Due Dates For Deposit TCS FY 2024-25

Due Dates For Deposit TCS FY 2024-25: Tax Deducted at Source (TCS) is a process that allows the tax collector to collect tax on behalf of the government. The provisions governing the period within which TCS must be deposited are contained in 37CA of Indian Income Tax Act. The different due dates apply depending on whether collected by Government Offices or non-government persons. In cases where an IT challan is used while paying taxes through income, there are different timelines for making deposits applicable for various types of government offices such as those with or without using IT challans and non-Govt persons; otherwise uniform time limits would be followed irrespective of mode adopted by them regarding payment. In this article, we will disucss the due date to deposit TCS.

👉 Due Dates for Deposit TCS – Summary Table

Scenario Condition Due Date
Tax collected by an office of the Government Without production of an income-tax challan ✅ Same day when tax is collected
With production of an income-tax challan ✅ On or before 7 days from the end of the month in which tax is collected
Tax collected by non-government persons ✅ Within one week/7 Days from the last day of the month in which tax is collected

👉 Due Dates for Deposit TCS to Government — Rule 37CA

Tax collected at source shall be deposited to the credit of Central Government in accordance with the following provisions:

✅ 1) In case tax is collected by an office of the Government:

  •  Where tax is paid without production of an income-tax challan, on the same day when tax is collected.
  •  Where payment of tax is accompanied by an income-tax challan, on or before 7 days from the end of the month in which tax is collected.

✅2) In case tax is collected by non-government persons, within one week from the last day of the month in which tax is collected.

👉 Due Dates for Deposit of TCS for Financial Year 2024-25

Month Tax collected by an office of the Government (Without production of an income-tax challan) Tax collected by an office of the Government (With production of an income-tax challan) Tax collected by non-government persons (Within one week/7 Days from the last day of the month in which tax is collected)
April Same day when tax is collected On or before 7th May 2024 On or before 7th May 2024
May Same day when tax is collected On or before 7th June 2024 On or before 7th June 2024
June Same day when tax is collected On or before 7th July 2024 On or before 7th July 2024
July Same day when tax is collected On or before 7th August 2024 On or before 7th August 2024
August Same day when tax is collected On or before 7th September 2024 On or before 7th September 2024
September Same day when tax is collected On or before 7th October 2024 On or before 7th October 2024
October Same day when tax is collected On or before 7th November 2024 On or before 7th November 2024
November Same day when tax is collected On or before 7th December 2024 On or before 7th December 2024
December Same day when tax is collected On or before 7th January 2025 On or before 7th January 2025
January Same day when tax is collected On or before 7th February 2025 On or before 7th February 2025
February Same day when tax is collected On or before 7th March 2025 On or before 7th March 2025
March Same day when tax is collected On or before 7th April 2025 On or before 7th April 2025

This table provides the specific due dates for depositing TCS for each month of the financial year 2024-25, ensuring compliance with Rule 37CA.

👉 Mode of Deposit TCS

Taxes collected at source shall be deposited to the credit of the Central Government in the following modes:

Mode of Deposit Details
✅ E-Payment E-Payment is mandatory for:
a) All the corporate assesses;
b) All assesses (other than companies) to whom the provisions of section 44AB of the Income Tax Act, 1961 are applicable.
✅ Physical Mode By furnishing the Challan No. 281 in the authorized bank branch.

FAQs: Due Dates For Deposit TCS FY 2024-25

✅1. What is TCS and who should deposit it?

TCS means Tax Collected at Source, which needs to be deposited by the seller who collects from the buyer at the time of sale to the credit of the Central Government through government or non-government collectors within specified due dates.

TDS Payment Due Dates

✅2. When should an office of Government deposit TCS collected by them?

– If tax is collected without production of income-tax challan, on same day on which tax is collected.

– If tax is collected with production of income-tax challan, on or before seven days from end of month in which such collection is made.

✅3. When should a non-government person deposit TCS collected by them?

 A non-government person should deposit TCS collected by him within one week from last day of month in which such collection is made.

✅4. What are consequences for not depositing TCS by due date?

Failure to do so may attract penalties and interest under Income Tax Act provisions if any other rule does not apply specifically or differently.

✅5. In context with TCS, what is Rule 37CA?

Rule 37CA specifies different conditions and due dates for depositing tax collected at source (TCS) through government as well as non-government agencies to the credit of the Central Government.

✅6. Whose responsibility is it to ensure timely depositing of TCS?

 The person who collects such amount as tax i.e., whether a government office or any other non-government person should make sure that they have deposited same within prescribed time limit with reference to due date mentioned by CBDT.

✅7. Are there separate timelines for government offices and others collecting taxes?

Yes, there are separate timelines:

– Government collectors: Same day if no challan is produced, or within 7 days from the end of the month if a challan is produced.

– Non-government collectors: Within one week from the last day of the month in which the tax is collected.

Categories TCS

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