TDS Quarterly Return Due Date, Filing Procedure & Late Penalty!

The due date for filing the third quarter TDS return for Assessment Year 2024-25 falls on January 31. 2024. This applies to all TDS deductions made between October 1 and December 31, 2023.

TDS Quarterly Return Due Date

The due date for filing the third quarter TDS return for Assessment Year 2024-25 is January 31st, 2024. This applies to all TDS deductions made between October 1st and December 31st, 2023. 

Timely filing of TDS returns is important to avoid penalties and ensure compliance with TDS regulations. The due date for filing TDS quarterly returns for the financial year 2023-24 is as follows:

  • For the 1st quarter (April to June), the due date is July 31, 2023.
  • For the 2nd quarter (July to September), the due date is October 31, 2023.
  • For the 3rd quarter (October to December), the due date is January 31, 2024.
  • For the 4th quarter (January to March), the due date is May 15, 2024
  • Income Tax Calendar

TDS Deposit Deadlines for Government and Non-Government Deductors

Non-Government Deductors:

  • Monthly Deposit: Deductors must deposit TDS for each month by the 7th of the following month.
  • March Exception: For deductions made in March, the deadline extends to 30th April.

Government Deductors:

  • Challan Deposits: Similar to non-government deductors, government deductors must deposit TDS using challan by the 7th of the next month.
  • Book Entry Deposits: For deductions made through book entry, government deductors must deposit the amount on the same day as the deduction.

TDS Quarterly Return Due Date

TDS Quarterly Return Filing Process 

Step-by-step guide to filing TDS returns in India:

Registration for TAN (Tax Deduction Account Number):

  • If you haven’t already, obtain a TAN from the Income Tax Department. This is a unique identification number required for deductors to file TDS returns.
  • Apply online through the TIN-NSDL website or visit a TIN-FC (Tax Information Network Facilitation Centre).

Preparation of TDS Statements:

  • Download and use the Return Preparation Utility (RPU) software provided by the Income Tax Department to create TDS statements in the prescribed format.
  • Accurately enter details of TDS deducted, payees, nature of payment, and relevant challan information.
  • Validate the statements using the File Validation Utility (FVU) to ensure error-free submission.

Filing the Return:

  • Access the Income Tax e-filing portal (https://incometaxindiaefiling.gov.in/).
  • Log in using your TAN.
  • Navigate to “File Returns” > “Income Tax Forms” > “File Income Tax Forms.”
  • Select the appropriate TDS return form (usually Form 24Q, 26Q, or 27Q, depending on the nature of deductions).
  • Upload the validated TDS statements.
  • Verify and submit the return.

Digital Signature Authentication:

  • Use a valid Digital Signature Certificate (DSC) to authenticate and sign the return electronically.
  • Alternatively, opt for electronic verification using Aadhaar-based EVC (Electronic Verification Code).
  • Receipt of Acknowledgement: Upon successful submission, you’ll receive an acknowledgement with a unique File Reference Number (FRN).

Penalties For Late Filing TDS

The penalty for late filing of TDS (Tax Deducted at Source) returns is as follows:

  • Late Filing Fee: A late filing fee of INR 200 per day is applicable for any delay in furnishing the TDS statement. This penalty is also applicable in case of furnishing Form 26QB, which is a challan-cum-statement.
  • Minimum Penalty: If the delay in filing the TDS return exceeds a year from the due date, a minimum penalty of INR 10,000 (which can go up to INR 1,00,000) can be levied. This penalty is in addition to the late filing fee under section 234E.
  • Incorrect Filing: Furnishing incorrect details in the statement filed, such as PAN, Challan, and TDS Amount, can also lead to a minimum penalty of INR 10,000 (which can go up to INR 1,00,000).
  • Maximum Penalty: The penalty under section 271H can range from INR 10,000 to INR 1,00,000.

Tips for Timely Filing of TDS Quarterly Returns

  • Plan it out: Mark due dates on your calendar and set reminders well in advance.
  • Gather docs: Keep readily accessible PAN, TAN, challan details, and payment info for each deduction.
  • Download RPU early: Grab the latest Return Preparation Utility (RPU) software to avoid compatibility issues.
  • Prepare statements: Use RPU to create error-free TDS statements before the deadline.
  • Validate & fix: Employ the File Validation Utility (FVU) to catch and correct errors in your statements.
  • Choose the right form: Select the appropriate form (24Q, 26Q, or 27Q) based on your deductions.
  • Go digital: E-file returns through the Income Tax portal for a secure and efficient process.

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