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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.
