NEW DELHI: The Income Tax Department (ITD) on Friday warned entities deducting tax at source to adhere to the May 31 deadline for filing their statements, failing which they would have to pay a penalty of Rs 200 for each day of default.
“Attention tax deductors. The last date to file Tax Deducted at Source (TDS) statement for the January-March quarter is May 31... For delay in filing TDS statement, you pay a fine of Rs 200 for each day of default,” the Income Tax department cautioned in an advertisement published in leading national dailies on Friday.
As per income tax rules, TDS is to be deducted by the deductor (employer) from the salary of the employee and has to be filed every quarter or in three months time with the tax department.
“Non-quoting of PAN or TAN in TDS statement may lead to levy of penalty,” the advertisement further warned.
It also said that the deductors who have deducted the tax and have not deposited it by the due date must do so “immediately” and asked all deductors to register themselves at the official website of the ITD (https://www.tdscpc.gov.in).