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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
TDS simplifies tax collection by automatically deducting a portion of income at source, reducing the burden on taxpayers and preventing evasion.
TDS is a way for the government to collect taxes at the source of income. This means a portion of your income gets deducted by the payer (like your employer) and deposited directly with the government on your behalf. The due dates for TDS return filing for FY 2023-24 (AY 2024-25) depend on the category of taxpayer you are. For salaried individuals and HUFs, it is 31st July 2024 and 31st October 2024 for non-salaried individuals and HUFs.
Confusion and worry often surround the complexities of taxes. Especially when it comes to Tax Deducted at Source (TDS), many questions arise. Tax Deducted at Source is the cornerstone of India’s efficient tax collection system. This simple yet powerful process ensures timely tax payments while making life easier for taxpayers.
The Income Tax Act establishes distinct ways of collecting income tax at the source. In one case, when one party makes a payment (e.g., salary or rent), they are responsible for deducting a specific tax amount (TDS) and remitting it to the government. On the other hand, for specific goods or services, the seller collects tax (TCS) from the buyer and then deposits it with the government.
TDS stands for Tax Deducted at Source. It is a system in India where a certain percentage of tax is deducted by the payer (deductor) when making specific payments to the receiver (deductee). This deducted amount is then deposited with the government on the deductee’s behalf.
TDS is an important tool for the government to collect taxes efficiently and prevent tax evasion. By collecting tax at the source, the government ensures that taxpayers do not avoid paying their dues. It also helps in reducing the burden on taxpayers by distributing the tax liability throughout the year.
As per the latest update, the due date for filing TDS/TCS returns (Forms 26Q, 27Q, and 27EQ) for the first quarter (April-June) of FY 2023-24 was extended to September 30th, 2023.
Here are the last dates for filing TDS returns for FY 2023-2024 so that you do not have to worry about missing these deadlines. These are based on the quarter in which the TDS was deducted:
Quarter Ending |
Due Date (2024) |
Dec 31st 2023 |
Jan 31st 2024 |
March 31st 2024 |
May 31st 2024 |
June 30th 2024 |
July 31st 2024 |
September 30th 2024 |
October 31st 2024 |
You can pay your Tax Deducted/Collected at Source (TDS/TCS) in two ways:
The tax deductor must deposit the TDS to the government within the given time frame, as per Section 200 of the Income Tax Act of 1961. The tax deductor must deposit the tax with the government on the seventh day or before the TDS return due date of the subsequent month in accordance with existing income tax regulations.
The government and other deductors have varying due dates for taxes that were deductible in March. The government has until April 7th to deposit any taxes that have been withheld. All other deductor taxes must be deposited by April 30th.
Deductor |
Due Date of Depositing Tax Deducted |
Government and other deductors (From April to February) |
7th of next month |
Government and other deductors (For March) |
7th April for the government and 30th April for other deductors like employers, banks |
The penalties will apply if TDS returns are filed beyond the TDS payment due date or if there are inaccuracies in the return forms:
The deductor shall be penalized ₹200 every day till TDS is paid under this section of the Income Tax Act, but the penalty sum cannot exceed the TDS amount.
The Assessing Officer may order a person who misses filing a TDS statement by the due date to pay a penalty of at least ₹10,000, which may be increased to ₹1,000,000. This fine is in addition to the late filing due date imposed as per section 234E. This section will also discuss circumstances when TDS returns have been filed incorrectly.
Now that you know when TDS is due and what penalties are there on non-payment of TDS let us have a look at the applicable range of payments under TDS, including:
The rate at which TDS is deducted depends on the type of payment and the tax bracket of the deductee. The deductor is responsible for deducting the tax at the correct rate and depositing it with the government within the prescribed timeframe.
Some of the advantages of TDS are:
Understanding TDS and staying compliant with its regulations is crucial for every taxpayer in India. It simplifies tax filing, prevents evasion, and eases the financial burden for individuals and businesses. You can navigate the process smoothly by staying aware of applicable payments, accurately deducting, and filing returns on time. Utilize the provided due dates and information to stay compliant and reap the benefits of this efficient tax system.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999