Each Assessee whose TDS has been deducted has to file TDS return. All the returns must be filed after particular intervals of time, and the information must be submitted to income tax authorities include TAN details, amount deducted, PAN, TDS payment and its types. Penalties will be applicable on late filing of TDS returns. To save yourself from being in such a situation, it is a must to keep due dates in mind as well as correct documents required.
According to Section 200 of the Income Tax Act of 1961, the tax deductor must deposit the TDS to the government within the allotted time period. According to current income tax regulations, the tax deductor must deposit the tax with the government by the seventh day of the next month. The due date for taxes that were deducted in March is different for the government and other deductor. The deadline for the government to deposit tax deducted is 7 April. The tax must be deposited by 30 April for all other deductor.
The various types of statuses in the TDS/TCS statement are mentioned below:
|Deductor||Due date for depositing tax deducted|
|Government and other deductor (From April 2022 to February 2023)||7th of next month|
|Government and other deductor (For March 2024)||Government: 7 April 2024 the deductor like employers, banks: 30 April 2024|
|Quarter||Quarter Period||Quarter Ending||Due Dates|
|1st Quarter||April - June||30th June||31st July 2023|
|2nd Quarter||July - September||30th September||31st Oct 2023|
|3rd Quarter||October - December||31st December||31st Jan 2024|
|4th Quarter||January - March||31st March||31st May 2024|
In case there are delays in depositing TDS, or errors while filing TDS returns, the following penalties shall become applicable:
Failure on filing of TDS return will be subject to late filing fee of Rs 200 per day. The fee will be charged for every day after the due date, until the date on which your return is filed. However, the maximum fees that you will have to pay will be limited to the TDS amount.
For instance : In case your TDS payable amount is Rs.7,500 on May 14, and the amount is paid on November 19, the total number of days between the aforementioned dates is 190.
Therefore, Rs.200 per day for 190 days will be Rs.38,000. However, since your TDS payable amount is Rs.7,500, your late filing fees will be only Rs.7,500 and not Rs.38,000. But, an interest will be charged to you.
Penalty under Section 234E : According to this section of the Income Tax Act, the deductor will be charged Rs 200 per day until TDS is paid.
Penalty under Section 271H: : Penalty will be levied between Rs 10,000 to maximum of Rs 1 Lakh on sharing wrong details like incorrect tax amount or PAN.
A penalty will not be charged under Section 271H of the Income Tax Act in case TDS/TCS returns are not filed within the due date, provided that the following situations are applicable: