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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 filing for individuals and businesses. To navigate the process smoothly, you must stay aware of applicable payments, accurately deduct expenses, and file returns on time.
TDS is a method used by the government to collect taxes directly at the source of income. This process involves the payer, such as your employer, deducting a portion of your income and depositing it directly with the government on your behalf.
Exploring the complexities of taxes can often lead to confusion and concern. Tax Deducted at Source (TDS) is a fundamental component of India’s efficient tax collection system. This blog will help you understand the due dates for TDS return filing for the financial year 2024-25.
Taxpayers must know the due dates for filing TDS returns to avoid any last-minute hassle and penalties. Here are the TDS return filing due dates for FY 2024-25:
Quarter ending |
Month of deduction |
Due dates for depositing TDS (FY 2024-25) |
TDS Return Due Date (FY 2024-25) |
30th June 2024 |
April 2024 |
7th May 2024 |
31st July 2024 |
May 2024 |
7th June 2024 | ||
June 2024 |
7th July 2024 | ||
30th September 2024 |
July 2024 |
7th August 2024 |
31st October 2024 |
August 2024 |
7th September 2024 | ||
September 2024 |
7th October 2024 | ||
31st December 2024 |
October 2024 |
7th November 2024 |
31st January 2025 |
November 2024 |
7th December 2024 | ||
December 2024 |
7th January 2024 | ||
31st March 2025 |
January 2025 |
7th February 2025 |
31st May 2025 |
February 2025 |
7th March 2025 | ||
March 2025 |
7th April 2025 (for tax deducted by govt. office) | ||
30th April 2025 (for other deductors) |
Here is a step-by-step guide on how to fill and submit your TDS return for the financial year 2024-25 (Assessment Year 2025-26):
TDS forms serve a specific purpose and must be filed according to the type of transaction and the nature of the deductee. These forms ensure that TDS and TCS are reported accurately to the tax authorities. Here is a brief overview of each form:
Form 24Q is used to file TDS returns on salaries. Employers must file this form quarterly to report the TDS deducted from employee salaries. Salaried employees fill out this form quarterly, including information such as the TDS deducted, the employees’ PAN, and other relevant details.
Form 27Q is used for filing TDS returns on payments other than salaries to non-resident Indians (NRIs) and foreigners. This includes interest, dividends, or any other sum liable to TDS. This form includes the details of the payment made, TDS deducted, and the deductee’s PAN.
Form 27EQ files TCS (Tax Collected at Source) returns. Businesses that collect tax at source on certain specified transactions need to file this form quarterly. This form has the details of the seller-buyer, the amount received, the TCS collected, and the PAN of both parties.
Form 26Q is used for filing TDS returns on all payments other than salaries. This includes payments like interest, commission, brokerage, and professional fees. The deductor is required to file it quarterly.
The tax deductor must deposit the TDS with the government within the given time frame, as per Section 200 of the Income Tax Act 1961. In accordance with existing income tax regulations, 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.
The government and other deductors have varying due dates for taxes deductible in March. The government has until April 7th to deposit any taxes withheld, and 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 fails to file 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.
Section 201(1A)(I) and (II), deal with the interest rates applicable for late deposits of TDS (Tax Deducted at Source). Here is a breakdown of interest rates on late deposits of TDS:
A penalty interest of 1% per month applies from when the tax should have been deducted to when it’s deducted.
The deducted TDS amount is subject to an interest rate of 1.5% per month from the date of deduction to the date it is deposited.
Section 276B of the Income Tax Act, 1961, deals with the consequences of failing to fulfill your TDS (Tax Deducted at Source) obligations. Offense and penalties under sec 276B:
The status of your challan (tax payment slip) in a TDS/TCS statement indicates whether the deposited TDS/TCS has been successfully credited to your account. Here are some common challan statuses you might encounter:
Now that you know the types of challan statuses in the TDS/TCS statement, let us have a look at the applicable range of payments under TDS, including:
The rate at which TDS is deducted depends on the payment type and the deductee’s tax bracket. 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 complying with its regulations is crucial for every taxpayer in India. TDS simplifies tax filing, prevents evasion, and eases the financial burden for individuals and businesses. You can explore 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 tax benefits of this efficient tariff system.
1
The due date for filing TDS returns depends on the quarter for which the tax is deducted:
2
You should file your TDS return by the due date mentioned above for the specific quarter in which the tax was deducted. There are separate forms for different types of TDS:
3
TDS returns are filed quarterly. You must accumulate the TDS deducted throughout the quarter and file a return by the specified due date.
4
There is no single TDS limit. The applicability of TDS and its rate depend on the type of payment and the recipient’s PAN status. The Income Tax Department website provides specific limits and rates for different scenarios.
5
If you are a deductor, meaning you deduct tax at source (TDS) on certain payments you make, then you are eligible to file a TDS return. This typically applies to businesses and other organizations making specified payments.
6
The Income Tax Department of India administers TDS e-filing. You can file your TDS returns on the department’s official portal.
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