Find TDS/ TCS return due dates with the time period and last date for filing for AY 2024-25 (FY 2023-24). TDS stands for tax deduction at source while TCS stands for tax collected at source.
As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the government. While for the TCS, the person receiving the payment has to collect tax from the person making the payment and deposit thereafter with the government.
Latest Update
- For the first quarter of FY 2023–24, the deadline for submitting TDS/TCS statements in Form 26Q, 27Q, and 27EQ has been extended to September 30th, 2023. read circular
Here, we showcase the current due dates for filing TDS/ TCS returns as per the latest update by the government of India.
TDS/TCS Updates by Finance Ministry
- “Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates”
SAG Infotech always works for helping taxpayers by providing needful materials that make return filing work easy. We cover the TDS return filing last date and TCS return filing due dates in a proper format (quarterly basis) for AY 2024-25 (FY 2023-24). Also, the taxpayer gets the details of the TDS/TCS payment deposits on a monthly basis for government and non-government employees.
File TDS Returns on Due Date by Gen TDS Software
Recommended: Free Download Trial Version of TDS Return Filing Software
Here we have provided the Last Dates of FY 2023-24 for TDS Return Filing along with the Last Dates of FY 2023-24 for TCS Return Filing.
TDS Return Due Date of FY 2023-24 for Return Filing
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2023 | 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 Jan 2024 |
| 4th Quarter | 1st January to 31st March | 31st May 2024 |
TCS Return Due Date for FY 2023-24
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 15th July 2023 | 30th Sep. Only for 27EQ |
| 2nd Quarter | 1st July to 30th September | 15th October 2023 |
| 3rd Quarter | 1st October to 31st December | 15th Jan 2024 |
| 4th Quarter | 1st January to 31st March | 15th May 2024 |
Note:
- Quarterly TDS/TCS Certificate: After uploading a quarterly TDS return you can generate a TDS/TCS certificate within 15 days of uploading your return.
TDS & TCS Payment Deposit Due Dates for Govt & Non-government
- The due date for depositing TCS is the 7th of next month.
- Due dates for depositing TDS are as under:
- For non-government Deductors- the 7th of next month (except for the month of March where the due date is the 30th of April)
- For Government Deductors-
i) If paid through challan- 7th of next month
ii) If paid through book entry- Same day i.e. the day on which TDS was deducted.
TDS Payment Due Date for Sunday or Public Holiday
Tax-deductible at the source is done at the time of the payment to the receiver and the tax deducted is directly deposited by the giver to the government. The TDS filing is mandatory for everyone who has been into the payment transactions and therefore calls for various compliance by the government.
The latest upcoming TDS return filing due date given by the government is near. As per the sources, it has been found that the upcoming TDS return due date is falling on Sunday which is a public holiday, therefore, one can also pay the TDS on the next working day.
Due Date of 15G/15H Form
The due date for quarterly furnishing of 15G/15H declaration received by the payer from 1/04/2017 onwards and the manner for dealing with 15G/15H received by the payer during the period from 01/10/2015 to 31/03/2016 has been specified in Notification No. 09/2016 dated 9th June 2016 wide F.No.DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539.
| S.No. | Scenarios | Original Due Date |
|---|---|---|
| 1 | For 15G/H Received from 1/04/2023 to 30/06/2023 | 15/07/2023 |
| 2 | For 15G/H Received from 01/07/2023 to 30/09/2023 | 15/10/2023 |
| 3 | For 15G/H Received from 01/10/2023 to 30/12/2023 | 15/01/2024 |
| 4 | For 15G/H Received from 01/01/2024 to 31/03/2024 | 30/04/2024 |
TDS on Purchase of Immovable Property
- The time limit for TDS deposition on the purchase of immovable property is the 30th day of the following month in which the property is purchased. For Example: If the property is purchased in the month of June then TDS can be deposited by 30th July.
Penalties on TDS/TCS Return Filing After Due Date
TDS ensures an on-time payment of tax on behalf of the income generator but not on behalf of the one who deducts the tax. For example: if an employer deducted tax on behalf of an employee, implies that the employee has paid the tax but that doesn’t mean the employer has also paid the same. So, here comes the role of penalties and late payment charges.
In our day-to-day life, we come across such terms as late payment fees, fines, etc on pending bills or outstanding payments. The same is with income tax, the penalty or delayed payment fees are charged by the Income Tax Department (ITD) to an individual who is not in compliance with the IT law or could not meet his/her tax duties in a well-manner. So when such individuals fail to pay the taxes on time, the penalties are levied along with interest.
