TDS Quarterly Return Due Date Taxpayers must know the deadline for filing tax returns to comply with income tax requirements. It is crucial to be informed about the deadline for filing TDS Quarterly Return 2024 and any potential extensions to avoid penalties or late fees. The deadline for submitting the third quarter TDS return for Assessment Year 2024–2025 is January 31, 2024. All TDS deductions made between October 1, 2023, and December 31, 2023 are subject to this deadline.
TDS Quarterly Return Due Date
The deadline for submitting the third quarter TDS Return for Assessment Year 2024–2025 is 31 January 2024, covering TDS deductions from 1 October 2023 to 31 December 2023. While the usual deadline for filing income tax returns is 31st July each financial year, it often gets extended. Taxpayers have the option to file their income tax returns online or offline. As the deadline for filing income tax returns nears, individuals may feel anxious and end up providing incorrect information, leading to income tax notices. Therefore, it is important for both business owners and employees to file their TDS Quarterly Return 2024 on time.
TDS Payment Due Dates 2024
| Quarter | Quarter Period | Quarter Ending | Due Date |
| First Quarter | April to June | 30th June | 15th July 2023 |
| Second Quarter | July to September | 30th September | 15th Oct 2023 |
| Third Quarter | October to December | 31st December | 15th Jan 2024 |
| Fourth Quarter | January to March | 31st March | 15th May 2024 |
What is TDS return filing?
The entity responsible for deducting tax is obligated to file TDS returns and pay taxes. The IT department requires a quarterly statement from the TDS return filing. Timely submission of TDS returns is essential, and they can be filed online. Upon submission of the TDS returns, details will be displayed on Form 26 AS. I have provided comprehensive information about TDS, so you will have all the necessary details for filling the ITD statement. When submitting the TDS returns, make sure to include the following details.
- PAN card.
- Amount of tax that is paid to the government
- TDS challan information
What is TDS Return?
TDS, or Tax Deducted at Source, is a component of income tax. It is the tax collected from a person’s income source and is applied to various income channels such as salary, interest, or investment commissions. The government of India, through the ITD, collects TDS, although it does not apply to all incomes and transactions. The ITD has established rules for TDS deduction, where the paying entity deducts a specific amount as TDS. The recipient receives a TDS deduction certificate, which can be used to claim the tax paid by the recipient within the same financial year.
TDS Payment 2024 Due Date for Sunday or Public Holiday
Tax deduction at source occurs when funds are transferred to the recipient, with the payer sending the withheld tax directly to the government. It is a legal requirement for anyone involved in financial transactions to submit TDS, necessitating various compliance methods. The deadline for TDS report submission, as specified by the government of India, is fast approaching. Accurate and comprehensive data on the TDS return filing deadline is essential. Recent information indicates that the impending TDS return deadline falls on a Sunday, a public holiday. Therefore, it is permissible to make the TDS payment on the following working day, while ensuring that the TDS Return 2024 is filed in accordance with the specified TDS Return 2024 Last Date.
Steps for TDS Quarterly Return 2024 Filing Procedure
- Join the official website of Income Tax Department incometaxindiaefiling.gov.in
- Then share your user ID (TAN number), password, captcha code and click on the ‘Login’ button at the bottom.
- Now you will see the TDS tab, click on it, the option of ‘Upload TDS’ is available there, click on it.
- Then you will be asked to validate some details related to your TDS Return 2024 and then click on the Validate button at the bottom.
- On the next page you have the option to upload your TDS report.
- If you want to authenticate your return with digital signature, then you have to download its file. Then upload the signature file by clicking on the upload button below.
- As soon as the TDS return upload is completed, a message about its successful completion appears on the screen. Information in this regard is also sent to your registered email id.
TDS Quarterly Return Late Penalty 2024
- There will be a penalty of Rs. 200 per day for each day that the TDS statement is not provided on time.
- A minimum penalty of Rs 10,000 (which can go up to Rs 1,00,000) may be imposed if the TDS statement is not filed within a year of the date on which the TDS return is due. Delay in filing the TDS statement for more than a year after the date on which the TDS return is due.
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Conclusion
Managing TDS returns can be a complex process, but understanding the due dates and filing procedures is crucial to avoid penalties. By staying on top of your TDS quarterly return due dates, you can ensure timely and accurate filings, avoiding any potential fines or legal issues. It’s important to familiarize yourself with the correct filing procedure and stay updated on any changes in regulations to maintain compliance. By following these guidelines, you can streamline your TDS return process and avoid unnecessary penalties. If you need assistance or have further questions regarding TDS returns, consult a tax professional for expert guidance.