What is withholding Tax ( In India)
This query is : Resolved
04 July 2022
what is withholding Tax , What is form use to pay withholding Tax and what is due date to pay withholding Tax.
04 July 2022
Withholding tax is also known as Retention tax. As per the Income Tax Act, under section 195, it is obligatory for the payee, who is the person responsible to make a payment, to deduct the tax at the time of payment or at the time of crediting the payment in the account of the Non-Resident Individual.
11 July 2022
In addition, some snapshot from FAQ...
What is the Withholding tax payment due date?
A. The withholding tax that is deducted is to be paid by the 7th day of the month in which withholding tax has been deducted except for March for which the due date for payment of withholding tax is 30th April.
Q What are the Withholding Tax returns filing due date?
The returns are filed quarterly, and it includes details about every payee and tax deducted for that quarter.
Following is the table stating the dates of filing the returns.
Form 24Q and 26Q Form 27Q Form 27EQ1st Quarter (April-June) 15th July 15th July 15th July2nd Quarter (July-Sep) 15th Oct 15th Oct 15th Oct3rd Quarter (Oct-Dec) 15th Jan 15th Jan 15th Jan4th Quarter (Jan-March) 15th May 15th May 15th May.
Q. Withholding Tax Certificate
It is to be given by the payer to the payee for every quarter.
This withholding tax deduction certificate can be obtained online by downloading it from the TRACES website.
What is the Withholding tax payment due date?
A. The withholding tax that is deducted is to be paid by the 7th day of the month in which withholding tax has been deducted except for March for which the due date for payment of withholding tax is 30th April.
Q What are the Withholding Tax returns filing due date?
The returns are filed quarterly, and it includes details about every payee and tax deducted for that quarter.
Following is the table stating the dates of filing the returns.
Form 24Q and 26Q Form 27Q Form 27EQ1st Quarter (April-June) 15th July 15th July 15th July2nd Quarter (July-Sep) 15th Oct 15th Oct 15th Oct3rd Quarter (Oct-Dec) 15th Jan 15th Jan 15th Jan4th Quarter (Jan-March) 15th May 15th May 15th May.
Q. Withholding Tax Certificate
It is to be given by the payer to the payee for every quarter.
This withholding tax deduction certificate can be obtained online by downloading it from the TRACES website.
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