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TDS/TCS Return E-Filing Due Dates For (FY 2024-25) AY 2025-26

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filings for return of TDS/TCS

Tax Deducted at Source (TDS) at a specified rate and remitted to the government. On the other hand, for Tax Collection at Source (TCS), the receiver of the payment is liable to collect tax from the payer and then submit it to the government. For more information, you can see the TDS filing due date and TCS return filing due date with the last dates for filing for AY 2025-26 (FY 2024-25). E-filing returns of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are filed every quarter and the quarterly statements are accepted regarding provisions of the Income Tax Department. Be sure to check the eligibility requirements, penalty details, and filing process for this tax return.

The Income Tax Department of India modified file formats for 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.

TDS/TCS statements are required to be filed every quarter. However, 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 by 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.

Detailed Quarterly Tax Deduction/Collection Statements

Forms to be filled out for quarterly TDS/TCS statements relating to taxes deducted/collected are as follows:

DetailsForm No.
Tax deduction from salary under Section 19224Q
Tax collection when deductees are non-resident (not being a company), foreign company and persons who are resident but not ordinary resident27Q
Tax deduction under Section 194-IA26QB
Tax deduction under Section 194-IB26QC
Tax deduction under Section 194M26QD
Tax deduction in any other case26Q
Tax Collection27EQ

Need To About TDS (Tax Deducted at Source)

TDS is mentioned as Tax Deducted at Source. It is the tax amount that the government collects directly from the income of the receiver immediately after earning. At a certain percentage, the TDS is deducted. According to the IT Act, an individual or any company can deduct such tax at the income source if the payment for any goods or services crosses a particular amount. 

TDS rates and the thresholds for distinct sorts of goods and services have been decided by the government for the specific fiscal year.

The services comprise the following:

The individual or firm receiving the payment is said to be the deductee in the transaction where the TDS is applied. While the individual or business deducting TDS from the payment is called a deductor. 

For certain sorts of payments see the TDS rates 

Type of PaymentTDS Rate
SalariesAs per the tax slab
Rental charges greater than Rs.2,40,000 for buildings, land, plant and machinery10% for land, 2% for plant and machinery
Prize money for a lottery, horse race, crossword puzzle, etc., more than Rs.10,00030%
Brokerage or commission from lottery ticket sales amounting to more than Rs.15,0005%
Purchase of immovable property of more than Rs.50,00,0001%
Single payment of Rs.30,000 or aggregate payment of Rs.1,00,000 to a contractor 1% for individuals or HUF, 2% for Others

For example, ABC Ltd. pays a rent of Rs.40,000 per month for a warehouse. The yearly rent of this company amounts to Rs.4,80,000, which is above the threshold of Rs.2,40,000. 

Therefore, ABC Ltd. will deduct the TDS at the rate of 10%, amounting to Rs.4,000, and then pay Rs.36,000 as monthly rental charges. 

The warehouse’s owner will list Rs.4,80,000 gross income in his income tax return and claim a TDS of Rs.48,000, which has already been deducted, as a total tax liability credit, also known as a TDS credit.   

In another way, the TCS stands for Tax Collected at Source. According to Section 206C of the Income Tax Act, seller imposes TCS on their goods and collect them from buyers at the time of sale.

Certificates of Compliance with TDS

FormIssued ForFrequencyDue Date
Form 16Employer to the employees as proof of deduction of taxAnnual June 15 every year
Form 16APayments other than salaries i.e., commission, professional fee, rent, works contract, payments made to Non-Residents, interest, winnings from lottery, Dividends etc.Quarterly15th Aug. for April-June, 15th November for July-Sept., 15 Feb. for Oct.- Dec. and 15th June for Jan-March
Form 27DSeller (collector of TCS) to the Buyer (collectee) on TCSQuarterly30th July for April-June, 30 Oct. for July-September, 30th Jan. for Oct.-Dec. and 30th May for Jan-March
Form 16APayments other than salaries like commission, professional fee, rent, works contract, payments made to Non-Residents, interest, winnings from lottery, Dividends etc.Quarterly15th Aug. for April-June, 15th November for July- Sept., 15 Feb. for Oct.- Dec. and 15th June for Jan-March
Form 27DBuyer of virtual digital asset(VDA) to the resident seller of VDAQuarterly30th July for April-June, 30th Oct. for July-Sept., 30th Jan. for Oct.-Dec. and 30th May for Jan- March
Form 16BPurchase of property by resident buyer to the resident seller of the propertyEvery Transaction15 days from the due date of filing of Form 26QB
Form 16CResident tenant to the resident Landlord on payments of rentevery transaction15 days from the due date of filing of Form 26QC
Form 16DContractual services/professional services to resident contractors and professionals-Payments of Contract or Professional feeevery transaction15 days from the due date of filing of Form 26QD
Form 16ESeller (collector of TCS) to the Buyer (collected) on TCSevery transaction15 days from the due date of filing of Form 26QE

