TDS Payment Due Dates, TDS Return Due Dates – TDS Due Dates
TDS Payment Due Dates, TDS Return Due Dates – TDS Due Dates, Check Complete details for Due Date for TDS Return and TDS Payment or TDS Deposit.
TDS refers to Tax Deducted at Source. TDS provisions were basically introduced so that the Income Tax department does not miss out on the tax revenue collection.
These provisions ensure that the onus is placed on payer , so that any unreported revenue by payee , would not go unnoticed. This article will give out the due dates with respect to TDS return as well as payment. Now check more details for “TDS Payment Due Dates, TDS Return Due Dates” from below….
|Period for which TDS is paid||Due date|
|April 1st to June 30th||July 31st|
|July 31st to September 30th||October 31st|
|October 1st to December 31st||January 31st|
|January 1st to March 31st||May 31st|
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TDS payment or TDS deposit Due Dates
TDS provisions differ in time when the TDS needs to be deducted.Some TDS provisions warrant TDs deduction at the time of payment.Others may require the TDS deduction at the time of booking the expenses in the books of the payer. This may result in TDS deduction as and when the expenses accrue and such TDS deduction can not be deferred till the payment of the same.
For e.g. TDS under section 192 require that TDS is deducted on salary at the time of payment. However , TDS under section 194C, warrant that TDS should be deducted at the time of accrual or payment of the expenses , whichever is earlier.
Even though TDS provisions differ as to when it is to be deducted, TDS deposits rules and deadlines are same across all the sections.The following table show’s the due date for the same.
Challan to deposit TDS and TCS & mode of deposit
- For all sections under TDS and TCS one challan is to be deposited ie ITNS- 281 and to deposit TDS/TCS -TAN(tax deduction & collection account number is to be obtained and used.
- Deductor can adjust excess tds deposited in one section /assessment year with another section /assessment year so no need to deposit section wise challan
- However for TDS collected under section 194IA (TDS on immovable property over 50 Lakh) tax is to be deposited on challan cum return 26QB.Further to deposit this challan TAN number is not required though deductor will FILL his PAN
- TAX must be deposited through online mode only or through designated bank branches.
Refund of Excess TDS deposited :
As pointed out above in point number 2 ,you may adjust excess TDS in other section /assessment year/quarter.However if you want refund then you may apply on form 26B online for excess TDS.
Late Filing Fee
Under Section 234E, an individual has to pay a fine of Rs 200 per day as long as the return is not filed. Though, the total penalty computed should not exceed the total amount of tax deducted.
For example: let’s assume Ajay payable TDS amount is Rs 6000 on 13th May and he paid it on 17th November (i.e. 189 days, counting 17th November).
Then according to the rule of Income taX, if we calculate the total amount then it is Rs 200 x 189 days = Rs 37800, but since this is greater than Rs 6000 then Ajay will have to pay only Rs 6000 as the late filing fee. In addition with this, you also have to pay interest which is covered in the next section.
For example: Rishi payable TDS amount is Rs 8000 and the due date is 13th January. Rishi pay TDS on 17th May and the total interest Rishi be obliged is Rs 8000 x 1.5% p.m. x 5 months = Rs 600
This interest amount is to be paid from the date at which TDS was deducted, not from the date from which TDS was due.
For example: let the TDS Return due date is 7th May and you have deducted TDS on 19th April and you have not deposited TDS by 7th May and you have to pay interest amount starting from 19th April and not 7th May.
Section 234E- levy of fees
- Under this Section 234E, if an individual forgets to file or delay to file your TDS return then he has to pay a fine of Rs 200 per day as long as the return is not filed. Though, the total penalty computed should not exceed the total amount of tax deducted
Deductor has to pay a penalty of a sum which is not less than Rs. 10,000 up to Rs.1,00,000.
Submission of wrong details like PAN, Amount of tax, Payment of Challan etc.
- Period of non- filing exceeds one-year time limit to file TDS statement of a deductor.
Duties of the person liable to deduct TDS/TCS
- Must have TAN Number.
- Must have TAN Number all documents pertaining to TDS/TCS.
- Deduct TDS/TCS at the applicable
- Pay such amount on the due date or before the due
- Must file periodically statement i.e. TDS Return
- Must issue TDS/TCS certificate in respect of TDS deducted/collected
TDS provisions are stringent and non filing or non deposition of TDS deducted , would land the payer in trouble.
Disallowance of expenditure or even criminal prosecution along with penalty and interest could be the result of the same.
So please be sure to understand the applicability for TDS deduction and deposit the same on or before due date.
Also file the TDS return on or before time, which will save you from lots of tax trouble.