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

(for the year 2023)

Month of Deduction

(for the year 2023)

Due Dates for Depositing TDS  

(FY 2023-24)

TDS Return Due Date 

(FY 2023-24)

June 30th, 2023

April 2023

7th May 2023

July 31st, 2023

May 2023

7th June 2023

June 2023

7th July 2023

September 30th, 2023

July 2023

7th August 2023

October 31st, 2023

August 2023

7th September 2023

September 2023

7th October 2023

December 31st, 2023

October 2023

7th November 2023

January 31st, 2024

November 2023

7th December 2023

December 2023

7th January 2023

March 31st, 2024

January 2024

7th February 2024

May 31st, 2024

February 2024

7th March 2024

March 2024

7th April 2024 (for tax deducted by govt. office)

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

Save up to Rs.46,800 on taxes
Check out the top tax-saving funds with the highest returns in the past 3 years
EXPLORE NOW
Loading...
ⓒ 2016-2024 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 4.7.4
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  GROWWMF |  SBI |  AXIS |  HDFC |  UTI |  NIPPON INDIA |  ICICI PRUDENTIAL |  TATA |  KOTAK MAHINDRA |  DSP |  CANARA ROBECO |  SUNDARAM |  MIRAE ASSET |  BANDHAN |  FRANKLIN TEMPLETON |  PPFAS |  MOTILAL OSWAL |  INVESCO |  EDELWEISS |  ADITYA BIRLA SUN LIFE |  LIC |  HSBC |  NAVI |  QUANTUM |  UNION |  IDBI |  ITI |  MAHINDRA MANULIFE |  360 ONE |  BOI |  TAURUS |  JM FINANCIAL |  PGIM |  SHRIRAM |  BARODA BNP PARIBAS |  QUANT |  WHITEOAK CAPITAL |  TRUST |  SAMCO |  NJ |  BAJAJ