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TDS Due Dates of FY 2022-23 for Return Filing

The TDS is the tax* deducted at the source, and there are specified dates up till which you can file TDS returns. If you do not adhere to the given timelines, you will have to face penalties and fines.

Tax* Deducted at Source, also known as TDS, is the tax that has to be deducted by the payer for certain payments that they have made. Certain payments on which TDS is deducted include salary payments, commission, rent, professional fees, interest, etc. 
 

Usually, the recipient of the income has to pay the income tax. But, through TDS, the government ensures that the income tax is deducted before you make a payment. There are TDS payment due dates that one has to adhere to. 
 

The TDS due dates are specified by the government to ensure that you file the TDS returns on time. The forms for filing the TDS returns have to be submitted at specified intervals and there are certain documents like PAN, TAN, etc., required to be submitted along with these forms. There are specified deadlines for submitting these forms and not adhering to these deadlines can lead to penalties and fines. 
 

Read on to get more information on the TDS return due dates.

Forms to File TDS Return

Here is the list of forms for filing the TDS returns:
 

Form 24Q

This is a quarterly statement of TDS that mentions the tax deducted on the payment of salary.

Form 26Q

This is a quarterly statement of TDS that mentions the tax deducted on the payment of interest payment, professional fees, etc.

Form 27Q

This is a quarterly statement of TDS that mentions the tax deducted on the payment (other than salary) to a foreign company or non-resident (not a company).


If the TDS has been deducted under Sections 194-IB and 194-IA, the deductor will have to enter a challan and statement in forms 26QC and 26QC. The challan has to be submitted within a period of 30 days from the end of the month in which the tax has been deducted. In this case, there is no separate return needed.

TDS Return Filing Due Dates

Here is the information regarding the TDS payment due dates:
 

Quarters

Time Period for the Payment (2022)

Due Date for the TDS Return (2023)

First Quarter

1st April to 30th June 

31st July 2022

Second Quarter

1st July to 30th September 

31st October 2022

Third Quarter

1st October to 31st December 

31st January 2023

Fourth Quarter

1st January to 31st March 

31st May 2023

Interest on Late Deposit of TDS

Here are the details of interest on the late deposit of TDS:
 

Sections

Type of default

Interest on the TDS/TCS return

Time period for which the interest payment has to be made

201(1A)(i)

Tax at source not deducted (Partly/Fully)

1%/month

From the date on which the TDS has to be deducted to the date on which it has actually been deducted 

201(1A)(ii)

Tax at source not paid to the Indian government after being deducted (Partly/Fully)

1.5%/month

From the date on which the TDS has to be deducted to the date on which it has been deposited

Penalties on Late Filing of the TDS Return

Here are the details of the penalties for late filing of the TDS returns:
 

  • Section 243E

    The person who has to collect or deduct the TDS is liable to pay a fine of ₹200/day for each day until they have filed the TDS. The deductor will have to pay the fine for each day till they file the TDS and until the amount of fine that has to be paid is equal to the TDS amount that they have to pay.
     

    For example, suppose you have deducted the TDS of ₹7000 on 12th May 2023, and you finally file the TDS on 18th November 2023 instead of the Q1 deadline of 31st July 2023.
     

    The total number of days that you have delayed is 110 days (from 1st August to 18th November). 
     

    The amount that you are liable to pay as a fine will come out to be ₹22000 (200x109 days), but as the amount of TDS is ₹7000, you will have to pay 7000 as a fine. 
     

    Also, you will have to pay an interest on the deposit that you have delayed. 

  • Section 271H

    If the TDS statement is not filed on the due date, the assessing officer might ask the deductor to pay a minimum fine of ₹10,000 that can go up to ₹1 lakh. This amount is in addition to the penalty that is paid under Section 243E.

 Due Dates for Filing the TDS Deducted

The government as well as other deductors have different due dates when it comes to the taxes that have been deducted in the month of March 2023. The deadline for the government to pay any taxes that have been withheld is 7th April 2023 while for the others the deadline to pay the tax is 30th April 2023.
 

Government as well as other deductors (April 2022 to Feb. 2023)

7th day of the next month

Government as well as other deductors (March 2023)

Government - 7th April 2023

Others - 30th April 2023

Conclusion

The TDS return filing is an easy process, and with the advancement in technology, you can file TDS returns online. Each quarter has a separate deadline for filing the TDS returns, and these timelines must be adhered to. If you do not comply with the deadlines, you might have to pay fines or face heavy penalties. 
 

You can make use of the income tax e-filing process to file your TDS returns on time. In case you miss the deadline for filing the returns, ensure that you file the returns as soon as possible to avoid a hefty fine payment.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions (FAQs)

Does TDS need to be paid monthly?

If the deductor has deducted the TDS in any month, they are liable to file the tax deducted on or prior to the 7th of the next month. In case the TDS is collected in the month of March, the deadline is April 30th. For any TDS collected on the purchase and rent of property, there is a period of 30 days from the end of the month in which the TDS has been collected to file the returns.

How is the TDS on salary collected?

The TDS on your salary is calculated as per the income tax slab that you come under after all applicable exemptions and deductions have been adjusted. Salary is one of the only income sources in which the deductor deducts the total amount of tax liability as tax collected at source (TDS).

 Is it possible to file TDS returns after the due date?

Yes, you can file TDS returns after the due date has passed, but you will have to pay a fine amounting to ₹200 per day for each day that you have not filed the TDS amount under Section 243E. This will continue until the amount has reached the TDS amount that you are liable to pay.
 

Also, you might have to pay a hefty fine under Section 271(H), depending on the department. This fine ranges from ₹10,000 to ₹1 lakh. The penalty under this is an addition to Section 243E.

What are the documents required to file TDS returns?

The documents that you require to file TDS returns include PAN, TAN, TDS certificates, bank account information, etc.

Can I file TDS returns online?

Yes, you can file TDS returns online using the e-filing portal for income tax. The whole process is simple and quick. You just have to ensure that you have all the required documents.

Disclaimer

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  •  Tax: *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.