In the same way, if a deductor or employer who deduct the TDS (Tax Deducted at Source) from the income of their employees, fails to pay TDS to the government or fails to submit relevant tax documents to the IT department on time, becomes liable to pay penalties for the late or non-payment of TDS.
Section 234E of the Income Tax Act, which was introduced on 1st July 2012, deals with the late payment fees or penalty applicable for late submission of quarterly TDS/TCS returns by the Deductor to the ITD.
Late Filing Fee If Miss The TDS/TCS Return Due Date
According to Section 234E, a late fine of INR. 200 per day has to be paid to the Income Tax Department in case of late filing of TDS/TCS return and the fine will be levied for every single day of delay until the late payment charges become equal to the amount of TDS and not more than that.
Let’s understand it through an example. Suppose you have to pay a TDS amount of INR 5000 on 1st March, but you pay the TDS amount on 30th June, then the total amount of penalty will be calculated as INR 200 X 122 days = INR 24,400.
Since the calculated value of the penalty is more than the actual amount of TDS amount, i.e., INR 5000, you will be liable to pay only INR 5000 as the late filing charges.
Interest in Non-Payment of TDS/TCS
In addition to the penalty, interest will also be charged. The interest is payable by the taxpayers before the filing of the TDS return. The details about interest rates are given in Section 201 A.
- For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, and CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 per cent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
However, none or short payments of TDS/TCS made after 30th June will attract the following interest liability:- - When a part or whole amount of tax is Non-deducted at source then 1% per month interest is subject to TDS/TCS amount when the Interest period starts from the date on which the tax was deductible and lasts till the actual date of deduction.
- When a part or whole amount of TDS is not paid then 1.5% per month interest is subject to TDS/TCS amount when the Interest period starts from the deduction date and lasts till the actual date of payment.
- Interest at the rate of 1.5% per month ( from the date when it was deducted to the actual date of deposit) has to pay for late payment of TDS after deduction.
- Note: The interest is calculated on the basis of a number of months and not on the basis of a number of days so a part of a month will be taken as a whole month.
For instance – If you have to pay the TDS amount of INR 3000 which you deducted on January 15th. But you paid this TDS after the actual date of the TDS deposit, on May 29th. So, the interest will be calculated as INR 3000 X 1.5% per month X 5= INR 225.
However, according to many High Court Cases, a month is a period of thirty days. But Under the Income Tax Act, of 1961, there is no precise definition for a month.
The most noteworthy point:
- The calculation of interest for the payable TDS amount is done on the basis of the date from when the TDS was deducted instead of the date on which it was due.
For example: If the due date of the TDS payment is April 15th and the TDS was deducted on March 30th. So, here the interest will be calculated for the time period starting from March 30th, instead of April 15th which is the due date.
It becomes quite troublesome when you miss the due date of the TDS payment by a day or two. Let’s suppose May 10th was the due date for paying TDS for a TDS that was deducted on April 15th and due to any reasons you missed the due date but paid the TDS on the very next day means on May 11th. In such a case, the interest calculation will begin from April 15th, and unnecessarily you would have to pay interest for two months, i.e., 1.5% per month X 2= 3%.
Therefore, it is very important to pay TDS before the due date of TDS payment to avert such obligations of paying huge interest and penalties.
Penalty
According to the norms of the Income Tax Act, You might become liable to pay the penalty of an equal amount as the deducted/collected amount
Prosecution under Section 276B
Section 276B states that if a person fails to pay to the credit of the Central Government within the specified time, as mentioned above, the TDS by him according to the provisions of Chapter XVII-B, he shall be penalized with fine along with severe imprisonment for a time period between 3 months and 7 years. The punishment will be based on the circumstances or the inspection done by the concerned tax authority or assessment officer.
Penalty Sections for Late Filing of TDS/TCS Return
Penalty (Sec 234E): The TDS deductor will be accountable to pay a penalty of INR 200/- per day to the IT department till the date the complete TDS amount is paid. However, the penalty shall be limited to the actual TDS amount and can not be more than that.
Penalty (Sec 271H): As per this section, when an individual fails to file the TDS/TCS return before the due dates, the Assessing Officer may direct him/her to pay a penalty under section 271H along with the late fee applicable as per section 234E.
The penalty under section 271H starts from INR.10,000 and can be extended to INR 1,00,000 when the Deductor/Collector files a wrong return.
Conditions when no penalty is levied for delayed filing or payment of TDS/TCS return as per section 271H.
- The tax deducted at source is paid to the credit of the government.
- The interest along with late filing fees is paid to the credit of the government.
- The TDS/TCS return is filed prior to the expiry of one year period from the due date as stated (provided that the return submitted is correct)
See Also: Income Tax Important Dates for Current Financial Year
