TDS Return Due Dates FY 2023-24 AY 2024-25: TDS returns are a crucial compliance requirement for TDS deductors. Filing your TDS return in a timely manner is imperative; failing to do so can lead to substantial penalties along with late payment of TDS. In this article, we will outline the TDS return due dates, TDS payment due dates, as well as penalties and interest payments for delayed TDS remittances. Ensuring you file your TDS return promptly is essential to avoid penalties and late payment interest.
TDS Returns Forms
TDS Return Forms are used by the government to know how much money has been deducted before payments are made. In these forms, people show exactly how much tax they have taken out of different payments, such as Form 24Q, 26Q, 27Q, and 27EQ. This helps the government to do its job better by ensuring that everyone complies with tax rules.
TDS Returns forms are used depending on the nature of payments and the type of deductor. Here are some of the commonly used TDS Returns forms:
- Form 24Q:
- Used for TDS on salaries.
- Filed by employers who deduct TDS from the salaries of their employees.
- Form 26Q:
- Used for TDS on payments other than salaries.
- Filed for payments made to residents, excluding salaries.
- Form 27Q:
- Used for TDS on payments made to non-resident Indians (NRIs).
- Filed for payments like interest, dividends, or any other income to NRIs.
- Form 27EQ:
- Used for TCS (Tax Collected at Source).
- Filed by entities that collect TCS on certain transactions.
TDS Returns Due Dates
Here are the TDS Payment Due Dates and TDS Return Due Dates for the financial year 2023-24 in a table format.
|Quarter Ending||Month of Deduction||TDS Payment Due Date
(FY 2023-24 AY 2024-25)
|TDS Return Due Date
(FY 2023-24 AY 2024-25)
|30th June 2023||April 2023||7th May 2023||31st July 2023|
|May 2023||7th June 2023|
|June 2023||7th July 2023|
|30th September 2023||July 2023||7th August 2023||31st October 2023|
|August 2023||7th September 2023|
|September 2023||7th October 2023|
|31st December 2023||October 2023||7th November 2023||31st January 2024|
|November 2023||7th December 2023|
|December 2023||7th January 2024|
|31st March 2024||January 2024
|7th February 2024||31st May 2024|
|7th March 2024|
|March 2024||7th April 2024 (for govt office deductor)
30th April 2024 (for other deductions)
These due dates are important for deductors to deposit TDS amounts and file TDS returns on time to comply TDS regulations.
– If a government office deducts TDS as per the rules of Chapter XVII-B without using a Treasury Challan (official payment document), they should deposit the TDS on the same day they made the deduction.
– However, if a government office deducts TDS during the month of March 2024, they can deposit it by the 7th of April 2024 instead of the same day.
This exception applies only to government offices and only for TDS deductions made in March 2024. So we recommend to all TDS deductors to check the above table of TDS returns due dates to avoid any penalty.
TDS Returns Late Fee and Penalty
TDS Returns Late Filing Fee (Sec 234E): You’ll have to pay a late filing fee if you fail to file the TDS return on time if you’re responsible for deducting or collecting TDS/TCS. There is a fee of Rs 200 (two hundred) per day if your TDS return is late. You have to keep paying the fee until it equals the amount of TDS you should have paid.
Suppose you deducted Rs 8,000 as TDS on August 15, 2023, and you were required to file the TDS return for the second quarter by October 31, 2023. However, you ended up filing it on January 20, 2024, which is 81 days late.
Late filing fee calculation: Late filing fee = Rs 200 per day x 81 days = Rs 16,200
Now, compare the late filing fee to the TDS amount of Rs 8,000:
Late filing fee (Rs 16,200) > TDS amount (Rs 8,000)
In this case, you would pay the late filing fee of Rs 8,000, which is the same as the TDS amount, since the late fee amount can’t exceed the TDS amount.
You will now have to pay a late fee of Rs. 8000 along with TDS payment and late fee interest. So You should always check the TDS returns due dates for AY 2024-25 to avoid any penalty.
TDS Returns Penalty (Sec 271H): If you fail to file the TDS/TCS return within the due date, the Assessing Officer may impose a penalty. This penalty can range from a minimum of Rs 10,000 to a maximum of Rs 1,00,000. This penalty is in addition to the late filing fee mentioned under Section 234E. This section also covers cases where the TDS returns are filed incorrectly.
However, there won’t be a penalty under Section 271H if the following conditions are met:
The TDS/TCS amount is paid to the government.
Late filing fees and any interest are paid to the government.
The TDS/TCS return is filed within one year from the specified due date.
In simple terms, if you’re late in filing TDS/TCS returns, you’ll have to pay a fine, and the Assessing Officer may impose an additional penalty. But if you meet certain conditions, you can avoid this penalty.
Interest on TDS Delayed Payment
When TDS is not deducted on time or not deposited to the government after deduction, you’ll have to pay interest.
- If you don’t deduct TDS when you’re supposed to, you’ll owe 1% interest for each month, starting from the date you should have deducted the tax until the date you actually do.
- If you deduct TDS but delay depositing it to the government, you’ll owe 1.5% interest for each month from the date of deduction to the date of deposit.
Notes on TDS Delayed Payment
- You must pay this interest before filing your TDS return.
- The interest rate is 1.5% per month, and it’s calculated on a monthly basis. Even if you’re late by just a few days in a month, you’ll be charged for the whole month.
- “Month” isn’t defined in the law, but it’s usually considered as a period of 30 days, not necessarily a full calendar month.
- The interest is calculated from the date you were supposed to deduct the TDS, not from the due date.
Don’t forget to bookmark this article to check updates on TDS returns due dates and TDS payment due dates to avoid any late payment interest and any penalty.
Let’s assume you were required to deduct TDS of Rs 7,500 on June 5, 2023. However, you didn’t deduct it until September 20, 2023. Now, you need to deposit this TDS with the government.
- TDS was delayed by 3 months (June to September), so you owe interest for three months.
- The interest rate is 1.5% per month.
Interest payable: Rs 7,500 x 1.5% x 3 months = Rs 337.50
So, in this case, you would need to pay an additional Rs 337.50 as interest when depositing the TDS amount, in addition to the TDS itself. Remember, it’s crucial to deposit TDS on time to avoid incurring interest charges and to comply with tax regulations.