84 week ago — 7 min read
Every taxpayer whose TDS has been deducted is required to complete a TDS return. These forms must be filed at specific times, and the information that must be supplied to the income tax authorities includes the TAN number (Tax Deduction and Collection Account Number), the amount deducted, the Permanent Account Number (PAN), the TDS payment, the kind of payment, and so on.
There are late filing costs for late submission of TDS returns, therefore it is critical to remember the due dates as well as the relevant documentation necessary.
The tax deductor shall deposit the TDS (tax deducted at source) to the government within the time period specified in Section 200 of the Income Tax Act of 1961. Current income tax laws require the tax deductor to deposit the tax with the government by the seventh day of the following month. The government and other deductors have varied deadlines for taxes deducted in March. The government has until April 7 to deposit tax deducted. The tax must be deposited by April 30 for all other deductors.
Deductor |
Due Date of Depositing Tax Deducted |
Deductors from the government and others (from April 2022 to February 2023) |
7th of next month |
Government and other tax payers (For March 2023) |
Government date: April 7, 2023 Other deductors, such as employers and banks: 30 April 2023 |
Quarter |
Quarter Period |
Quarter Ending |
Due Date |
1st Quarter |
April - June |
30th June |
31st July 2022 |
2nd Quarter |
July - September
|
30th September
|
31st Oct 2022 |
3rd Quarter |
October - December |
31st December |
31st Jan 2023 |
4th Quarter |
January - March |
31st March |
31st May 2023 |
Quarter |
Quarter Period |
Quarter Ending |
Due Date |
1st Quarter |
April - June |
30th June |
15th July 2022 |
2nd Quarter |
July - September |
30th September |
15th Oct 2022 |
3rd Quarter |
October - December |
31st December |
15th Jan 2023 |
4th Quarter |
January - March |
31st March |
15th May 2023 |
The following penalties shall be applicable if TDS is not paid on time or TDS returns are filed incorrectly:
If you do not file your TDS returns by the due date, you will be charged a late filing fee of Rs.200 per day. The cost will be levied for each day beyond the due date until your return is filed. The maximum fees you will have to pay, however, will be restricted to the TDS amount.
If TDS returns are filed beyond the due date or there are errors in the return forms, the following penalties will apply:
A penalty will not be imposed under Section 271H of the Income Tax Act if TDS/TCS returns are not filed by the due date if the following criteria are met:
According to Section 201(1A) of the Income Tax Act of 1961, if tax is not deducted at source, either partially or completely, an interest rate of 1% per month would be applied from the day tax was meant to be deducted until the date it is actually deducted. If tax has been deducted but not paid in full or in part, an interest rate of 1.5% per month will be applied from the day tax was deducted until the date it was paid.
The TDS return forms and their purposes are as follows:
Form Number |
Purpose |
Form 24Q |
TDS from salaries |
Form 26Q |
TDS on all payments apart from salaries |
Form 27Q |
Tax is subtracted from any dividends, interest payments, or other amounts owed to non-residents. |
Form 27EQ |
Collection of tax at source |
The following are the different types of statuses in the TDS/TCS statement:
Yes, an upload charge is required for e-TDS/TCS return rectification. The charge will vary depending on the number of records.
The CBDT has nominated the Director General of Income Tax (Systems) as the e-filing administrator.
The final day of each month is the deadline for TDS deposition.
The CBDT has extended the deadline for filing the TDS Return/ Statement in Revised/ Updated Form 26Q, applicable to non-salary deductions of tax at source, from 31 October 2022 to 30 November 2022 for the second quarter (Q2) of Fiscal Year (FY) 2022-23 (July-September).
Form 26Q, Statement for TDS on All Payments Except Salaries. Form 26Q is required for TDS on all received payments other than salary. It is relevant for TDS under Income Tax Act of 1961 sections 200(3), 193, and 194 and must be submitted by the deductor each quarter.
Section 234E states that if a person fails to file the TDS/TCS return by the due date indicated, he must pay a fine of Rs.200 for each day that the failure persists. The amount of late fees cannot exceed the amount of TDS/TCS.
A person (deductor) who owes a specified sum to another person (deductee) must deduct and remit tax to the Central Government.
Also read: Guide on how to file an ITR in India
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Rekha VermaHello, I'm Rekha Verma, fondly known as an education consultant at Tax4Wealth. My mission is to help students in education and to shape and nurture them in the early stages,...
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