Hello and welcome. In this post, we are discussing about TDS due date for payment and returns filing process. We are going to see how the due dates differ based on quarters and on the type of the deductor.
Let us begin.
TDS Payment Due dates
TDS deductions are different for different circumstances. Some TDS provisions require TDS deduction at the time of payment. Others may require the TDS deduction at the time of booking the expenses in the books of the deductor.
This may result in TDS deduction as and when the expenses accrue. Such TDS deduction cannot be deferred till the payment is done for the same.
Let us consider an example.
- Section-192: In this section, TDS deduction from salary is done at the time of payment.
- Section-194C: In this section, TDS deduction is done at the time of accrual or payment of the expenses, whichever happens, earlier.
Even though TDS provisions are different for deductions, the deposit rules and the deadline are same. This is discussed in the next section.
Payment due date:
Tax Deducted at Source (TDS) came into the picture so that the Income Tax Department does not miss out on the tax revenue collection. Under TDS, the deductor is responsible to pay the TDS to the department. This is done so that even if the deductee doesn’t report the income, the tax amount is still available to the department.
|Tds deducted in month||DUE DATE FOR NON-GOVERNMENT DEDUCTOR||DUE DATE FOR GOVERNMENT DEDUCTOR|
|April to February||
TDS on Perquisites (If the deductor opts to deposit the TDS)
|March||April 30th||Normal TDS
TDS on Perquisites (If the deductor opts to deposit the TDS)
Another type of deductor we come across is an Individual (other than the office of the Government), who has prior approval of the Joint Commissioner. Such a deductor has the permission to deposit the TDS quarterly for the tax deduction made under the sections 192, 194A, 194D and 194H. The due dates for this kind of TDS payment is as below:
|Quarter||Due date for TDS Payment|
|April to June||7th July|
|July to September||7th October|
|October to December||7th January|
|January to March||30th April|
- If any of the above due dates fall on a Sunday or public holiday, the next day will be taken as the last date for payment.
- When making an electronic payment, keep in mind that payment made after 8 PM will be processed on next working day. And if this case, payment consideration will be done for the next day and payer will be liable to pay interest on late payment.
- The payer can pay TDS deducted through tax challan ITNS 281 manually or online by logging into OLTAS. Online TDS payment is mandatory for following Deductors:
- Company Assessee
- Assessee for whom tax audit is compulsory.
- Other assesses can also opt for online TDS payment voluntarily for faster processing of Challans.
Challan to deposit TDS & mode of deposit:
- For all sections under TDS, one challan is to be deposited i.e ITNS – 281. To deposit TDS, TAN(tax deduction & collection account number) is to be obtained and used.
- Deductor can adjust excess TDS deposited in one section/financial year with another section/financial year (one year previous & one year forward FY). So there is no need to deposit section wise challan.
- However for TDS collected under section 194IA (TDS on an immovable property over 50 Lakh) tax is to be deposited on challan-cum-return 26QB. Further to deposit this challan TAN number is not necessary though deductor will FILL his PAN.
- TAX must be deposited through online mode only or through designated bank branches.
- Refund of Excess TDS deposited: As pointed out above in point number (2), excess TDS in other section /assessment year/quarter can adjust in given time frame.However, if the refund is necessary (non-adjustment case) then apply on form 26B online (TRACES Portal) for excess TDS.
TDS Return Filing Due dates:
The forms applicable to different deductees are as below;
- Form 24Q – The deductor (employer) should fill out the Quarterly return form for all the deductions made in a salaried case.
- Form 26Q – The deductor should fill the Quarterly return form for all the deductions made in the non-salaried case.
- Form 27Q – The deductor should fill the Quarterly return form for the deductions made in the case of NRI/NRE.
Due dates for filing of TDS returns are as below: [Subject to Extension by the CBDT for specific quarters of a particular FY]
|Quarter||Form No. 24Q, 26Q, & 27Q|
|April to June||31 July|
|July to September||31 October|
|October to December||31 January|
|January to March||31 May|
Due dates to submit Form 15G /15H:
Banks deduct a TDS if interest income on a bank fixed deposit is more than Rs 10,000. Similarly, the company, on the other hand, deduct a TDS if the interest income on a fixed deposit exceeds Rs. 5,000.
According to IT Law, if the total income for the year is below Rs. 2,50,000 then depositor is not necessary to pay any tax. In this case, submission of Form 15G/15H to the bank or the company who deducts a TDS is necessary. This is to let the deductor know that they should not be deducting any TDS.
Submission of Form 15G/15H is a yearly process. It has to be done before the computation of interest amount.
- Residents under the age of 60 years have to submit Form 15G.
- Residents who are senior citizens i.e, who are 60 years and above have to submit Form 15H.
Important points to note while submitting these forms are:
- Submit these forms in case your total yearly income is below Rs 2,50,000.
- Section 80C benefits should not be taken into account in calculating total income when submitting form 15G and form 15H.
- Example: A person’s estimated income is at Rs 3 lakhs. Then there is a reduction to Rs 2 lakhs because they invest Rs 1 lakh in an LIC policy. So, here, the income is considered as 3 lakhs and not as 2 lakhs.
- These forms should be submitted by resident individuals only.
In case of previous TDS deduction by Bank or Company, the claim for it can be done in Income Tax Return.
Due Date for submission of 15G and 15H on e-filing portal of Income Tax Department.
W.e.f 1st April 2016, the due date for online uploading of the form 15G and 15H will be as below (until any extension notification received for the specific period or FY);
|Quarter ending||Due Date|
|30th June||15th July|
|30th September||15th October|
|31st December||15th January|
|31st March||30th April|
With this, we complete our post on TDS due dates. We have designed a handy PDF for you to download and keep for reference. So go ahead and download it, use it and let us know what you think.
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