TDS Payment Due Dates, TDS Return Due Dates – TDS Due Dates, Check Complete details for Due Date for TDS Return and TDS Payment or TDS Deposit. TDS refers to Tax Deducted at Source. TDS provisions were basically introduced so that the Income Tax department does not miss out on the tax revenue collection. These provisions ensure that the onus is placed on payer , so that any unreported revenue by payee , would not go unnoticed. This article will give out the due dates with respect to TDS return as well as payment. Now check more details for “TDS Payment Due Dates, TDS Return Due Dates” from below….
TDS Payment Due Dates, TDS Return Due Dates
TDS Return Due Dates
TDS returns are to be filed quarterly. Following table will summarise the due dates for return of TDS.
|Period for which TDS is paid||Due date|
|April 1st to June 30th||July 31st|
|July 31st to September 30th||October 31st|
|October 1st to December 31st||January 31st|
|January 1st to March 31st||May 31st|
Once the TDS return is filed , TDS certificate can be generated within 15 days to the payee.Payee can opt for annual TDS certificate rather than receiving quarterly TDS certificate.
TDS payment or TDS deposit Due Dates
TDS provisions differ in time when the TDS needs to be deducted.Some TDS provisions warrant 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 payer. This may result in TDS deduction as and when the expenses accrue and such TDS deduction can not be deferred till the payment of the same.
For e.g. TDS under section 192 require that TDS is deducted on salary at the time of payment. However , TDS under section 194C, warrant that TDS should be deducted at the time of accrual or payment of the expenses , whichever is earlier.
Even though TDS provisions differ as to when it is to be deducted, TDS deposits rules and deadlines are same across all the sections.The following table show’s the due date for the same.
|Tds deducted in Month or period||Due date Government assessee||Due date for Non Government assesse|
|For March||April 7th||April 30th|
|For any other quarter or months||7th of next month||7th of next month|
|For TDs on transfer of immovable property (changed and applicable from June 1st 2016)||30th of next month||30th of next month|
The payer can pay TDs deducted by filling tax challan 281 manually or online by logging into OLTAS.Online TDS payment is mandatory for following assessees
- Company assesses
- Assessee for whom tax audit is compulsory.
Other assesses can also opt for online TDs payment voluntarily for faster processing of Challans.
TDS Due Dates for AY 2016-17
Challan to deposit TDS and TCS & mode of deposit
1. For all sections under TDS and TCS one challan is to be deposited ie ITNS- 281 and to deposit TDS/TCS -TAN(tax deduction & collection account number is to be obtained and used.
2. Deductor can adjust excess tds deposited in one section /assessment year with another section /assessment year so no need to deposit section wise challan.
3. However for TDS collected under section 194IA (TDS on immovable property over 50 Lakh) tax is to be deposited on challan cum return 26QB.Further to deposit this challan TAN number is not required though deductor will FILL his PAN
4. 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 ,you may adjust excess TDS in other section /assessment year/quarter.However if you want refund then you may apply on form 26B online for excess TDS.
TDS provisions are stringent and non filing or non deposition of TDS deducted , would land the payer in trouble.Disallowance of expenditure or even criminal prosecution along with penalty and interest could be the result of the same. So please be sure to understand the applicability for TDS deduction and deposit the same on or before due date.Also file the TDS return on or before time, which will save you from lots of tax trouble.
- Income Tax Due Dates
- TDS Rate Chart
- Tax Calendar
- Various Due Dates For Indian Taxes
- EPF Withdrawal
- TDS on Non residents
- TDS Section 194IA
- Interest on Non Payment or Non Deduction of TDS
- Form 16 TDS
- CA Final Result
- Complete Details for TDS on Rent