IMP TDS Return Due Dates For FY 2023-24 - Penalty For

TDS Return Due Dates for FY 2023-24 - Penalty for Late Filing of
TDS Returns
https://groww.in/p/tax/tds-payment-due-date
TDS denotes tax deducted at source, while TCS denotes tax collected at source. If an
individual makes a payment to the recipient, TDS must be deducted at a specified rate and
deposited with the government, according to the Income Tax Act.
In the case of the TCS, the individual accepting the payment is responsible for collecting tax
from the payer and depositing it with the government.
TDS Payment Due Dates in Detail
The due dates for depositing the TDS and TDS return filing for the financial year 2023-24 for
the deductors are as follows-
Quarter Ending Month of Deduction Due Dates for Depositing TDS TDS Return Due Date
(for the year 2023) (for the year 2023) (FY 2023-24) (FY 2023-24)
April 2023 7th May 2023
June 30th, 2023 May 2023 7th June 2023 July 31st, 2023
June 2023 7th July 2023
July 2023 7th August 2023
September 30th, 2023 August 2023 7th September 2023 October 31st, 2023
September 2023 7th October 2023
October 2023 7th November 2023
December 31st, 2023 November 2023 7th December 2023 January 31st, 2024
December 2023 7th January 2023
January 2024 7th February 2024
February 2024 7th March 2024

March 31st, 2024 May 31st, 2024
7th April 2024 (for tax deducted by govt. office)
March 2024
30th April 2024 (for other deductors)
TDS Payment Online
To make a payment of tax deducted at the source, follow the steps outlined below. It should
be remembered that without a valid TAN number, TDS payments cannot be made.
TDS Payment can be made using Challan No. ITNS 281. A copy of the Challan has been
attached for your convenience.
Input your TAN number, and the validity of the TAN entered for TDS payment will be
checked online.
If the taxpayer’s TAN is considered to be legitimate, he or she will be able to fill out other
challan particulars, such as the accounting head for which the invoice will be made, the
name and address of the TAN, and so on.
An approval screen will appear after the data is sent. If the taxpayer accepts the
information entered in the challan, the page will be redirected to the bank’s net-banking
page, where the payment will be made, as stated in the challan.
The taxpayer will now be allowed to log in to the bank’s net banking website and make the
TDS payment using the user-id and password assigned by the banker.
A challan counterfoil containing the Challan Identification Number (CIN), payment

information, and the bank name from which the e-payment was made will be shown after a
satisfactory TDS Payment. The payment has been received, as shown by the counterfoil.
After a week of using the CIN to make a charge, you can check the status of the challan in
the NSDL-TIN website’s “Challan Status Inquiry.”
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 a variety of government enforcement
measures.
TDS Return Filing Due Date Penalties
TDS means that the income producer pays their taxes on schedule, but not the person who
deducts the fee. For example, if an employer deducts tax on an employee’s behalf, it means
that the employee has paid the tax, but it does not imply that the employer has paid the same.
As a result, fines and late payment fees play a part.

