In this context section 10 of the General Clauses Act, 1897 comes to rescue to the income tax return filers. The learned CIT(A) allowed the appeal of the assessee and held that the date of presentation of the cheque should be taken as the date of payment, since admittedly in this case, cheques were honoured. What is a deposit dispute? (b) the word "tax" shall have the meaning as assigned to it in clause (43) of section 2 of the Act and shall include interest and penalty. Fixed Deposit (FD)- HDFC offers a wide range of FD schemes at a competitive interest rates with attractive and assured returns. Tenancy Deposit Scheme (TDS) - 0300 037 1000. 4) Under the TDS financial year tab, select either 'Live accounts', or 'Closed account' if the fixed deposit has matured during the financial year 2019-20. 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. 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. In other words, what shall be the due date of filing of return if the due date falls on a day which is public holiday or Sunday. There is no restriction imposed on filing of return on a holiday or in non-working hours. With TDS Insured, we can only accept disputes up to three months after the end of the tenancy. 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. Mydeposits - 0333 321 9401. The above discussion when the manual paper-based filing of return of income was in vogue. Following reason are available. The concept of TDS was introduced with an aim to collect tax from the very source of income. When does the prescribed information need to be re-issued? In case of such failures, generally, CBDT extends the due date. (b) a person (other than a company), to whom the provisions of section 44AB are applicable. The Assessing Officer levied interest for delay in the making of payment u/s 201(1A) and passed an order u/s 201(1) of the Income Tax Act, 1961. With TDS Custodial there is no deadline within which to start the repayment process. 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. The only exception is given to a very senior citizen who is aged 80 years and above and file return of income in ITR-1 (Sahaj) or  ITR-4 (Sugam). © 2021 The Dispute Service Limited, All Rights Reserved. (a) "pay tax electronically" shall mean, payment of tax by way of—, (i) internet banking facility of the authority bank; or. What to do if you can't find your 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. For the cost of just one week’s rent, tenants can purchase a Zero Deposit Guarantee instead of a traditional deposit. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses. Section 139(1) of the Income Tax Act, 1961 requires every person, be it an individual, a firm, a company, etc. 639 dated 13.11.1992. Since the learned CIT(A) did not deal with these issues, the Tribunal deemed it fit and proper to restore the matter to the file of CIT(A) for denovo consideration. 797. 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. The tenancy is protected under TDS deposit protection until its end. Aggrieved with the order, the assessee filed an appeal before the first appellate authority. There will not be any interest or penal consequences. In this case, the assessee is a company and has physically remitted the TDS amount for the month of March 2009 on 8th April, 2009 against the due date of 7th April, 2009 and the day was a public/bank holiday on account of Mahavir Jayanti. The scheme operated only for a few months and stopped accepting new deposits from 14 September 2013. Secondly, section 10 of the General Clauses Act, 1897 does not make any distinction between the online and manual filing of return. The assessee also relied upon the Board’s Circulars no 676 dt 14/01/1994 and 639 dated 13/11/1992. It will not be necessary for the assessee to make payment of taxes from his own account in an authorized bank. The 30th and 31st October, 2004 being holidays (Saturday and Sunday), the Income tax authorities are hereby directed to make arrangements for accepting returns of income on 30th and 31st of October, 2004. 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. This is because technical failures are not the closure of offices. Therefore, from the above discussion it appears that in the era of e-filing or online filing of returns, one can file the return of income even on a holiday or Sunday and despite the Board’s Circular of this effect, the same will be of little help more particularly in cases where the online filing of return is compulsory. No TDS is deducted on either Time Deposit (FD) or Recurring Deposit (RD) made with a post office. We will then issue the report and pay the disputed money accordingly. Q15: Is there any Threshold limit for TDS on NRO deposit interest? Terms and Conditions for Citibank Deposit Variants ... amount of the deposit • TDS once applied shall not be reversed or adjusted on any pre-closure/part closure of deposits or on submission of Form 15/reduced TDS rate instruction. 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. Similar is the issue in case of payment of advance taxes and TDS payment due dates. At that time a one had to physically visit the jurisdictional Income Tax Office to file his return of income. 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. If customer wishes to have TDS recovered from CASA, same can be availed by filling separate declaration at branch. Further, TDS is recovered at the end of the financial year on Interest accruals if applicable. 5/2008 dated 14.07.2008, that a taxpayer can make electronic payment of taxes from the account of any other person. should be provided to the Bank for deposits. Order U/s 119(1) of the Income Tax Act, 1961, The last date for filing of return within the meaning of Explanation 2(c) to Section 139(1) of the Income Tax Act, 1961 had been extended from 31st July, 2004 to 31st October, 2004. When tenancies come to an end there are sometimes disagreements over who receives the deposit. 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. Tds adjudicator, Download the how to present your case to a TDS adjudicator, the! Wide range of FD schemes at a competitive interest rates with attractive and assured returns failures... 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