Tds payment due date

TDS Payment Due Date Month Due Date April 7 th May May 7 th June June 7 th July July 7 th August August 7 th September September 7 th October October 7 th November November 7 th December December 7 th January January 7 th February February 7 th March March 30 th April The due date for payment in case of A common question asked is what is the last date of payment when above mentioned due date falls on a Sunday or public holiday. In this case, the next working day can be considered as the last day of payment of Tax Deducted at Source. When you are making an electronic payment, keep in mind that payment made after 8 PM is processed on the next working day. And if this happens you can’t argue that I had made payment but bank processed it next day so payment is considered to be made the next day and you have to pay interest. Also Read – Interest on Late Payment of TDS Interest is chargeable on shortpayment/late payment of TDS. There can be the following scenarios:- • When TDS is not deducted Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible to the date on which TDS is actually deducted. • When TDS is deducted but payment is made lately Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted to the date on which such TDS is actually paid. Calendar month is considered in calculating interest therefore if you delay payment by one day, you have to pay interest ...

Last updated on April 12th, 2023 As a responsible deductor it is not only essential that correct TDS is deducted from the payee’s income, but also to ensure that the TDS return due dates are taken care of to avoid penalties. Hence, the deductor/payer need to keep the following things in mind: • TDS Payment Due Dates • TDS Return Filing Due Dates • • • • • • • • TDS Payment Due Dates The following table shows the TDS due dates for the current FY: Month End of Quarter Due dates to Deposit TDS to the Government April 30th June 7th May May 30th June 7th June June 30th June 7th July July 31st September 7th August August 31st September 7th September September 31st September 7th October October 31st December 7th November November 31st December 7th December December 31st December 7th January January 31st March 7th February February 31st March 7th March March 31st March 7th April (For TDS by Government Office) 30th April (For TDS by other deductors) Note: You can pay TDS online via TDS Return Due Dates Quarter Months Due Dates Q1 April – June 31st July Q2 July – September 31st October Q3 October – December 31st January Q4 January – March 31st May In case of the sums deducted by an office of the government without challan should deposit the same on the day of deduction. Explore Penalties for Late Deposit and Late Filing of TDS Return Following are the penalties applicable in case one has not deposited TDS on or before the due date or has not filed the Section 234E: TDS Return Late F...

Forms for Filing TDS Returns Form No. Description Form 24Q Quarterly TDS statement for tax deducted on salary payments. Form 27Q Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company Form 26Q Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc. However, if tax is deducted at source under Sections 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC, respectively. The deductor should provide the challan-cum-statement within 30 days from the end of the month in which TDS is deducted. As an exception, no return is required separately in such cases. TDS Payment Due Dates The dates for depositing the tax deducted at source and filing of TDS return for the financial year 2023-24 for all the deductors is shown in the below table- Quarter ending Month of deduction Due dates for depositing TDS (FY 2023-24)* TDS Return Due Date (FY 2023-24) 30th June 2023 April 2023 7th May 2023 31st July 2023 May 2023 7th June 2023 June 2023 7th July 2023 30th September 2023 July 2023 7th August 2023 31st October 2023 August 2023 7th September 2023 September 2023 7th October 2023 31st December 2023 October 2023 7th November 2023 31st January 2024 November 2023 7th December 2023 December 2023 7th January 2023 31st March 2024 January 2024 7th February 2024 31st May 2024 February 2024 7th March 2024 March 2024 7th April 20...

At the point of origin of income, the taxpayers in India have to pay TDS (Tax Deducted at Source) as per the Income Tax Act, 1961. An amount from the total earnings received by a deductee or receiver is generally withheld by the deductor (person, institution, or organization). This deducted amount is equal to the tax amount, which needs to be credited to the government account within the prescribed time limit. Latest Update in TDS Payment 29th August 2022 • Delhi Income Tax Appellate Tribunal ordered TDS late payment Interest that it can not accept as a company expenditure. TDS Applicability in Multiple Forms Most of the people in India believe that TDS is applicable to salaried individuals, but that’s completely wrong. There are multiple scenarios where TDS is applied, such as: • Income earned from the internet against securities and debentures • Interest Income received from various sources other than securities and debentures • Dividend Income • Money received from EPF (if it is availed before the prescribed withdrawal limit or if the amount withdrawn exceeds the specified limit) • Money sent to freelancers, contractors or subcontractors • Winnings from the game shows, lotteries, crossword puzzles or any other game-related winning Insurance or brokerage commission earnings • Earnings from the transfer of Movable property • Profits received from technical or professional services to clients • Income earned against royalty, etc. Why is TDS at First Place Exists? It is a w...

