TDS Return Due Dates

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.

Challan Statuses in TDS/TCS Statement :

The various types of statuses in the TDS/TCS statement are mentioned below:

  • Booked
  • Match Failed (Challan)
  • Match Failed (Transfer Voucher)
  • Match Pending
  • Provisionally Booked

Due Dates for Depositing TDS Deducting :

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

Due Date for Filing TDS Returns FY 2023-2024

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

Penalties on TDS/TCS Return After Filing Due Date :

In case there are delays in depositing TDS, or errors while filing TDS returns, the following penalties shall become applicable:

  • Late filing fees
  • Penalty
  • Interest

Late Filing Fees :

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 for TDS Return :

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:

  • The TDS/TCS is paid to the government's credit.
  • The filing of the TDS/TCS return is done prior to the expiry of 1 year from the due date.
  • The interest and late filing fees (if any) have been paid to the government's credit.

Frequently Asked Questions

  • Do I need to upload fee for the correction of e-TDS/ TCS returns?
    Yes, an upload fee must be paid for the correction of e-TDS/TCS returns. Depending on the number of records, the fee will vary.
  • Is there a software available for the preparation of TDS/TCS statement correction?
    Many software is available to prepare the TDS/TCS statement. The details of the same are available at https://www.tin-nsdl.com/services/etds-etcs/etds-swproviders-etds.html
  • Who is authorized for e-filing?
    The Director General of Income Tax (Systems) has been appointed as the e-filing administrator by the CBDT.
  • What is Form 26Q?
    Form 26Q is the statement for TDS from all payments received except salary. For the TDS on all received payments besides salaries, Form 26Q is needed. It is applicable for TDS under sections 200(3), 193, and 194 of the Income Tax Act of 1961 and must be reported by the deductor each quarter.
  • Who is liable for TDS?
    A person (deductor) who owes a specific amount to another person (deductee) is required to deduct tax at source and repay it to the Central Government.