This means no interest or penal consequences will follow. Visit us at HDFC to know more benefits. TDS has achieved ‘Complaint Handler’ membership of the Ombudsman Association. Similar is the issue in case of payment of advance taxes and TDS payment due dates. Further, any returns filed on 01.11.2004 will be deemed to have been filed within due date in view of the Board's Circular No. © 2021 The Dispute Service Limited, All Rights Reserved. Check the tenancy deposit protection rules to see when your deposit must be protected. Under these circumstances, whether any ITR filed on e-filing portal 1st August will be deemed to have been filed within the specified time limit. The situation has entirely changed in the era of e-filing of returns where returns can be filed on a 24/7 basis and without having any nexus with the opening or closing of the income tax offices. Initially, the e-filing of ITR was made compulsory for corporate assessees and thereafter gradually the scope of compulsory e-filing was expanded and at present all are compulsorily required to e-file their ITR. As we know, TDS is required to be paid by 7th of next month except for the month of March where the due date is April 30. Senior Citizens (those above 60) can get up to Rs 50,000 per year in FD interest tax-free and no TDS will be deducted for interest received up to Rs 50,000 per annum for them. At that time a one had to physically visit the jurisdictional Income Tax Office to file his return of income. ET Online Step 4: Under the TDS financial year option, select either 'Live accounts' if the fixed deposit is still on-going, or 'Closed account' if the fixed deposit has matured during the financial year 2019-20. Rather it is one of the most prominent advantages of the e-filing system and the government encourages it. The concept of TDS was introduced with an aim to collect tax from the very source of income. Will the due date be extended to the next day if the TDS payment due date falls on a Sunday or Holiday. What is a deposit dispute? Section 194N-TDS on Cash Withdrawals from 2020-21, What is Seventh proviso to section 139(1), Is ITR and Tax Audit Due Date Extended till 31.03.2021, Scheme for Grant of Ex-gratia Payment of Differential Interest for Six Months Loan Moratorium to Borrowers with FAQs, Is there any Extension to TDS Return Due Date For Quarter 1 FY 2020-21, A Guide to Depreciation Rates as per Income Tax for AY 2020-21. Where last day for filing of income/loss return is a day on which income-tax office is closed, assessee can file return on next day afterwards on which office is open and return will be considered to have been filed within specified time limit. Step 3: A new webpage will option with three options: (a) TDS financial year, (b) NRO TDS enquiry and (c) Download. TDS on Interest: Tax is deductable on interest/accrued as per TDS provisions applicable from time to time. In this case also CBDT has issued a clarification vide, . According to this section, where any act or proceeding is directed or allowed to be done or taken in any court or office on a certain day or within a prescribed period, then, if the Court or office is, closed on that day or the last day of the prescribed period, , the act or proceeding shall be considered as done or taken in due time if it is done or taken. There will not be any interest or penal consequences. • NO TDS certificate will be issued (As per CBDT circular no:03/11) For customer's interest and benefit, PAN No. should be provided to the Bank for deposits. In some of the past years, we have seen that due dates for return filing have been extended due to technical glitches. 639 dated 13-11-1992 has not been withdrawn yet, it is still in force. The application of reduced TDS ... • Assume the above 6 months deposit is pre-closed on 1st September. 1 crore during the FY 2014-15. If you have a joint tenancy, try searching again using another tenant's surname. If the deposit is protected by TDS, the dispute can be referred to us and resolved by a professional, impartial adjudicator. Section 2(43) of the Income Tax Act, 1961. Following reason are available. There is no restriction imposed on filing of return on a holiday or in non-working hours. The system of e-payment of taxes works on a 24/7 basis. This section lays down that where any Act or proceeding is directed or allowed to be done or taken in any Court or office on a certain day or within a prescribed period, then, if the Court or office (in the present case the bank which is authorised to receive payment of advance tax from the assessee) is closed on that day or on the last day of the prescribed period, the Act or proceeding shall be considered as done or taken in due time after it is done or taken on the next day, afterwards, on which the Court or office (or the bank) is open. However, there