Relief for taxpayers! TDS/TCS filing for Q1 FY 23-24 extended to Sept 30th. More time to breathe & file!
Pursuant to Section 119 of the Income-tax Act, 1961, and Circular No. 09/2023, the CBDT has extended the filing deadline for Q1 FY 2023-24 TDS/TCS statements. Forms 26Q and 27Q (TDS) and 27EQ (TCS) due dates are revised from 31 July and 15 July respectively, to 30 September, 2023. Lets have a look at Extension of Due Date for Filing TDS/TCS.
No Extension for Form No. 24Q and Other TDS Statements in CBDT Order
Please note that the extension of the filing deadline in Circular No. 09/2023 does not extend to Form 24Q (salary TDS) or Forms 26QB, 26QC, and 26QD. The original due date of July 31st, 2023, for Form 24Q remains unchanged.
TDS Statements Filing Guidelines:
- Obtain TAN (Tax Deduction Account Number): Mandatory for filing TDS returns.
- Choose correct form: Select the appropriate form based on the nature of TDS deducted.
- Gather information: Collect details of deductees, TDS amounts, payment dates, challan numbers, etc.
- Prepare statement: Fill in the form accurately, ensuring consistency with challans.
- Verify and submit: Thoroughly check the statement before filing it electronically through the TRACES portal.
TDS Certificates Issuance Process:
- Generate Form 16/16A: Use the TRACES portal to generate the certificate after filing the TDS statement.
- Download and issue: Download the generated certificate and issue it to the deductee.
- Due dates for issuance:
- Form 16 (salary): Within 15 days of filing Form 24Q
- Form 16A (non-salary): Within 15 days of the due date for filing the relevant TDS statement
The due dates for filing TDS statements in Form No. 26Q are as follows:
| Sl. No. | End Date of Financial Quarter | Due Date for Filing TDS Statements (Form No. 26Q) |
| 1 | June 30th | July 31st of the financial year |
| 2 | September 30th | October 31st of the financial year |
| 3 | December 31st | January 31st of the financial year |
| 4 | March 31st | May 31st of the following financial year |
Time Limits for Issuing TDS Certificates
Form 16 (Salary):
- Issued within 15 days of filing Form 24Q (quarterly TDS statement for salary income).
Form 16A (Non-Salary):
- Issued within 15 days of the due date for filing the relevant TDS statement (e.g., Form 26Q, 27Q).
Forms for Furnishing TDS Statements:
- Form 24Q: For TDS on salary income
- Form 26Q: For TDS on most other incomes (excluding those covered by specific forms)
- Form 27Q: For TDS on certain specified payments (e.g., rent, interest, commission)
- Form 27EQ: For TCS (Tax Collected at Source)
Quarterly TDS Statements:
Due Dates for Filing:
| Quarter Ending | Due Date |
| June 30th | July 31st |
| September 30th | October 31st |
| December 31st | January 31st |
| March 31st | May 31st |
Certificate Formats for Deduction of Tax at Source
- Use Form 16 for salary-related TDS (tax deducted at source) or tax payments made by an employer on behalf of an employee.
- Use Form 16A for TDS on other income types, such as interest, rent, or commission.
- These forms are mandated by Rule 31(1) of the Income Tax Act.
TDS Certificates Issuance Deadlines:
- Form 16: Within 15 days of filing Form 24Q (quarterly TDS statement for salary income)
- Form 16A: Within 15 days of the due date for filing the relevant TDS statement (e.g., Form 26Q, 27Q)
- Form 27D: Within 15 days of the due date for filing Form 27EQ (quarterly TCS statement)
Due Dates for Issuing TDS Certificates (Considering Extension for Q1 FY 2023-24):
| Certificate | Original Due Date | Extended Due Date (Q1 FY 23-24) |
| Form 16 | August 15th, 2023 | September 15th, 2023 |
| Form 16A (for Form 26Q/27Q) | August 31st, 2023 | October 15th, 2023 |
| Form 16A (for Form 27EQ) | August 15th, 2023 | September 15th, 2023 |
FAQ
Why has the due date been extended?
The Central Board of Direct Taxes (CBDT) has extended the due date to provide relief to taxpayers and ease compliance burdens. The specific reason for the extension hasn't been officially stated.
What is the new extended due date, and how does it impact filers?
The revised due dates are:
- TDS statements in Form 26Q and 27Q: September 30, 2023 (previously July 31st)
- TCS statement in Form 27EQ: September 30, 2023 (previously July 15th)
Filers now have additional time to gather information, prepare statements, and comply with filing requirements.
Are there any specific categories that benefit?
All taxpayers who are required to file TDS/TCS statements for Q1 FY 2023-24 benefit from the extension.
How can taxpayers stay updated?
Regularly check the Income Tax Department's website (https://www.incometaxindia.gov.in/) for official updates, circulars, and notifications.
Are there penalties for not adhering to the extended due date?
Yes, penalties for late filing of TDS/TCS statements apply, even with the extension. These can include:
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