TDS Payment is liable to be made by any assesse who has deducted TDS at the time of incurring any expenditure. The Due Date for TDS Payment is separate for Govt. and Non-Govt. assessee’s as mentioned below Due Date for TDS Payment in case of Govt. Assessee S. No. Particulars Due Date 1. Tax Deposited without Challan Same Day 2. Tax Deposited with Challan 7 th of next month 3. Tax on perquisites opted to be deposited by the employer 7 th of next month Due Date for TDS Payment in case of Non-Govt Assessee S. No. Particulars Due Date 1. Tax Deductible in March 30 th April of next year 2. Other Months and Tax opted to be deposited by the employer 7 th of next month The Assessing Officer may with the prior approval of the Joint Commissioner permit quarterly payment of TDS as specified in the table below:- S. No. Quarter ends on Due Date 1. 30 th June 7 th July 2. 30 th September 7 th October 3. 31 st December 7 th January 4. 31 st March 30 th April It is mandatory for all corporate assesses and all other assessees liable for Procedure for TDS Payment Online The following procedure is to be followed for making Payment of Tax Deducted at Source. It shall be noted that TDS Payments cannot be made without a valid TAN No. In case, you still dont have a TAN No., refer article on • Visit • Select Challan No. – ITNS 281 for TDS Payment. A Copy of the Challan has been shown herewith for your Ready Reference • Enter your TAN No. based on which there would be an online check on the validi...

Updated: 20-01-2023 12:28:52 PM TDS or Tax Deducted at Source is a method of paying tax in India at the point of origin of income as per the Income Tax Act, 1961. The deductor (person, organization or institution) is required to withhold an amount equal to the tax amount from the total earnings payable to the receiver or deductee. It is the responsibility of the deductor to ensure that the tax is correctly deducted and then deposited with the concerned authorities within the stipulated timelines. Applicability of TDS in Various Forms While it is commonly assumed that the TDS is applicable only on salary income, but it is also applicable in many other cases such as: • Income from interest on securities and debentures • Income from interest other than those on securities • Income from dividends • Income from withdrawal of EPF (Before expiry of a certain period or if amount withdrawn is beyond the limit specified) • Payment to contractors / subcontractors / freelancers • Winnings from horse races, lottery, crossword puzzles or any game related wins • Insurance commission and commission on brokerage earnings • Transfer of certain immovable property, etc. • Income from rendering technical or professional services • Income from royalty, etc. Why was TDS introduced ? As income is taxable only at the end of the financial year, hence the government has instituted the concept of TDS, in order to ensure: • Prevention of tax evasion: This mechanism ensures that the government collects...

Due Dates for TDS Returns: E very taxpayer whose TDS has been deducted is required to complete a TDS return. These forms must be filed at specific times, and the information that must be supplied to the income tax authorities includes the TAN number (Tax Deduction and Collection Account Number), the amount deducted, the Permanent Account Number (PAN) , the TDS payment, the kind of payment, and so on. There are late filing costs for late submission of TDS returns, therefore it is critical to remember the due dates as well as the relevant documentation necessary. TDS Deducting Deposit Deadlines: The tax deductor shall deposit the TDS to the government within the time period specified in Section 200 of the Income Tax Act of 1961. Current income tax laws require the tax deductor to deposit the tax with the government by the seventh day of the following month. The government and other deductors have varied deadlines for taxes deducted in March. The government has until April 7 to deposit tax deducted. The tax must be deposited by April 30 for all other deductors. Deductor Due Date of Depositing Tax Deducted Deductors from the government and others (from April 2022 to February 2023) 7th of next month Government and other tax payers (For March 2023) Government date: April 7, 2023Other deductors, such as employers and banks: 30 April 2023 TDS Return Filing Deadline FY 2022-2023: Quarter Quarter Period Quarter Ending Due Date 1st Quarter April - June 30th June 31st July 2022 2nd Qu...

TDS denotes tax deducted at source, while TCS denotes tax collected at source. If an individual makes a payment to the recipient, TDS must be deducted at a specified rate and deposited with the government, according to the Income Tax Act. In the case of the TCS, the individual accepting the payment is responsible for collecting tax from the payer and depositing it with the government. TDS Payment Due Dates Month Due Date April 7th May May 7th June June 7th July July 7th August August 7th September September 7th October October 7th November November 7th December December 7th January January 7th February February 7th March March 30th April Finance Ministry TDS/TCS Updates Due to Covid19 The government will inject Rs 50,000 crores of liquidity by lowering For late payments of accelerated tax, self-assessment tax, standard tax, TDS, TCS, equalization fee, STT, CTT there is a lowered interest rate of 9% instead of 12% /18% per annum (i.e. 0.75% per month instead of 1/1.5% per month) will be paid. There will be no late fee or punishment if you are late during this time frame. TDS Payment Online: To make a payment of tax deducted at the source, follow the steps outlined below. It should be remembered that without a valid TAN number, TDS payments cannot be made. • TDS Payment can be made using Challan No. ITNS 281. A copy of the Challan has been attached for your convenience. • Input your TAN number, and the validity of the TAN entered for TDS payment will be checked online. • If ...