On unpaid bills or overdue checks, we come across terms like late payment penalties, fines,
and so on in our daily lives. The Income Tax Department (ITD) charges a penalty or late
payment fee to a person who is not in accordance with the IT law or who is unable to fulfil his
or her tax obligations promptly.
Similarly, if a deductor or contractor who deducts TDS (Tax Deducted at Source) from an
employee’s wages fails to pay TDS to the government or fails to file related tax records to the
IT department on time, fines for late or non-payment of TDS are imposed.
The TDS late payment penalty for late filing of quarterly TDS/TCS returns by the Deductor to
the ITD was addressed in Section 234E of the Income Tax Act, which went into effect on July
1, 2012.
Late Filing on TDS Return Due Date
In the case of late filing of TDS/TCS returns, a late fine of Rs 200 per day must be charged to
the Income Tax Department, and the fine will be imposed on every single day of delay before
the late payment charges exceed the value of TDS and not more.
Let’s look at a case to grasp it better.
If you have to pay INR 5000 in TDS on March 1st, but you pay it on June 30th, the cumulative
penalty will be INR 200 x 122 days = INR 24,400. Since the assessed penalty is greater than
the real TDS number, i.e. INR 5000, you will only be eligible to pay INR 5000 in late filing fees.
Interest on Late Payment of TDS
In addition to the penalty, debt will be added to the total. The debt is paid by the taxpayers
before the TDS return is filed. Section 201 A contains information on interest rates.
For late payments of accelerated tax, self-assessment tax, standard tax, TDS, TCS,
equalization fee, STT, CTT there is a lowered interest rate of 9% instead of 12% /1% per
annum (i.e. 0.75% per month instead of 1/1.5% per month) will be paid. There will be no
late fee or punishment if you are late during this time frame.
If a portion of the whole amount of tax is not withheld at the source, the TDS/TCS amount
is subject to a monthly interest rate of 1% when the interest term begins on the day the tax
was deducted and ended on the final date of deduction.
When a portion of the whole amount of TDS is not paid, 1.5 % per month interest is
charged on the TDS/TCS amount. The interesting term begins on the deduction date and
ends on the payment date.
For late payment of TDS after withdrawal, interest at the rate of 1.5 % per month must be
paid (from the day that it was deducted until the final date of deposit).
Since interest is measured over months rather than days, a portion of a month would be
treated as though it were the entire month.
Penalty
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
The deductor will be penalised Rs.200 every day till TDS is paid under this section of the
Income Tax Act, but the penalty sum cannot exceed the TDS amount.
Penalty under Section 271H
A penalty ranging from Rs.10,000 to Rs.1 lakh would be imposed if inaccurate details, such as
incorrect PAN, incorrect tax amount, and so on, are provided.
Prosecution [Sec 276B]
If a person fails to pay to the credit of the Central Government — The tax deducted at source
by him as prescribed by or under the provisions of Chapter XVII-B, he shall be punished by
rigorous imprisonment for not less than three months but not more than seven years, as well
as a fine.
During Covid-19 Pandemic (Old Update) - Finance Ministry TDS/TCS Updates Due to Covid19
The government will inject Rs 50,000 crores of liquidity by lowering TDS prices for non-salaried specified payments rendered to citizens
and TCS rates for specified receipts by 25% of the current rates.
For late payments of accelerated tax, self-assessment tax, standard tax, TDS, TCS, equalization fee, STT, CTT there is a lowered interest
rate of 9% instead of 12% /18% per annum (i.e. 0.75% per month instead of 1/1.5% per month) will be paid. There will be no late fee or
punishment if you are late during this time frame.
Explore Popular Calculators
Income Tax Calculator Salary Calculator
GST Calculator TDS Calculator
HRA Calculator Retirement Calculator

IMP TDS Return Due Dates For FY 2023-24 - Penalty For

Uploaded by

Copyright:

Available Formats

IMP TDS Return Due Dates For FY 2023-24 - Penalty For

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

IMP TDS Return Due Dates For FY 2023-24 - Penalty For

Uploaded by

Copyright:

Available Formats

TDS Return Due Dates for FY 2023-24 - Penalty for Late Filing of

TDS Payment Due Dates in Detail

April 2023 7th May 2023

June 2023 7th July 2023

July 2023 7th August 2023

September 2023 7th October 2023

October 2023 7th November 2023

December 2023 7th January 2023

January 2024 7th February 2024

February 2024 7th March 2024

A challan counterfoil containing the Challan Identification Number (CIN), payment

TDS Payment Return Due Date for Sunday or Public Holidays

TDS Return Filing Due Date Penalties

As a result, fines and late payment fees play a part.

Late Filing on TDS Return Due Date

Let’s look at a case to grasp it better.

Interest on Late Payment of TDS

Penalty under Section 234E

Penalty under Section 271H

Prosecution [Sec 276B]

Explore Popular Calculators

Income Tax Calculator Salary Calculator

GST Calculator TDS Calculator

HRA Calculator Retirement Calculator

You might also like