Filing a TDS return stands very important, and if you miss out on the due date, there are some formalities that you might have to undertake. Read more about them in this article.
Overview – TDS Return Due Date
Income tax is a direct tax collected from every individual who comes under the ambit of the taxable income slab. This is the primary revenue a State gains from the people. This revenue is used in different welfare acts done for the people. TDS is a type of income tax reduced when a person pays fees, rent or salary. TDS stands for Tax Deducted at Source. A State collects TDS with the intention to collect tax from every possible source of income. This potential income includes payments of fees, rents, salaries, commissions etc. Let’s see about TDS Return Due date, and what happens when you file a TDS return after due date in this blog.
In TDS, a person liable to make some specific types of payment is called a deductor, and the person to whom such payment is made is called a deductee. The deductor remains liable to deduct tax and notify the central government. Deductee from whose income the tax gets deducted becomes entitled to get the credit of the amount deducted. The online TDS returns should be filed within the TDS returns due date.
In the layman’s language, when a person earns some salary or payment, a certain amount of money gets deducted from it to fulfil the needs of income tax for the central government. The employer deducts this tax to contribute income tax that your payment is liable. The Finance Act has provided specific guidelines on the topic of TDS. It regulates the deduction rate according to the sections provided in the Act.
How to File a TDS Return?
Like other types of income tax, TDS also provides some due dates to file the tax. The TDS is paid to the central government within these due dates. There are some provisions regarding the deposition of TDS.
- TDS must be paid via electronic mode. All corporate assesses, government offices, and other estimates under section 44AB of the Income Tax Act, 1961 must pay the TDS via E-payment.
- TDS can also be paid in a physical medium by furnishing Challan ITNS 281 in the authorised bank.
- TDS must be paid within the due date payment of the TDS.
Why Are TDS Filing Due Dates Important?
A person who is liable to pay TDS and have deducted it from the salary or payment of Deductee by acting as the deductor needs to file TDS within the due dates for TDS return filing. The TDS return generates benefits for the Deductee. If the TDS is not filed within the due dates, the deductee will not get any benefit.
So it is necessary to follow the due dates and file your TDS within it to the Income Tax department. This will generate the tax benefits for whom you have filed the TDS.
TDS Return Forms
Income tax department has provided various forms for different categories of persons. These forms need to be filled in to file TDS return.
| Category | Form No. |
| For payroll or salary TDS returns under section 192 of Income-tax Act | 24Q |
| For other scenarios than salary TDS | 26Q |
| If TDS is deducted under section 194-IA | 26QB |
| If TDS is deducted under section 194-IB | 26QC |
| For foreign companies and deductee are not resident of India | 27Q |
Filing TDS is a legal obligation that is to be reflected by every person who is liable to pay TDS. According to the TDS return policy under the Income-tax Act, TDS is paid every three months. A year is divided into four parts, each part contains three months. The due date for TDS payment is on the 7th of each month’s consecutive month.
For example, if TDS gets deducted in August, the due date to pay TDS shall be the 7th of September.
The due date to file TDS is the last date of each part’s consecutive month of the previous month.
For example, in the above scenario, the due date to file TDS in the above scenario will be the 31st of October.
TDS Return Due Dates
For the financial year 2022-2023, here are the due dates to file TDS.
| Ending of a Quarter month | Month of deduction | Due dates of payment of TDS | Due dates for filing TDS return |
| 30th June | April, May, June are months of deduction | 7th of month May, June, July | 31st July 2023 |
| 30th September | July, August, September are months of deduction | 7th of month August, September, October | 31st October 2023 |
| 31st December | October, November, December are months of deduction | 7th of month November, December and January | 31st January 2024 |
| 31st march | January, February, march are months of deduction | 7th of month February, march and April and 30th April for other deductors | 31st May 2024 |
Penalty for Delay in Filing TDS Returns
The filing and payment of TDS within the due date is necessary. If the TDS is not filed within the due dates, penalties can arise as a consequence. Income Tax Act has provided various sections dedicated to the penalty for not filing TDS within the due dates.
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Section 234E
Section 234E of the Income Tax Act, 1961, has provided the penalty provisions when a TDS deductor fails to comply with the due dates provided to file TDS returns. If a deductor fails to file TDS returns within the due date, a penalty of 200 rupees per day gets imposed on him until the amount of TDS returns he is entitled to file is recovered entirely.
If the deductor files the TDS after the penalty gets imposed, the penalty provision stops being in force.
This penalty can also be imposed in purchasing immovable property under 26 QB, a challenge.
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Section 271H
Section 271H of the Income Tax Act, 1961, has a more substantial penalty provision for the deductor who failed to file TDS returns within the due dates and files the TDS return after beyond a year from the due date or the amount is extensive, or some other serious factors are involved in it.
In this case, the penalty can be between rupees 10,000 to rupees 1 lakh, depending upon various factors.
The Income Tax Department can impose this section on a person who files a TDS return incorrectly or maliciously. Producing incorrect data like PAN, Challan etc., can also attract this liability.
This late fee penalty will be in addition to the 234E section.
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Sec 276B
If a person fails to pay the TDS return to the central government, he can be punished for a term not less than three months, and it can even extend to seven years of rigorous imprisonment with a fine.
Interest for Delay in Filing TDS Returns
As per the sections of the Income tax Act, a person is liable for the payment of interest if he fails to pay TDS returns to the central government or the deductor does not deduct it at all.
| Section | Reason of default | Interest amount |
| 201(1A) I | TDS does not deduct at all | 1% per month |
| 201(1A) Ii | Not deposited to the government | 1.5% per month |
Conclusion – TDS Return Due Date
Payment, and filing of TDS before TDS return filing due date is necessary to contribute to the government for the overall welfare. Delaying in this act can attract penalties, so go through the topic and file your TDS returns: https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx on time.
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