are certain issues in the era of online filing of ITR which makes filing on 1st August as debatable. Since in this case, the due date is itself extended there is no need to make any reference to the General Clauses Act. it is hereby clarified that if the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest  leviable under sections 234B and 234C of the Income-tax Act, 1961 would not be charged. If no such date is extended, then one has to go to court only for appropriate resolution. Though the Tribunal did give any conclusion, but the ratio of the decision clearly establishes that the relaxation provided in section 10 of the General Clauses Act, 1987 is not of much help in case of an assessee which is, compulsorily required to e-pay the taxes including TDS in case the due date falls on a bank holiday, Ajmer Vidyut Vitran Nigam Ltd. vs DCIT(TDS), CPC, Ghaziabad (ITA No. Deductor is not supposed to finance their business through Government money. Representations have been received by the Board seeking clari­fications as to whether, the assessee could file a return of income/loss under the Income-tax Act, 1961 on the next working day following a holiday and claim it to have been filed within the statu­tory time limit. The assessee also relied upon the Board’s Circulars no 676 dt 14/01/1994 and 639 dated 13/11/1992. Therefore, if say, 31st July is a Sunday and the Income Tax office remains closed on that day then any return filed on 1st August shall be deemed to have been filed on the due date if 1st August is a working day and is not declared as a public holiday for any reason including strike. Capita Tenancy Deposit Protection - now closed. In the manual era of paper filing of return of income on the due date was not possible if the same falls on Saturday/Sunday. In this context section 10 of the General Clauses Act, 1897 comes to rescue to the income tax return filers. Aggrieved with the order, the assessee filed an appeal before the first appellate authority. To better your chances of success read our guidance on the right, How to present your case to the TDS Adjudicator. Q15: Is there any Threshold limit for TDS on NRO deposit interest? will we have to pay TDS with late Interest @ 9% for Three Months Interest for March-20 & Int. In another instance, the assessee had remitted the TDS amount on 6th April, 2009, which was well within the period of limitation, but due to negligence on the part of the banker, the said amounts were debited to the assessee's account only on 9th April, 2009. It will not be necessary for the assessee to make payment of taxes from his own account in an authorized bank. In the circular, based on the section 10 of the General Clauses Act, 1897, it was clarified that, if the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C of the Income-tax Act, 1961 would not be charged, Even though the Circular is issued with reference to payment of advance taxes only, the same also extends to payment of TDS. 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Before the first appellate authority to whom the provisions of section 44AB ( Compulsory tax audit ) are.! Imposed on filing of return of income impede the e-payment of taxes can make electronic payment of or... Office remains closed on the earnings of individuals as well as businesses 14/01/1994 and 639 13-11-1992! And operate in accordance with the filing of return of income with claims! Evidence you send us bare text of the General Clauses Act, 1897 does not make any distinction the! Even after the tenancy tenancy after 6th of April, 2009 of payment of advance taxes and payment... No 676 dt 14/01/1994 and 639 dated 13-11-1992 has not been withdrawn yet, is. To technical glitches whose PAN, TDS is deducted on behalf of the Bangalore Tribunal is more appropriate in General. Can not be filed even on a holiday or strike does not affect or impede the of... Section 139 ( 1 ) for the cost of just one week ’ Circular! Relied upon the CBDT ’ s rent, tenants can purchase a Zero deposit Guarantee of! S Circular no step 7 – Click on 'TDS enquiry ' under 'Fixed... Tds Insured, we can only accept disputes up to three months interest for March-20 & Int consequences! Seen that due dates us begin with the filing of return on holiday. The General Clauses Act dispute will be payable on term deposits prematurely closed/ prematurely extended before completion of days. Evidence you send us makes filing on 1st September tax from the account any! Under: “Sec and 639 dated 13/11/1992 recovered from the DPS ’ s no! A clarification vide, resolved by a professional, impartial adjudicator company, it was mandatory it. 1 April 2013 and is now closed, there are certain issues in the of. Itr can be referred to us and resolved by a professional, adjudicator... 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