Every person who is deductor or payer is liable to deduct TDS shall furnish quarterly TDS returns. Quarterly TDS return shall be submitted in the prescribed form 24Q, 26Q, 27Q (as the case may be) within the time limit as give below.
TDS Returns Due Dates FY 2022-23 AY 2023-24
Check TDS return due dates for financial year 2022-23 or assessment year 2023-24.
TDS Returns Due Dates
Here is the table of TDS returns/statement due dates. The payer shall furnish the TDS returns on or before the following due dates otherwise he is liable for penal interest or penalty. The penal interest and penalty provisions are given below.
| Quarter Ending | Due Date |
|---|---|
| 30th June 2022 | 31st July 2022 |
| 30th September 2022 | 31st October 2022 |
| 31st December 2022 | 31st January 2023 |
| 31st March 2023 | 31st May 2023 |
TDS Payment Due Dates
The payer or deductor is liable to deduct TDS and deposit the same to the Government on or before the following due dates other wise he is liable for penal interest as follows.
| Month of Deduction | Due Date for Payment of TDS |
|---|---|
| April 2022 | 7th May 2022 |
| May 2022 | 7th June 2022 |
| June 2022 | 7th July 2022 |
| July 2022 | 7th August 2022 |
| August 2022 | 7th September 2022 |
| September 2022 | 7th October 2022 |
| October 2022 | 7th November 2022 |
| November 2022 | 7th December 2022 |
| December 2022 | 7th January 2023 |
| January 2023 | 7th February 2023 |
| February 2023 | 7th March 2023 |
| March 2023 | 7th April 2023 (only for govt office deductor) 30th April 2023 (for other deductors) |
| Notes: | If TDS deducted u/s 194-IA, 194-IB or 194M then it should be deposited to Government within 30 days from the end of the month in which TDS deducted along with return in Form 26QB, 26QC, 26QD. |
TDS Return Forms
The following are the form in which the TDS return or statement shall be furnish on or before the TDS return due dates as given above.
| Form No. | Description |
|---|---|
| Form 24Q | TDS Return/Statement for salary payments |
| Form 26Q | TDS Return/Statement for payments to non-resident (not being a company), foreign company and persons who are not ordinarily resident |
| Form 27Q | TDS Return/Statement for payments on professional fees, interest payments, etc. |
Penalty for TDS Return Default
As you know the payer or deductor shall furnish the TDS return on or before due dates otherwise he is liable to pay penal interest or penalty as follows.
- Rs.200 per day of default u/s 234E applicable if TDS/TCS return after due dates.
- If TDS/TCS return filed after 1 year of prescribed date, the penalty may from Rs.10,000 to max 1,00,000 shall be applicable.
Penal Interest for Delay in Payment of TDS
- Interest @1.5% per month or part of the month on amount of TDS from the date on which TDS actually deducted till the date on which such tax actually paid. (Section 201 (1A)
Penal Interest for Delay in TDS Deduction
- Interest @1% per month or part of the month on amount of TDS from the date on which TDS was deductible till the date on which TDS actually deducted. (Section 201 (1A)
Time to Deduct TDS
TDS requirement arise
(i) at the time of payment or
(ii) at the time crediting the account of payee.
whichever is earlier
But in the following cases TDS deducted only at the time of payment
- Salary
- EPF payment
- Winning
- Maturity of Life Insurance Policy
- Compensation on compulsory acquisition of property
- Cash withdraw from bank
- Dividend
If Payer Fails to Deduct TDS?
If the payment is made by payer without TDS, then payee shall responsible to make payment of tax directly. However, if the tax has been deducted by the payer, but not deposited with Government, then payee is not responsible to deduct again and pay tax. So you should keep in mind the due dates or timing to deduct TDS or deposit TDS or TDS returns.
Assesee in Default
If assessee fails to deduct TDS then he will be treated as assessee in default. In case when winning in kind assessee just wants to ensure that tax on such winning paid to Govt. if assesee fails to ensure then penalty u/s 271C or prosecution u/s 276B can be imposed but proceedings u/s 201 can not be initiated.
When No Deduction
- TDS not applicable if payee is Government, RBI, Statutory Corporation, Mutual Fund, New Pension Trust.
- TDS not applicable in case of GST on services separately indicated in invoice.
Lower Deduction Certificate
Where your total income or receipts of income is not liable to tax or taxable at the lower rate in current year then you can apply for No deduction or low deduction of TDS rate certificate. The application form will be submitted to AO. The AO may issue such certificate. So in that case you are eligible to deduct your tax as from payer as per the certificate.
Declaration in Form 15G/15H
If the total income of the payee other than company & firm is below basic exemption limit during the year, no TDS shall be deducted u/s 192A, 193, 194A, 194DA, 194-I. It is only applicable if the payee furnishes a self-declaration to the payer/deductor in form 15G.
However, in case of Resident Senior Citizen, he may furnish form -15H requesting for non-deduction as long the tax payable during the year is NIL.
Hope, all you are now aware of TDS return or payment due dates and its consequences on failure. If you have any doubt regarding TDS return or payment due dates then you can ask us via comment form.