TDS Return Filing: Key Deadlines You Should Know

TDS Return Filing: Key Deadlines You Should Know

Under the Income Tax Act of India, businesses and individuals are required to deduct tax at source (TDS) on certain payments such as salaries, interests, commissions, etc. and file TDS returns to report these deductions. It is important to be aware of the key deadlines for TDS return filing to avoid penalties and stay compliant with the law.

Types of TDS Return and their Due Dates

There are different types of TDS returns based on the nature of payments and the frequency of filing. The following are the key types of TDS returns and their due dates:

1. Form 24Q (Salary Payments)

For deducting tax on salary payments, Form 24Q should be filed quarterly. The due dates for filing Form 24Q are as follows:

• - 31st July for the first quarter (April to June)
• - 31st October for the second quarter (July to September)
• - 31st January for the third quarter (October to December)
• - 31st May for the fourth quarter (January to March)

2. Form 26Q (Non-Salary Payments)

For deducting tax on non-salary payments, Form 26Q should be filed quarterly. The due dates for filing Form 26Q are as follows:

• - 31st July for the first quarter (April to June)
• - 31st October for the second quarter (July to September)
• - 31st January for the third quarter (October to December)
• - 31st May for the fourth quarter (January to March)

3. Form 27Q (For Non-Residents)

For deducting tax on payments made to non-residents, Form 27Q should be filed quarterly. The due dates for filing Form 27Q are the same as Form 26Q.

Penalties for Late Filing of TDS Returns

It is crucial to file TDS returns within the due dates to avoid penalties. The late filing of TDS returns can result in the following penalties:

• - A late filing fee of INR 200 per day until the return is filed
• - Interest on the outstanding TDS amount at the rate of 1.5% per month

Steps to File TDS Returns

Here are the steps to file TDS returns within the deadlines:

1. - Ensure all TDS deductions are correctly accounted for
2. - Download the relevant TDS return form from the Income Tax Department website
3. - Fill in the details of TDS deductions in the form
4. - Validate the form using the File Validation Utility (FVU)
5. - Generate the .txt file of the validated form
6. - Upload the .txt file on the TIN-NSDL website
7. - Receive the acknowledgment of successful filing

Conclusion

Being aware of the key deadlines for TDS return filing is essential for businesses and individuals to comply with the tax regulations in India. By filing TDS returns on time, one can avoid penalties and ensure smooth tax compliance. It is advisable to keep track of the due dates and follow the steps mentioned above to file TDS returns accurately and within the deadlines.