TDS Return Due Date, Penalty and Forms: The TDS Return is a quarterly statement submitted to the Income Tax Department by the deductor that includes PAN and other details.
- Due Date for TDS Return Filing
- Forms for the Submission of TDS Statements
- Late or Wrong Filing on TDS Return and its Consequences
Due Date for TDS Return Filing
(Valid from First Quarter Of 2016-2017)
- Quarter April 1st to June 30th June
- Last date of filing the return: July 31st
- Quarter July 1st to September 30th
- Last date of filing the return: October 31st
- Quarter October 1st to December 31st
- Last date of filing the return: January 31st
- Quarter January 1st to March 31st
- Last date of filing the return: May 31st
(Valid till the fourth Quarter Of 2015-2016)
- Quarter April 1st to June 30th June
- Last date of filing the return: July 15th
- Quarter July 1st to September 30th
- Last date of filing the return: October 15th
- Quarter October 1st to December 31st
- Last date of filing the return: January 15th
- Quarter January 1st to March 31st
- Last date of filing the return: May 15th
Forms for Submission of TDS Statements
Form 24Q: Tax deduction from salary under section 192
Form 27Q: Tax deduction when deductees are non-resident (not being a company), foreign company and persons who are not ordinarily resident
Form 26Q: Tax deduction in any other case
TDS return shall be filed electronically for the assessee below:
- Office of the Government.
- A Corporate assessee.
- Individual who must get his accounts audited under section 44AB in the previous financial year.
- Number of deductees’ records in quarterly statements for any quarter of the previous financial year is seen to be equal to or more than fifty.
Late or Wrong Filing on TDS Return and its Consequences
Section 234E: Late filing fee of Rs 200 per dayÂ
- Persons shall pay a penalty of Rs. 200 per day for any delay in producing the TDS statement. This penalty is also applicable in supplying form 26 QB, which is a challan cum statement in case of purchase of the immovable property.
- The total of the late filing fees should not exceed the total amount of TDS made for the quarter.
Section 271H: A Penalty of Rs 10,000-Rs 1,00,000Â
- Delay in filing TDS statement for more than a year from the due date of filing of such TDS return. If the TDS statement is not filed under a year from the due date of producing the TDS return, then a minimum penalty of Rs 10,000 (can rise to Rs 1,00,000) can be levied. The liability under this section will be in addition to the late filing fee under section 234E.
- Incorrect furnishing details in the statement filed like PAN, Challan and TDS Amount etc. Section 271H also covers filing faulty TDS/TCS return cases. Similarly, a minimum penalty of Rs 10,000 (can rise to Rs 1,00,0000) can be levied.