TDS Return Filing due dates

As we all know that TDS Return filing or submission arrives month to month as well as quarterly, so as we are within the third quarter of the F. Y and return recording dates are close so we all ought to keep ourselves informed with the due dates to maintain a strategic distance from any repercussions recently. The reason of this blog is to clarify and update the businessperson and individuals with the TDS Return Filing due dates.

TDS Payment due dates 

The table below shows the schedule for depositing the deducted tax at source and submission of the TDS Return Filing due dates for the financial year 2023-24 for all deductors, that is TDS quarterly return due dates: 

TDS latest provisions as per Budget 2023

• Section 194BA – Implementation of TDS on online gaming revenue.
• Section 196A – With effect from April 1, 2023, non-residents earning income from mutual funds in India may produce a certificate of tax residency to avail the benefits of TDS at the rate specified in the tax treaty instead of 20%.
• Section 192A – TDS rate reduced to 20% of maximum limit rate for PF withdrawals for non-PAN employees.
• Section 193 – No exemption from TDS on interest on listed bonds. Therefore, tax must be deducted on the interest on the said securities.
• Section 194N –. The tax will be levied on cooperation society cash withdrawal only if the amount exceeds 3 crores.

Late fees filing of TDS or TCS Return

As per Section 234E, the person liable to deduct/collect TDS/TCS shall pay a penalty of Rs. 200 (two hundred) per day till the time of filing of TDS return. The person deducting TDS must pay it for each day of delay until the penalty amount equals the amount you have to pay as TDS.

Penalty in case of late or non-filing of TDS 

The penalty amount will be minimum 10000 and can max be 100000 rupees as decided by assessing officer as per Section 271 H of Income Tax Act. The penalty will be along with the late fees paid under section 234E of Income Tax Act, 2017. This section also covers cases of incorrect filing of TDS returns. There are certain conditions if they are fulfilled the penalty of late filing will not be applicable: 

• The tax deducted/collected at source will be credited to the balance of the Government.
• Late filing fees and interest (if any) will be transferred to the government account. 
• TDS/TCS return is filed before the expiry of one year from the date specified therefor.

Interest to be paid for late filing of TDS. 

As per Income Tax section 201(1A), the interest should be paid if a person failed to deposit the deducted TDS on time. From the date of deduction of TDS till the date of TDS deposit interest should be paid at the rate of 1.5%. Calculate the amount, one should keep in mind it should not be done on the number of days basis it will be done on the monthly basis. A portion of a month will be treated as a complete month.

Sometimes the TDS return due date got extended then no such interest penalty will get levied.

Takeaway

It’s always better to be on time as being late will lead to various repercussions, so as we are in the third quarter the businessperson and individuals have certain deadlines for return filings, its better to submit returns on time to avoid penalty, late fees, and interest.