Find TDS/ TCS return due dates with the time period and last date for filing for AY 2025-26 (FY 2024-25). 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. For the TCS, the person receiving the payment has to collect tax from the person making the payment and deposit thereafter with the government.
TDS Payment Due Dates
Quarter Ending (for the year 2024) | Month of Deduction (for the year 2024) | Due Dates for Depositing TDS (FY 2024-25) | TDS Return Due Date (FY 2024-25) |
June 30th, 2024 | April 2024 | 7th May, 2024 | July 31st, 2024 |
May 2024 | 7th June, 2024 | ||
June 2024 | 7th July, 2024 | ||
September 30th, 2024 | July 2024 | 7th August, 2024 | October 31st, 2024 |
August 2024 | 7th September, 2024 | ||
September 2024 | 7th October, 2024 | ||
December 31st, 2024 | October 2024 | 7th November, 2024 | January 31st, 2025 |
November 2024 | 7th December, 2024 | ||
December 2024 | 7th January, 2024 | ||
March 31st, 2025 | January 2025 | 7th February, 2025 | May 31st, 2025 |
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| 7th April, 2025 (for tax deducted by govt. office) | ||
| 30th April, 2025 (for other deductors) |
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”
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 follows:
- 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 Return Due Date for Sunday or Public Holidays
Tax-deductible at source occurs where reimbursement is made to the recipient, and the tax withheld is deposited by the giver directly with the state. TDS filing is required of anyone who engages in payment transactions, necessitating various government enforcement measures.
Penalties on TDS/TCS Return Filing After Due Date
TDS ensures an on-time tax payment 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, it 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 true 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 deducts 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.
FAQs
What are TDS and TCS returns?
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns are quarterly statements filed by taxpayers who are required to deduct or collect tax at source. These returns contain details of the deducted/collected tax, the PAN of the deductee/collectee, and the payment made to the government.
What happens if I miss the due date for filing TDS or TCS returns?
- Late filing fee under Section 234E: ₹200 per day until the return is filed (subject to the amount of TDS/TCS).
- Interest on late payment: Interest may be charged under Section 201(1A) for delayed deposit of TDS/TCS.
- Penalty under Section 271H: The Assessing Officer may impose a penalty between ₹10,000 and ₹1,00,000 for failure to file returns within the due date.
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