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TDS Return Due Date

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Due Dates for Filing TDS Returns

Any assessee whose TDS has been deducted from their income is required to file a TDS Return. These returns must be filed in a particular interval of time and the information must be submitted to the Income Tax Department. The details that are required to be submitted to the Income Tax Authorities are the Tax Deduction and Collection Account Number(TAN), the total amount that is deducted in the form of TDS, Permanent Account Number of the assessee, TDS Payment, mode of payment etc. The following is the list of TDS forms and the purpose they're used for: 

Form Number

Purpose

Form 26Q

TDS on all payments apart from salaries

Form 24Q

TDS from salaries

Form 27Q

Subtraction of tax from dividend, interest or any other amount payable to non-residents

 Form 27EQ

Collection of tax at source

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Last date for filing TDS Returns for FY 2017-18 

Months

Quarter Ending

Last Date To File Returns

April, May, June

June 30

July 15, 2017

July, August, September

September 30

October 15, 2017

October, November, December

December 30

January 15, 2018

January, February, March

March 31

May 15, 2018

The following penalties are applicable for delaying the deposit of TDS Returns

  • Late filing fees
  • Penalty
  • Interest

Late Filing Fees

A late filing fee of Rs 200 per day is charged for filing the returns beyond the due date. The late filing fee is charged from the due date until the date on which the TDS Return was filed. However, the upper limit of the late filing fee is the amount of TDS applicable to you.

Penalty

The following penalties are applicable if your TDS Returns are filed after the due date or there is incorrect information in the TDS Return form:

Under Section 234E

Under this Section of the Income Tax Act, the deductor is charged a fee of 200 rupees per day from the due date until the date on which TDS payment is made. The penalty amount, however, never crosses the amount of TDS payable

Under Section 271H

In case wrong details have been submitted like incorrect TAN, PAN or tax amount, the penalty charged can range from Rs.10,000 and 1 lakh.

A penalty cannot be charged under Section 271H if the following conditions are applicable:

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  • If the TDS/TCS is paid to the government's credit
  • Filing of the TDS/TCS return is done one year prior to the due date
  • The interest or late filing fees is paid to the government's credit.

Interest

Under Section 201(A) of the Income Tax Act if the tax isn't deducted from source wholly or partly, an interest of 1% is charged from the date on which the tax was due deduction until the date on which the tax was actually deducted. If the tax has been deducted and has not been paid to the authorities partly or entirely, an interest rate of 1.5% is charged from the date on which the tax payment was due until the day on which the tax was paid.

For example,

If the tax payable for an employee is 5,000 and the TDS date was filed as of March 14 and the TDS was paid on 14th of May. In this case, an interest of 1.5% will be charged on the individual for every month between the date on which TDS was filed and the date on which the tax amount was paid. So, the total interest charged to the employer=(1.5% of 5000) x 2 = 150 rupees

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