TDS due date for payments and returns
A reference to the TDS due date for payments and returns
- TDS Payment Due dates
- TDS Payment Deposit Due Dates for Govt & Non-government
- Challan to deposit TDS & mode of deposit:
- TDS Return Filing Due dates: FORM NO. 24Q, 26Q, & 27Q
- Due dates to submit Form 15G /15H:
- Due Date for submission of 15G and 15H on e-filing portal of Income Tax Department
- Penalty for Late Filing of TDS Returns
TDS Payment Due dates
TDS Payment Deposit Due Dates for Govt & Non-government
Tax Deducted at Source (TDS) came into the picture so that the Income Tax Department does not miss out on the tax revenue collection. Under TDS, the deductor is responsible to pay the TDS to the department. By doing this, the department will still have access to the tax amount even if the deductee fails to record the income.
April to February On or before the 7th working day of next month Normal TDS
- Same day (in case of payment through Transfer voucher)
- On or before the 7th working day of next month (in case of payment through Challan)
TDS on Perquisites (If the deductor opts to deposit the TDS)
- On or before the 7th working day of next month (Payment has to be through challan only
| TDS DEDUCTED IN MONTH | DUE DATE FOR NON-GOVERNMENT DEDUCTOR | DUE DATE FOR GOVERNMENT DEDUCTOR |
| March | April 30th | Normal TDS
TDS on Perquisites (If the deductor opts to deposit the TDS)
|
Another type of deductor we come across is an Individual (other than the office of the Government), who has the prior approval of the Joint Commissioner. Such a deductor has the permission to deposit the TDS quarterly for the tax deduction made under the sections 192, 194A, 194D and 194H.
The due dates for this kind of TDS payment are as below:
| QUARTER | DUE DATE FOR TDS PAYMENT |
| April to June | 7th July |
| July to September | 7th October |
| October to December | 7th January |
| January to March | 30th April |
Important Notes:
- day will be taken as the last date for payment.
- The processing of electronic payments received after 8 PM will take place the following business day. And in this case, payment consideration will be done for the next day and the payer will be liable to pay interest on late payment.
- The payer can pay TDS deducted through tax challan ITNS 281 manually or online by logging into OLTAS. Online TDS payment is mandatory for the following Deductors:
- Company Assessee
- Assessee for whom tax audit is compulsory.
- Other assesses can also opt for online TDS payment voluntarily for faster processing of Challans.
Challan to deposit TDS & mode of deposit:
- For all sections under TDS, one challan is to be deposited i.e ITNS – 281. To deposit TDS, TAN(tax deduction & collection account number) is to be obtained and used.
- Deductor can adjust excess TDS deposited in one section/financial year with another section/financial year (one year previous & one year forward FY). So there is no need to deposit section-wise challan.
- However, for TDS collected under section 194IA (TDS on an immovable property over 50 Lakh) tax is to be deposited on challan-cum-return 26QB. Further to deposit this challan TAN number is not necessary though the deductor will FILL his PAN.
- TAX must be deposited through online mode only or through designated bank branches.
TDS Return Filing Due dates: FORM NO. 24Q, 26Q, & 27Q
- Form 24Q – The deductor (employer) should fill out the Quarterly return form for all the deductions made in a salaried case.
- Form 26Q – The deductor should fill the Quarterly return form for all the deductions made in the non-salaried case.
- Form 27Q – The deductor should fill the Quarterly return form for the deductions made in the case of NRI/NRE.
| QUARTER | FORM NO. 24Q, 26Q, & 27Q |
| April to June | 31 July |
| July to September | 31 October |
| October to December | 31 January |
| January to March | 31 May |
Due dates to submit Form 15G /15H:
Banks deduct a TDS if interest income on a bank fixed deposit is more than Rs 10,000. Similarly, the company, on the other hand, deduct a TDS if the interest income on a fixed deposit exceeds Rs. 5,000.
According to IT Law, if the total income for the year is below Rs. 2,50,000 then depositors are not necessary to pay any tax. In this case, submission of Form 15G/15H to the bank or the company who deducts a TDS is necessary. This is to let the deductor know that they should not be deducting any TDS.
Submission of Form 15G/15H is a yearly process. It has to be done before the computation of the interest amount.
- Residents under the age of 60 years have to submit Form 15G.
- Residents who are senior citizens i.e, who are 60 years and above have to submit Form 15H.
- Important points to note while submitting these forms are:
- Submit these forms in case your total yearly income is below Rs 2,50,000.
- Section 80C benefits should not be taken into account in calculating total income when submitting form 15G and form 15H.
- Example: A person’s estimated income is at Rs 3 lakhs. Then there is a reduction to Rs 2 lakhs because they invest Rs 1 lakh in a LIC policy. So, here, the income is considered as 3 lakhs and not as 2 lakhs.
- These forms should be submitted by resident individuals only.
You can make a claim in your income tax return for any prior TDS deductions made by a bank or company.
Due Date for submission of 15G and 15H on e-filing portal of Income Tax Department.
W.e.f 1st April 2016, the due date for online uploading of the Form 15G and 15H will be as below (until any extension notification received for the specific period or FY);
QUARTER ENDING | DUE DATE |
30th June | 15th July |
30th September | 15th October |
31st December | 15th January |
31st March | 30th April |
Penalty for Late Filing of TDS Returns
If TDS returns are filed after the due date or there are errors in the return forms, the following penalties will apply:
- Penalty under Section 234E:Under this section of the Income Tax Act, the deductor would be charged Rs.200 every day till TDS is paid, however the penalty sum cannot exceed the TDS amount.
- Penalty under Section 271H: If incorrect details are submitted, such as incorrect PAN or incorrect tax amount, a penalty of at least Rs.10,000 will be applied.
If TDS/TCS returns are not filed within the due date, no penalty will be charged under Section 271H of the Income Tax Act:
- The government receives credit for the TDS/TCS.
- The TDS/TCS return is filed before the deadline of one year from the due date.
- The government has received credit for the interest and late filing costs (if any).
This concludes our post on TDS due dates. We’ve created a simple PDF for you to download and keep for future reference. So go ahead and download it, try it out, and tell us what you think.
