Changes in TDS provisions

In order to bring uniformity and to give Deductors sufficient time for filing TDS/TCS statements CBDT in its notification has amended TDS Provisions w.e.f 1st June 2016.

Here are the changes notified:

1. Due date for filing TDS statements (Form24Q/26Q/27Q)has been made uniform across Government and Non-Government Deductors, following are the amended due dates:

Sl. No            Date of ending of quarter of financial year Due Date
1 30th June 31st July of the financial year
2 30th September 31st October of the financial year
3 31st December 31st January of the financial year
4 31st March 31st May of the financial year immediately following the financial year in which the deduction is made

2. TDS challan Payment on Sale of Immovable Property (194-IA) can now be paid within 30 Days from the end of the month in which the transaction is made. Currently the time limit is only 7 days.

3. Time limit for filing statement in Form24G has been changed as follows: TDS

a. Statement for the month of March: On or before 30th April

b. In any other case: 15 days from the end of the relevant month

4. A new Form 12BB is introduced, for furnishing evidence of claims by Employees to the Employer for computing TDS u/s 192. (For detailed format please click on the Notification link provided below)

5. In Form 24Q, while reporting Annexure-II (Salary Income Details), provision for quoting Name and PAN of the Land Lord is made for employees claiming House Rent Allowances in excess of Rupees One Lakh.

Also provision to quote Name and PAN of the Lender is given, in case employee claims Deduction of Interest paid on Housing Loan.

Please note: The due date for filing TDS Returns pertaining to Quarter-4 of FY 2015-16 still remains 15th May 2016. All Deductors are required file their FY 2015-16 Q4 TDS Statements before May 15 2016.