TDS compliance due dates:

TDS Deduction:

It is generally required at the time of making the payment to the deductee.

TDS Payment For all types of deductors:

payments must be made on or before the 7th of the following month in which TDS was deducted.
For government deductors (deducting under Section 194IA, 194IB, or 194M):
TDS payments must be made on or before the 30th of the following month in which it was deducted.

For more information to visit: https://www.incometax.gov.in

TDS Return Filing:

Quarterly Return (Form 24Q, Form 26Q, Form 27Q, Form 27EQ):

Quarters 1 (April to June): Due on or before July 31st
Quarter 2 (July to September): Due on or before October 31st
Quarters 3 (October to December): Due on or before January 31st
Quarter 4 (January to March): Due on or before May 31st

Annual Return (Form 26Q, Form 27Q):

Due on or before May 31st of the following financial year

It’s important to note that these due dates are subject to change and it is advisable to refer to the official notifications and updates from the tax authorities or consult with a tax professional to ensure accurate and timely compliance with TDS regulations.

FAQs

1. What is TDS?

Ans: TDS (Tax Deducted at Source) is a tax that is deducted from certain payments such as salaries, interest, rent, etc., before the recipient receives them. It’s deducted by the payer and deposited with the government.

2. Who is responsible for TDS compliance?

Ans: The person or company making payments (the deductor) is responsible for deducting TDS and complying with TDS regulations, including depositing the tax and filing TDS returns.

3. When should TDS be deducted?

Ans: TDS should be deduct at the time of making the payment or crediting the amount to the recipient’s account, whichever is earlier.

4. What are the due dates for depositing TDS?

Ans: For most payments, TDS must be deposit by the 7th day of the following month. For March (end of the financial year), TDS is due by April 30th.

5. What is the due date for TDS deposit on salaries?

Ans: TDS deducted on salaries should also be deposit by the 7th day of the following month.

6. When should TDS returns be file?

Ans: TDS returns must be filed quarterly, with the due dates being:

Q1 (April – June): July 31

Q2 (July – September): October 31

Q3 (October – December): January 31

Q4 (January – March): May 31

7. What happens if TDS is deposit late?

Ans: If TDS is deposit late, interest at the rate of 1.5% per month is charged from the date of deduction until the date of deposit. There may also be penalties for non-compliance.

8. What are the penalties for late filing of TDS returns?

Ans: A late fee of ₹200 per day is levy for each da the TDS return is delay, subject to a maximum of the TDS amount. There may also be additional penalties for failure to file returns.

9. Can TDS compliance be done online?

Ans: Yes, TDS can be deposit and TDS returns can be filed online through the government’s Income Tax Department portal.

10. Why is TDS compliance important?

Ans: TDS compliance is essential to avoid interest, penalties, and potential legal action. It ensures that taxes are correctly deduct and deposit with the government, helping both businesses and individuals avoid tax-related issues.

TDS compliance due dates?