Here you can find TDS Return filing due dates & Due date for payment of TDS etc. Tax Deducted at Source (TDS) is a means of tax collected by the government at the time when a transaction takes place. It is collected on income, dividend and sale of assets. It is a form of indirect tax managed by the Central Board of Indirect Taxes (CBIT). As per Income Tax Act any individual or company is required to deduct TDS on the payment made if the amount exceeds the limit. It has to be deducted at the rates prescribed under the act.
TDS Payment Due Date
In TDS the person responsible to make payments like Salary, Rent, Interest, Commission etc., is liable to deduct TDS from the gross amount payable and deposit the same to the Income Tax Department within specified due dates. TDS collected has to be deposited to the government by the 7th of the succeeding month from the TDS is deducted and for the amount deducted in the month of March, TDS should be deposited on April 30th. If the TDS is deducted for the payment made to the government then it should be deposited on the same date of payment.
To be clear the TDS return filing Due dates are prescribed in the following table.
Due Date of TDS Payment
|Particulars||Amount paid/ Credited||Due date of TDS payment|
|In all cases||March month||April 30|
|In all cases||All other months||7th of next month (ex: For payment made in the month of Jan, Tax should be paid and deposited on or before Feb 7th)|
|Government||Payment made with challan||7th of next month|
|Government||Payment made without challan||Same date of payment|
TDS Return Filing Due Dates:
TDS is required to be deducted at the time of receiving the payment in cash or at the time of credit made to the account whichever is earlier.
|Quarter||Quarter Period||Last Date for Filling TDS Returns|
|1st Quarter||1st April to 30th June||31st July|
|2nd Quarter||1st July to 30th September||31st October|
|3rd Quarter||1st October to 31st December||31st Jan|
|4th Quarter||1st January to 31st March||31st May|
Late Filing Fees for TDS
If you fail to file the TDS return within the due date then you will be liable for late fees. As per Section 234E of Income Tax Act, When a person fails to file the TDS or TCS Return within the specified due dates then he shall be liable to pay a penalty of Rs200 for every day of default until he files the return.
The amount of late fees which you are required to pay shall not exceeds the TDS amount. You have to pay the late fees until the fine amount equals the TDS amount
The late fees should be paid before filing the TDS return. The person cannot file the return unless and until the late fees liable to be paid by is paid.
Mr. X has file the return on April 4th 2021 for the year 2020-21 and the TDS amount is Rs 840000 for the quarter.
The due date for filing the TDS return for the first quarter is 31st July 2020. Then the calculation comes to (August to April 4th 2021) 247days * Rs 200 per day i.e. Rs 49,400.
Interest on TDS
Interest for Non-Deduction of TDS:
Under Section 201A if the person has not deducted the TDS where he is required to deduct then he is liable to pay an interest of 1% per month from the from date on which he is required to deduct till he actually deduct s the TDS.
For, example the due date of deduction of TDS is June 7th but the TDS is actually deducted on June 15th and the payment date is May 21st, then you have pay interest of 1% from May 21st to June 15th.
Interest for Non-Payment of Tax:
Under Section 201A if the person has deducted the TDS but has not deposited the same to the government within the specified period then he is liable to pay an interest of 1.5% per month from the date of deduction till the date of payment to the government.
Suppose TDS amount is Rs10000, date of deduction is May 10th and the date of payment of the same is September 15th.
Then the interest is Rs10000 * 1.5% * 5months = Rs 750.
Important Points to Noted
- For interest calculation any part of a month is calculated as a full month i.e. TDS is to calculated based on the month and not based on the number of days.
- The above mentioned interest should be paid before filing of the TDS Return.
- Under Section 234E, if a person fails to pay the deducted TDS then he is liable to pay Rs.200per day until he pays that to the government.
- Under Section 271H, the assessing officer may direct a person who fails to deduct the TDS to pay a penalty of minimum Rs10000 which may extend to Rs100000. This is in addition to Rs.200 per day as per Section 234E.
TDS Return forms
There are different types of TDS forms for different situations. The type of TDS Return form to be submitted depends upon the Nature of Income of the deductee who pay the TDS.
|Form 24Q||TDS on salaries|
|Form 26Q||TDS on all payments apart from salaries|
|Form 27Q||Subtraction of tax from dividend, interest or any other amount payable to non-residents|
|Form 27EQ||Collection of tax at source|
From the above table you can understand the different types of forms and the situation when they can be used.