TDS/TCS Return Due Date for FY 2024-25 (AY 2025-26) (2024)

Due Date for Filing TDS Returns FY 2024-2025

Due Date to File TCS Returns for FY 2023-2024

Different Types of TDS Forms

The following are the TDS return forms and the purpose for which they are used:

Penalties on TDS/TCS Return After Filing Due Date

In case there are delays in depositing TDS, or errors while filing TDS returns, the following penalties shall become applicable:

1. Late filing fees
2. Penalty
3. Interest

Late Filing Fees

Failure to file your TDS returns within the due date will mean that you will be subject to a late filing fee of Rs.200 per day. The fee will be charged for every day after the due date, until the date on which your return is filed. However, the maximum fees that you will have to pay will be limited to the TDS amount.

Example

For instance, if your TDS payable amount is Rs.7,500 on 14th May, and the amount is paid on 19th November, the total number of days between the aforementioned dates is 190. Therefore, Rs.200 per day for 190 days will be Rs.38,000. However, since your TDS payable amount is Rs.7,500, your late filing fees will be only Rs.7,500 and not Rs.38,000. But, you will be charged an interest to you.

Penalty for TDS Return

In case TDS returns are filed after the due date, or there are discrepancies in the return forms, the following penalties shall become applicable:

1. Penalty under Section 234E: Under this section of the Income Tax Act, the deductor will be charged Rs.200 per day until TDS is paid, but the penalty amount cannot be more than the TDS amount.
2. Penalty under Section 271H: A penalty which may range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable in case wrong details have been submitted, such as incorrect PAN, incorrect tax amount, etc.

A penalty will not be charged under Section 271H of the Income Tax Act in case TDS/TCS returns are not filed within the due date, provided that the following conditions are applicable:

1. The TDS/TCS is paid to the government's credit.
2. The filing of the TDS/TCS return is done prior to the expiry of one year from the due date.
3. The interest and late filing fees (if any) have been paid to the government's credit.

Interest Rate for Payment of TDS

Under Section 201(1A) of the Income Tax Act, 1961, if tax is not deducted at source, either partly or fully, an interest rate of 1% per month will be applicable from the date on which tax was supposed to be subtracted to the date on which it is actually subtracted.

In case tax has been deducted, and has not been paid either partly or fully, an interest rate of 1.5% per month will be applicable from the date on which tax was deducted to the date on which it was paid.

Example

For instance, in case the TDS payable amount of an individual is Rs.7,500 and the date on which it was deducted is 14th January, and TDS was paid on 18th May, the interest charged to the individual shall be Rs.7,500 x 1.5% per month x 5 months = Rs.562.5.

Process to fill in your TDS return for the year 2024-25

Given below are the steps to fill in the quarterly TDS return for the year 2024-25:

1. First, access the official website of the Income Tax Department at http://incometaxindiaefiling.gov.in/.
2. Next, enter your user ID, password, and captcha code, then click on the ‘Login’ button located at the bottom of the page.
3. Once logged in, locate and click on the 'TDS' tab. Within this tab, you'll find the option to 'Upload TDS'. Click on this option.
4. You will then be prompted to validate certain details associated with your TDS Return 2024. After reviewing, click on the 'Validate' button at the bottom of the page.
5. On the subsequent page, you will have the opportunity to upload your TDS file.
6. If you wish to authenticate your return with an online signature, you will need to download the document and then add the signature file by clicking on the 'Add' button.
7. Upon successfully completing the TDS return upload process, you will receive a confirmation message on your screen indicating the successful submission of your return. Additionally, information regarding this submission will be sent to your registered email address.

What is the Interest on Late Payment of TDS?

The interest rate on the TDS late deposit is given below:

As per Section 201(1A), a delayed deposit of TDS post deduction incurs interest at a rate of 1.5% per month. Interest accrues from the deduction date to the actual deposit date, calculated on a monthly basis without considering the number of days. In essence, a portion of a month is treated as a full month.

For instance, if a TDS of Rs. 5,000 was deducted on 13 January 2023 and paid on 17 May 2023, the interest amounts to Rs. 375, computed as follows: Rs. 5000 x 1.5% p.m. x 5 months (January to May).

While the Income Tax Act of 1961 does not define a 'month', court rulings typically interpret it as a period of 30 days rather than a calendar month. Interest accrues from the TDS deduction date, not the due date.

Consider a scenario where TDS is deposited one month after the due date. For instance, if TDS was deducted on 21 February 2023, with a due date of 7 March 2023, but deposited on 8 March 2023 (one day late), interest applies from 21 February 2023 to 8 March 2023, totalling two months. Hence, an interest of 1.5% p.m. x 2 months = 3% on the TDS amount is levied.

Note: The aforementioned interest must be paid prior to filing the TDS return.

Types of Challan Statuses in TDS/TCS Statement

The various types of statuses in the TDS/TCS statement are mentioned below:

1. Booked
2. Match Pending
3. Match Failed (Challan)
4. Match Failed (Transfer Voucher)
5. Provisionally Booked