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TDS Due Dates of FY 2022-23 For Return Filing

TDS simplifies tax collection by automatically deducting a portion of income at source, reducing the burden on taxpayers and preventing evasion.

  • 35,497 Views | Updated on: Mar 08, 2024

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.

What is Tax Deducted at Source (TDS)?

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.

What are the TDS Return Due Dates for FY 2023-2024?

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:

  • Online: Mandatory for all companies and those under section 44AB of the Income Tax Act, 1961.
  • Offline: Fill out Challan 281 and submit it at an authorized bank branch.

What are the Due Dates for Depositing TDS Deducting?

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

What are the Penalties for Late Payment of TDS?

The penalties will apply if TDS returns are filed beyond the TDS payment due date or if there are inaccuracies in the return forms:

Provision 234E Penalty

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.

Penalty Per Section 271H

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.

What Payments are Subject to TDS?

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:

  • Salaries and wages
  • Interest income from banks and fixed deposits
  • Rent income
  • Professional fees
  • Commission income
  • Sale of property

How is TDS Deducted, and What are its Benefits for Taxpayers?

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:

  • Reduces tax burden: By paying tax in instalments throughout the year, TDS helps ease the financial burden on taxpayers, especially salaried individuals.
  • Prevents tax evasion: TDS makes it difficult for taxpayers to evade taxes, as the tax is deducted at the source itself.
  • Simplifies tax filing: As the tax has already been deducted at the source, taxpayers have less paperwork to deal with when filing their income tax returns.

Summing it Up

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.

Key Takeaways

  • Tax Deducted at Source (TDS) is the deduction of a certain percentage of tax at the time of making specific payments to the receiver.
  • It is applicable to various payments, including salaries, interest income, rent, professional fees, commission, and property sales.
  • Upcoming deadlines for filing TDS returns are based on the quarter in which the TDS was deducted.
  • The due date for filing TDS/TCS returns for April-June 2023 (FY 2023-24) was extended to September 30th, 2023.
  • Regular quarterly deadlines for filing TDS returns for FY 2023-24 are as follows:
  • Quarter ending December 31st, 2023: Due date January 31st, 2024.
  • Quarter ending March 31st, 2024: Due date March 31st, 2024.
  • Quarter ending June 30th, 2024: Due date May 31st, 2024.
  • Quarter ending September 30th, 2024: Due date September 30th, 2024.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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