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Due Dates for e-Filing of TDS Return and Payment AY 2024-25 (FY 2023-24)

Updated on: 27 May, 2024 11:26 AM

If an individual makes a payment to another party, then it is mandatory to deduct TDS (specified under the Income Tax Act) at a specified rate and remit it to the government. Apart from depositing the tax the deductor also has to do TDS return filing.

This guide will help you learn more about TDS, TDS return filing forms, TDS return due date, and penalties for late filing.

Budget 2023 Update

TDS on income from gaming was introduced under section 194-BA.

Non-residents having income from Mutual Funds in India can provide a Tax Residency Certificate to avail of the TDS benefit as per the tax treaty instead of being taxed at 20% from 1st April 2023.

Under section 192A, the TDS rate was reduced to 20% from the maximum marginal rate on withdrawal of PF for employees without PAN.

Under section 193, no exemption will be granted on TDS on interest on listed debentures.

The cash withdrawal threshold by cooperative societies was increased under section 194N. The new threshold is Rs.3 crore and came into effect on 1st April 2023.

What are the different types of TDS Forms?

There are multiple TDS forms depending on the income of the deductee or the type of deductee paying taxes

Form No. Particulars
Form 24Q This form acts as a Quarterly TDS statement for tax deducted on salary.
Form 27Q Relevant for Quarterly TDS statement for tax deducted on payments, except salary, to non-resident (which is not a company) and foreign company.
Form 26Q Quarterly TDS statement for TDS deducted on professional fees, interest payments, etc.

A challan-cum-statement in forms 26QB and 26QC is applicable if tax is deducted at source under sections 194-IA and 194-IB. The deductor is required to provide the challan-cum-statement within 30 days from the last date of the month in which the tax was deducted.


What is due date for TDS return filing?

Quarter ending Deduction Month TDS Deposit Due Dates Due Date for TDS Return
30th June 2023 April 2023 7th May 2023 31st July 2023
May 2023 7th June 2023
June 2023 7th July 2023
30th September 2023 July 2023 7th August 2023 31st October 2023
August 2023 7th September 2023
September 2023 7th October 2023
31st December 2023 October 2023 7th November 2023 31st January 2024
November 2023 7th December 2023
December 2023 7th January 2023
31st March 2024 January 2024 7th February 2024 31st May 2024

Penalty For Late Filing Of TDS/TCS Returns

If there is a delay in filing the TDS returns or you fail to file your TDS return by the TDS return due date, you might have to pay a penalty.

Late Filing Fee (Section 234E)

As per section 234E of the Income Tax Act, the person who is required to or responsible for collecting and depositing TDS/TCS has to pay a penalty of Rs.200 per day until the day when the TDS return is filed or until the time the penalty amount becomes equal to the TDS amount.
For example -
If you have deducted Rs.10,000 on 13th May, and you miss the TDS return due date, file the TDS return on 13th Nov for the first quarter. Since the TDS return due date is July 31st, the delay in TDS return filing will be 109 days.
Now, Total TDS penalty Amount - 200*109 = Rs.21,800
The penalty amount is greater than the total TDS deducted, i.e., Rs.10,000. Therefore, you will only have to pay Rs.10,000 as a penalty.

Penalty (Section 271H)

Any individual or a person who fails to file a TDS return by the due date, on the order of the government, may be required to pay a penalty of Rs.10,000 under section 271H. This amount can be extended to Rs.1,00,000. The penalty levied under this section has to be paid along with that mentioned in section 234E.

However, there are certain exceptions to the applicability of section 271H -

  • If the tax collected or deducted is paid to the credit of the government
  • Late filing interest or fees that are paid to the government’s credit.
  • If the TDS/TCS is filed before the completion of 1 year from the TDS return due date.

Prosecution

If the deductor fails to pay the amount to the credit of the Central Government, as per the provisions of Chapter XVII-B, then such a person can get rigorous imprisonment for a minimum of 3 months and a maximum of 7 years, along with a fine.


What is the Interest on Late Deposit of TDS?

  • If the TDS has not been deducted (fully or partially), then an interest of 1% per month is leviable on the TDS/TCS amount from the date on which tax was supposed to be deducted to the date on which it is actually deducted.
  • If the TDS has been deducted but not deposited with the government, then an interest of 1% per month on the TDS/TCS amount will be leviable from the date of deducting the tax to the date of depositing it.

So, the tax deductor must submit the TDS to the government by the seventh day of the next month. Every assessee whose Tax Deducted at Source (TDS ) has been deducted will have to file his/her TDS return. Connect with our tax experts for help in TDS payment and TDS filing.


Frequently Asked Questions

Q- Is TDS deducted and deposited every month?

Yes, TDS has to be deducted every month if the tax has been deducted by a deductor other than the Central Government. This amount is supposed to be deposited on or before the 7th of the following month. However, for the TDS deducted in March, the amount can be deposited till 30th April. For the TDS deducted on the purchase or rent of property, the due date is 30 days from the end of the month in which the amount is deducted.


Q- How to calculate TDS on salary?

TDS on salary has to be calculated as per the income tax that applies to the employee after making adjustments for all the deductions and exemptions. For salary income, the employer deducts full tax liability as TDS.


Q- What is a TDS return?

A TDS statement is a quarterly statement or a summary of all the TDS-related transactions that were made during the quarter. Typically, it comprises the details related to the tax collected and deposited to the Income Tax Authority by the tax deductor.


Q- Is TDS return filed monthly or quarterly?

TDS is filed on a quarterly basis.


Q- What are sections 24Q and 26Q in TDS?

While Form 24Q is required to be filed for the TDS on salary payments, Form 26Q should be filed for TDS on domestic payments other than salary.


CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

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