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How to file TDS return after the due date?
In today's fast-paced world, staying on top of financial obligations can be quite challenging. One such financial responsibility that individuals and businesses need to manage is the filing of Tax Deducted at Source (TDS) returns. However, due dates are missed sometimes, and If you find yourself in a situation where you need to file your TDS return after the due date, don't worry; you can still file a TDS return.
What is TDS?
The Income Tax Department levies Tax Deducted at Source (TDS), which is an integral component of income tax. TDS is obligatory for specific payments, necessitating individuals to deduct a portion of income tax. It entails reducing income tax from funds disbursed during transactions like rent, commission, professional fees, salary, and interest. Typically, the individual receiving the income is responsible for income tax payments. Nevertheless, the government ensures that income tax is preemptively deducted from your payments through the Tax Deducted at Source framework.
Consequently, the recipient of the income obtains the net amount post-TDS deduction. This gross amount is then incorporated into their income, with the TDS amount being adjusted against their final tax obligation. The recipient can claim credit for the previously deducted and remitted amount on their behalf.
What are the due dates for TDS deposits?
The tax deductor is obligated to remit the TDS to the government in accordance with the stipulations outlined in Section 200 of the Income Tax Act of 1961. Under prevailing income tax regulations, it is compulsory for the tax deductor to transfer the tax funds to the government no later than the seventh day of the subsequent month.
Deductor | Due Dates for TDS Deposits |
---|---|
Government and other deductors (From April 2023 to February 2024) | Every 7th of next month |
Government Deductor (For March 2024) | 7th April 2024 |
For Other than Govt. deductor | 30th April 2024 |
What are the due dates of TDS return filing?
Quarter | Quarter Period | Quarter Ending | TDS Return Due Date |
---|---|---|---|
1st Quarter | April-June | 30th June | 31st July 2023 |
2nd Quarter | July - September | 30th September | 31st October 2023 |
3rd Quarter | October - December | 31st December | 31st January 2024 |
4th Quarter | January - March | 31st March | 31st May 2024 |
Requirement for TDS Return Filing
\To ensure successful tax filing, certain prerequisites must be met:
- The first step is to possess a valid (TAN) Tax Deduction and Collection Account Number and ensure that it is registered on the e-filing platform.
- Next, generate a valid File Validation Utility (FVU) file using the Return Preparation Utility (RPU). You can access this utility on the TIN-NSDL website.
- If you plan to upload your documents using a Digital Signature Certificate (DSC), it's essential to register it on the e-filing portal. This step is mandatory for DSC-based submissions.
- In case you are uploading your documents through the Electronic Verification Code (EVC) method, pre-validate your principal bank account details.
How to file TDS return after the due date?
-
Step 1. Access the e-Filing Portal and Log In
Begin by logging in to the e-filing portal using your TAN credentials. -
Step 2. Initiate TDS Return Filing
From the dashboard, navigate to e-File > Income Tax Forms > File Income Tax Forms. -
Step 3. Locate the Relevant Form
Find the specific form you need to file and click on the 'File Now' option associated with the Deduction of Tax at Source – TDS Form card. -
Step 4. Commence TDS Form Upload
Click 'Let’s Get Started' on the following page to kickstart the process. -
Step 5. Provide Necessary Information
Input the required information, and then click 'Proceed to e-verify.' This includes:
a. Selecting the Form from the dropdown menu.
b. Entering the Financial Year and Quarter.
c. Choosing the Upload Type.
d. Uploading the TDS zip file. -
Step 6. E-Verify the TDS Return
Validate the return by using the OTP sent to your registered mobile number. This will finalize the filing process. -
Step 7. Completion Confirmation
After successful validation, you will receive a confirmation message indicating the completion of the procedure.
If you haven't generated your DSC, you can still verify the TDS statements using the Electronic Verification Code (EVC).
How to pay late fee for late filing a TDS return?
To pay the late fee (Section 234E Demand), you can follow these steps:
- Download the Justification Report from the TRACES portal to review your current outstanding demand.
- After downloading the Justification Report, proceed to make the payment using Challan ITNS 281. You can do this through your respective bank or by utilizing any other Challan that has a sufficient balance available for the payment.
- If you are making a payment for late filing fees, be sure to tag the Challan towards this payment in the "Fee" column. You can do this using RPU Ver. 3.8 and indicate the appropriate amount in the designated column. Don't forget to validate this information to generate the FVU.
- To complete the process, submit the Correction Statement at the TIN Facilitation Centre. Alternatively, you can also use the Online Correction facility for this purpose.
- This comprehensive approach will help you address your outstanding demand efficiently and in accordance with the necessary procedures.
Frequently Asked Questions
Q- Is there a different due date for TDS on salaries and TDS on other payments?
No, the due date for filing TDS returns is the same for all types of TDS, whether it's TDS on salaries or TDS on other payments. The quarterly due dates apply uniformly.
Q- Can I revise TDS returns if I made errors in the original filing?
Yes, you can revise TDS returns if you discover errors or omissions in the original filing. The revised return should be filed with correct details, and it's essential to rectify any mistakes at the earliest to avoid penalties.
Q- Are there any exceptions or extensions to the TDS return due dates?
In some cases, the government may announce extensions or exceptions to TDS return due dates due to special circumstances like natural disasters or technical issues. It's essential to stay updated with any official notifications from the tax authorities.