7th January

This is the due date for deposit of tax deducted. However, the tax department said that all money deducted/collected by government offices will be paid into the central government account on the same day the tax is paid without producing the income tax challan.

This is also the deadline to deposit TDS for the period October 2023 to December 2023, when quarterly deposit of TDS is allowed under section 192, 194 A, 194 D or 194 H of assessment.

14 January

This is the due date for issuance of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in November 2023.

15 January

This is the due date of submission of Form 24G to the government office where TDS/TCS payment for December 2023 has been made without presenting the challan. TCS quarterly information for the December 2023 quarter will also have to be submitted by this date. This is also the deadline to submit Form 15G/15H declarations received during the December 2023 quarter.

Also, the statement under Rule 114AAB for December 2023 quarter is presented in Form No. 49BA.

30 January

Quarterly TCS certificate in respect of December 2023 quarter should be submitted by January 30.

Challan statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S is required to be submitted in December 2023.

Quarterly information of TDS for December 2023 quarter also has to be submitted by January 30.

31 January

In respect of the December 2023 quarter, the quarterly return of TCS of the banking company on interest on FD has to be filed by January 31. Information by sovereign wealth funds and pension funds regarding investments made in India for the quarter ending December 2023 is also to be provided by January 31.

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In case of any delay in filing of tax deducted at source (TDS) return on or before the specified date, you have to pay a late filing fee of Rs 200 per day. According to Archit Gupta, Founder and CEO, Clear, this action is taken under section 234E of the Income Tax Act. Gupta told CNBC TV18, “Delay in TDS attracts penalty every day.

Fine may be imposed up to 1 lakh

In such a situation, while filing the return, you are first charged a late fee for being late and after that a fine is imposed. In this case, the Income Tax Officer can impose a fine ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. You cannot file TDS return without paying late fee and the late fee should not exceed the amount of TDS.

Returns submitted quarterly

So, if you want to avoid late fee and penalty while filing TDS return, don’t forget to file it ahead of time. The first scheduled date for filing quarterly TDS is July 31, 2022. Since this is also the last date for filing income tax returns, many taxpayers can get confused about it.

You must be aware that the TDS return should be filed by the last date of the month following the close of every quarter. This means that the return for the April-June quarter should be filed by July 31, the return for the July-September quarter by October 31, the return for the October-December quarter by January 31 and the return for the January-March quarter by May 31.

Why is Form 16 or 16A necessary?

To file TDS return, a taxpayer will need Form 16 or 16A, which is a certificate of deduction of tax on any type of income. It contains the details of the tax paid by the employer in lieu of the employee. Taxpayer can also calculate his TDS, TCS and Advance tax through Form 26AS.

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1 lakh will be fined for not returning TDS 

If you make any mistake in filing TDS return, then the Income Tax Department will charge a late fee of Rs 200 per day. In such a situation, while filing the return, first of all you will have to pay late fee for the delay. After this a fine (TDS penalty) will be imposed. In this case, the Income Tax Officer can impose a fine ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh.

These documents are required to return TDS (Tax Deducted at Source) 

To file TDS return, the taxpayer will need Form 16 or 16A. Which is a certificate of deduction of tax on income on any kind of income. It contains all the details that the employer would have paid the tax in lieu of the employee. Taxpayer can also assess his TDS, TCS and advance tax through Form 26AS.

31st July is the last date

In ITR, you have to file the return of tds every quarter. The last date to file TDS (Tax Deducted at Source) return is 31st July. The TDS return must be filed by the last date of the coming month after the end of every quarter. April-June quarter returns up to 31st July, July-September quarter returns up to 31st October, October-December quarterly returns up to 31st January and January-March quarterly returns 31 Must be filed by May.

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