Get to know the TDS return due dates and TCS return due dates with the last dates for filing for AY 2024-25 (FY 2023-24). E-filing returns of TDS/TCS are filed on a quarterly basis and the quarterly statements are accepted in regard to provisions of the Income Tax Department.
The income tax department of India modified file formats in relation to TDS and TCS statements. Deductors/collectors need to ready e-TDS/TCS statements according to the file formats with the help of NSDL e-Gov and return the prepared statement through third-party software, and in-house software, for rendering to any TIN-FCs.
SAG Infotech Developed Gen TDS/TCS is one such software which can be used for easy and comprehensive filing of TDS/TCS returns.
TDS/TCS statements are required to be filed on a quarterly basis. Although, according to the income tax department, approval of TDS/TCS statements before the FY 2007-08 is not allowed at the TIN. TDS return filing due date must be accompanied with its rate of tax and other statutory compliance by the taxpayers. Users are needed to pass the E-TDS/ TCS return file produced utilizing RPU via the File Validation Utility (FVU) to make sure the format of the file is correct.
Due Dates for E-Filing TDS Returns of FY 2023-24
|Quarter||Quarter Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July 2023| Extended 30th Sep. Only for 26Q and 27Q|
|2nd Quarter||1st July to 30th September||31st October 2023|
|3rd Quarter||1st October to 31st December||31st January 2024|
|4th Quarter||1st January to 31st March||31st May 2024|
- As against the stress that has occurred continually described by income taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the web portal www.incometax.gov.in, it’s determined by CBDT that taxpayers can present the above-mentioned forms in manual format to the approved dealers till August 15th, 2021 (Revised). Read more Press Release
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Last Date to Filing TCS Returns for FY 2023-24
|Quarter||Quarter Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||15th July 2023| Extended 30th Sep. Only for 26Q and 27Q|
|2nd Quarter||1st July to 30th September||15th October 2023|
|3nd Quarter||1st October to 31st December||15th January 2024|
|4th Quarter||1st January to 31st March||15th May 2024|
Note: Generate TDS/TCS certificate within 15 days of uploading your return after you have uploaded the quarterly TDS return
Latest Update for TDS/TCS Return E-Filing:
TDS/TCS statements in Form 26Q, 27Q, and 27EQ must be submitted by September 30th, 2023, for the first quarter of FY 2023–24. Read Circular No. 9/2023
Due Date for TDS & TCS Payment Deposit for Both Govt & Non-government Firms
- The due date to submit the TCS deposit is the 7th of the succeeding month.
- TDS Deposit Due Date as under:
For non-government entities- 7trh of the succeeding month (except March where the due date is set to be April 30th)
For Government Entities
- If paid via Challan- the 7th of next month
- If paid via book entry- the same day on which TDS is deducted
Late Filing Fees :
As per Section 234E, the taxpayer must have to pay a late fee of INR 200 per day, until if file the return. You also have to pay this fine every day of delay until the acceptable amount gets equal to the actual TDS amount required to be paid.
If the payable TDS amount from your side is INR 5000 on 1st March, but you pay the amount on 30th June, then the total calculation sums up to INR 200 X 122 days = INR 24,400. However, since this amount is higher than the actual TDS amount, i.e., INR 5000, you are only required to pay INR 5000 as the late filing fees. Apart from this, the interest will also be applicable alongside the penalty.
The interest rate details are given in the next section.
|Section||Nature of Default||Interest Subject to |
|201 A||Non-deduction of tax at source (whole or part)||1%|
|Starts from the date on which the tax was deductible to the actual date of deduction|
|After deduction of tax, non-payment/late payment of tax (whole or part)||1.5 per month||Starts from the deduction date to the actual date of payment|
Note: The interest should be paid by the taxpayers before the filing of the TDS return.
For late payment of TDS after deduction under Section 201(1A), you have to pay interest at the rate of 1.5% per month starting from the date when it was deducted to the actual date of deposit. One must also note that the interest is calculated on a monthly basis rather than the number of days. Part of a month will also be considered a whole month.
Imagine that your payable TDS amount is INR 3000 and it has been deducted on January 15th. Now, you have missed the actual date of the TDS deposit and paid this amount late on May 29th. So, the interest that you now have to pay sums up to INR 3000 X 1.5% per month X 5= INR 225.
“Month” is a vague term and has not been properly defined under the Income Tax Act, 1961. However, in many High Court Cases, the court has ordered that it should be considered as a period of thirty days, unlike the English calendar month.
The important thing to note here is that
The interest calculation for the payable TDS amount starts from the date when TDS was deducted rather than the date on which it was due.
Suppose, the due date of TDS submission or payment is set to be April 15th for the TDS deducted on March 30th. So, in such a scenario, the interest rate calculation will start from March 30th, instead of April 15th for late payment of TDS.
You might also consider a scenario, where you miss the due date of TDS payment by just one day. Suppose, the due date of TDS payment is May 10th for a TDS deducted on April 15th. Now imagine, you somehow miss this date and made the TDS payment on the very next day, i.e., May 11th. Even in such a scenario, the interest calculation will start from April 15th, and you would be required to pay interest for two months, i.e., 1.5% per month X 2= 3%.
Therefore, you must never miss the last date of the TDS payment to avoid heavy interest and penalties.
You might have to pay a penalty equal to the deducted/collected amount as per the rules of the Income Tax Act.
Prosecution (Sec 276B)
As per the prosecution (Sec 276B), if any person fails to pay the credit to the Central Government, then the TDS deducted by him as per the provisions of Chapter XVII-B, he/she will be entitled to receive rigorous punishment of minimum three months, which can be extended up to seven years. The punishment depends upon the circumstances of the investigation made by the designated tax authority/assessment officer.
Penalty For Late Filing of TDS Return
Penalty (Sec 234E)
The TDS deductee will be entitled to pay a penalty of INR 200/- per day till the day the full TDS amount is being paid. However, the penalty shall not exceed the actual TDS amount.
Penalty (Sec 271H)
As per this rule, the Assessing Officer may direct a person who has failed to file the TDS payment on time with a minimum of INR 10,000, which can even be extended to INR 1,00,000.
If the following conditions are met, then no penalty will be levied (under section 271H) against late payment of TDS/TCS returns:
- The tax deducted at the source is required to be furnished to the credit of the government.
- No penalty will be levied if the interest and late filing fees are paid to the credit of the government.
- Before expiring of the one-year period, the TDS/TCS return has been filed from the due date.
Due Date of 15G/15H Form
15G/15H is a quarterly declaration form which is to be filed according to the due dates mentioned below. The due date for filing 15G/15H declarations received by a taxpayer from 1/04/2019 to 30/06/2019 as well as those received after that has been specified in the notification released by the government. The same has been updated here.
|S.No.||Scenarios||Original Due Date|
|1.||For 15G/H Received from 1/04/2023 to 30/06/2023||15th July 2023|
|2.||For 15G/H Received from 01/07/2023 to 30/09/2023||15th Oct. 2023|
|3.||For 15G/H Received from 01/10/2023 to 30/12/2023||15th Jan. 2024|
|4.||For For 15G/H Received from 01/01/2024 to 31/03/2024||30th April 2024|
TDS on Purchase of Immovable Property
For the purchase of immovable property on which TDS is applicable, the return along with payment of TDS must be made before the 30th of the next month. For instance, TDS for a property which was purchased in May must be deposited by the 30th of June.