TDS Quarterly Due Dates for FY 2024-25 (3rd Quarter Oct. To Dec)

Quarter Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June31st July 2024
2nd Quarter1st July to 30th September31st October 2024
3rd Quarter1st October to 31st December31st January 2025
4th Quarter1st January to 31st March 31st May 2025

Note:

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    Introduction About TCS (Tax Collected at Source)

    A tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income-tax Act regulates the goods where the seller is mandated to collect tax from the buyers.

    TCS rates for some commonly bought goods are:

    Good purchasedTCS rates
    Tendu leaves5%
    Alcohol1%
    Timber wood from a forest on lease2.5%
    Motor vehicles worth more than Rs.10 lakh1%
    Toll plaza, quarry, mine and parking lot2%
    Metals (including iron ore, lignite and coal)1%
    Forest produce (excluding tendu leaves and timber)2.5%

    For instance, Mr Mishra purchases tendu leaves worth Rs.60,000 from Mr Desai. But, Mr Mishra will pay the following amount:

    Rs.{60,000 + (5% of 60,000)} = Rs.63,000

    Mr Desai will collect the extra Rs.3,000, also known as TCS credit.

    TCS Return Due Date for October To December FY 2024-25

    Important tax deadlines are due on the TCS 3rd Quarter October to December due date FY 2024-25.

    QuarterQuarter Period Last Date of Filing
    1st Quarter1st April to 30th June15th July 2024
    2nd Quarter1st July to 30th September15th October 2024
    3nd Quarter1st October to 31st December15th January 2025
    4th Quarter1st January to 31st March15th May 2025

    Note: Generate the TDS/TCS certificate within 15 days of uploading your return after you have uploaded the quarterly TDS return

    Latest Update for Income Tax and TDS/TCS Return E-Filing:

    The Indian government has introduced numerous amendments to the Income Tax and TDS policies, taking into account the current situation of taxpayers and businesses. Here are the latest Income tax and TDS and TCS updates, including amendments, notifications, and announcements by the government that every taxpayer should know.

    Due Date for TDS & TCS Payment Deposit for Both Govt & Non-government Firms

    For non-government entities- 7trh of the succeeding month (except March where the due date is set to be April 30th)

    For Government Entities

    Difference Between TDS and TCS Filing Forms?

    You can comprehend the difference between TDS and TCS via the following illustration:

    Individual or companies making the paymentTDSTCS
    LimitsPurchase of goods and services
    		Sale of goods and services
    Transactions coveredRent, commission, interest, rent, salaries, brokerage and moreSelling of toll tickets, forest products, cars, tendu leaves, minerals, liquor, timber, scrap, etc. 
    Time of DeductionWhen payment is due or made, whichever comes soonerDuring sale
    Due dates7th of every month, though the returns have to be submitted quarterlyIndividuals or businesses selling the goods or service
    Person responsibleIndividuals or companies making the paymentDeducted in the month in which supply is received. Deposited to the Government within 10 days from the month’s end in which it is supplied.
    Filing quarterly statementsForm 24Q (in case of salaries), Form 26Q (for others except salaries), and Form 27Q (for payments to NRIs)Form 27EQ

    TCS & TDS Return 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.

    For instance:

    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.

    Interest on Late Payment of TDS / TCS

    Section Nature of Default Interest Subject to
    TDS/TCS amount     		Interest period
    201 A Non-deduction of tax at source (whole or part) 1%
    per
    month     		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
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    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 every month rather than the number of days. Part of a month will also be considered a whole month.

    For example

    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, of 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 the TDS was deducted rather than the date on which it was due.

    For instance

    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 missed 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.

    Penalty

    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 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:

    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.ScenariosOriginal Due Date
    1.For 15G/H Received from 1/04/2024 to 30/06/2024 15th July 2024
    2.For 15G/H Received from 01/07/2024 to 30/09/202415th October 2024
    3.For 15G/H Received from 01/10/2024 To 30/12/2024 15th January 2025
    4.For For 15G/H Received from 01/01/2025 to 31/03/202530th April 2025

    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.

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