Private sector employees must file TDS till July 15, says I-T department

Private sector employees must file TDS till July 15, says I-T departmentThe Income Tax department of the government of India has asked the private sector employees in the country to e their tax deducted at source (TDS) statement for the first quarter till June 30 before July 15.

The government employees are required to file their TDS statement on or before July 30, according to statement by the finance ministry. The finance ministry has asked the taxpayers to file quarterly tax deduction at source (TDS) statement on time to avoid penalties.

"All deductors other than government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before July 15, and government deductors must file their statement on or before July 30, 2012," the statement said.

The ministries have also said that all the deductors will have to choose from the relevant form and quote correct Permanent Account Number (PAN) against all entries. The statement has said that those who delay the filing or fail to include a PAN or TAN in filing, will face a heavy penalty.

TDS certificates for deductions on income other than salary income will be issued on or before July 30, 2012, the statement said.