TDS Quarterly Return And Payment Due Date For FY 2024 : Filing Process, Forms, Eligibility, Penalty

News: If you’re seeking information about TDS return due dates and the procedure for filing TDS returns online, you’re in the right place. TDS, short for tax deduction at source, is mandated by the Income Tax Act. It requires deducting TDS at the prescribed rate from payments made to a receiver and then depositing it to the government. Understanding TDS returns and the filing procedure is crucial to avoid penalties. In this article, we’ll provide details about TDS quarterly return due dates, the filing process, and penalties for late TDS payments.

TDS Quarterly Return Due Date

For the fiscal year 2024-2025, the deadline for submitting the third quarter TDS Return is January 31, 2024. This return encompasses all TDS returns made between October 1, 2023, and December 31, 2023. While the last date for filing income tax returns is typically July 31 of each financial year, the deadline for TDS returns is extended. You have the option to file income tax returns both online and offline.

As the deadline for submitting TDS tax returns approaches, many individuals experience anxiety. In their haste, people often provide incorrect information, leading to the issuance of an income tax notice. Hence, it is crucial for both businessmen and salaried individuals to file their TDS 2024 Quarterly Returns on time.

TDS Payment Due Dates 2024

Quarter Quarter Period Quarter Ending Due Date

First Quarter April to June June 30 July 15, 2023

Second Quarter July to September September 30 October 15, 2023

Third Quarter October to December December 31 January 15, 2024

Fourth Quarter January to March March 31 May 15, 2024

Forms for Filing TDS Returns

Form No. Description

Form 24Q Quarterly TDS statement for tax deducted on salary bills.

Form 27Q Quarterly TDS declaration for tax deducted at the same time as making payment, other than revenue, to non-resident (no longer being a business enterprise) and foreign organization.

Form 26Q Quarterly TDS statement for other cases like TDS deducted on interest fees, interest payments, etc.

The deductor must provide the challan-cum-statement within 30 days from the end of the month in which TDS is deducted. However, no separate return is required in exceptional cases.

What is TDS Return filing?

In addition to filing taxes, deductors are obligated to submit TDS returns. The Income Tax Department mandates a quarterly declaration through TDS return submission. You can conveniently file your TDS return online, and the requisite details can be accessed from Form 26AS.

To file TDS returns, you will need the following details:

– PAN card information
– Details of the tax amount paid to the government
– TDS challan history

What is TDS Return?

TDS, or Tax Deducted at Source, constitutes a vital component of income tax regulations. It pertains to the tax levied on an individual’s income at the source itself. TDS is deducted from various types of income, including salary, interest, commission, and investments. The government administers tax collection via TDS on behalf of the President of India, albeit this regulation doesn’t encompass all profits and transactions. The Income Tax Department has established specific guidelines for TDS deduction. Any entity making payments is mandated to deduct a stipulated amount as TDS. The recipient of the payment can claim the TDS deducted by them by presenting a TDS certificate. However, such claims must be made within the same financial year.

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TDS Deposit Deadlines for Government and Non-Government Deductors

Non-Government Deductors:

– Monthly Deposits: Deductors are required to deposit TDS for each month by the 7th of the subsequent month.

– March Exception: In the case of deductions made in March, the deadline is extended to April 30.

Government Deductors:

– Challan Deposits: Government deductors, similar to non-government ones, must deposit TDS using a challan by the 7th of the following month.

– Book Entry Deposits: For deductions made through book entry, government deductors must deposit the amount on the same day as the deduction.

How to Fill TDS Quarterly Return 2024 – An Easy Procedure

1. Navigate to the official website of the Income Tax Department at http://incometaxindiaefiling.gov.in/.

2. Provide your user ID, password, and captcha code, then click on the ‘Login’ button.

3. Locate the TDS tab and select it; you’ll find the option to ‘Upload TDS.’

4. Verify the details associated with your TDS Return 2024 and click on the Validate button.

5. Proceed to upload your TDS file on the subsequent page.

6. If you prefer to authenticate your return with your online signature, download the signature file and add it by clicking on the add button.

7. Upon completion of the TDS return upload process, you will receive a success message on your screen. Additionally, information regarding the completion of your return filing will be sent to your registered Email ID.

Penalties for Late Filing TDS

Penalties for late filing of TDS (Tax Deducted at Source) returns are as follows:

1. Late Filing Fee: A late filing fee of INR 200 per day is applicable for any delay in filing the TDS returns. This penalty also applies when filing Form 26QB, which is a challan-cum-declaration.

2. Minimum Penalty: If the TDS return is filed more than a year after the due date, a minimum penalty of INR 10,000 (up to INR 1,00,000) may be imposed. This penalty is in addition to the late filing fee under section 234E.

3. Incorrect Filing: Filing incorrect information in the declaration, such as PAN, Challan, and TDS Amount, can result in a minimum penalty of INR 10,000 (up to INR 1,00,000).

4. Maximum Penalty: The penalty under section 271H can range from INR 10,000 to INR 1,00,000.

In conclusion, it is imperative to adhere to the TDS quarterly return due dates and follow the correct filing procedure to avoid penalties. Ensure accurate information provision and submit your returns on time to stay compliant with the Income Tax Act and avoid unnecessary fines.