The full form of TDS is Tax Deducted at Source, and TCS stands for tax collected at source, which are two terms that are used interchangeably. There are TDS deductions on salary that can be calculated using calculators. If a person makes a payment to the receiver, TDS must be deducted at a set rate and paid to the government before the TDS return due date, according to the Income Tax Act.
Key takeaways
The following penalties shall be applicable in the event that TDS deposits are late or TDS returns are filed incorrectly:
- Late filing fees
- Penalty
- Interest
In the case of TCS, the person who receives the money is responsible for collecting tax from the payer and depositing it with the government. With the COVID-19 outbreak gripping the globe in dread, businesses and salaried individuals are constantly battling to comply with the requirements of the Income Tax Act.
Every taxpayer who has had TDS deductions is required to file a TDS return. These forms should be submitted at specific intervals, and the data supplied to the income tax authorities must include the TAN (Tax Deduction and Collection Account Number), the sum taken, the Permanent Account Number (PAN), the TDS payment, the type of payment, and so on. There are late filing costs for TDS returns that are not filed on time, so bear the deadlines in mind and the needed papers.
We’ll walk you through the TDS return due dates for FY 2022-23 so that the process runs smoothly. You don’t have to worry about missing these deadlines:
Quarters
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Time Period (2022)
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Due Date (2023)
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1st Quarter
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April 1st to June 30th
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March 31st 2023
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2nd Quarter
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July 1st to September 30th
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March 31st 2023
|
3rd Quarter
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October 1st to December 31st
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January 31st 2023
|
4th Quarter
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January 1st to March 31st
|
May 31st 2023
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TDS & Penalties
The aforementioned 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
A person who misses filing a TDS statement by the due date may be ordered by the Assessing Officer 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.
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’s taxes must be deposited by 30 April.
Deductor
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Due Date of Depositing Tax Deducted
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Government and other deductors (From April 2022 to February 2023)
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7th of next month
|
Government and other deductors (For March 2023)
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Government: 7 April 2023 Othe deductors like employers, banks: 30 April 2023
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Summing Up
You can easily file tax returns with the above methods. This procedure can be made simpler and more convenient by having complete awareness of all tax-related dates.
Similarly to this, being aware of different financial products that reduce your tax liability and TDS return filing due date can help. To accomplish this, enter your information and contact a dependable financial advisor RIGHT AWAY!
