TDS Quarterly Return Due Date – What is the Filing Procedure and Know about Late Penalty

TDS, or Tax Deducted at Source, is a tax collected on an individual’s earnings from various sources such as income, interest, and commissions. The Indian government’s ITD is responsible for collecting TDS, although it does not apply to all types of income and transactions.

The ITD has prescribed certain regulations for TDS deduction. Any paying entity deducts a specific amount as TDS and receives certificates for the deduction. These certificates can be used to claim the tax paid through TDS in the same financial year.

TDS Deposit Deadlines for Govt and Non-Govt Deductors

Non-Government Deductors

• Monthly Deposit: Deductors should deposit TDS for every month by the 7th of the following month.
• March Exception: For deductions made in March, the closing date extends to 30 April.

Government Deductors

• Challan Deposits: Similar to non-government deductors, government deductors should deposit TDS for the usage of challan through the 7th of the following month.
• Book Entry Deposits: For deductions made through book access, government deductors have to deposit the quantity on the same day because of the deduction.

How to fill TDS Quarterly Return 2024?

As a responsible taxpayer, it’s important to stay updated on the latest rules and regulations set by the government. One such requirement is to file your TDS (Tax Deducted at Source) Quarterly Return accurately and on time. Filing this return can be a daunting task, especially if you’re not familiar with the process. But fear not! In this blog post, we’ll guide you through the step-by-step process of filling out your TDS Quarterly Return for the year 2024. We’ll cover everything from understanding the forms and fields to ensuring compliance with the latest guidelines.

So grab your pen and paper, and let’s dive into the world of TDS filing together. By the end of this guide, you’ll have all the knowledge and confidence you need to complete your TDS Quarterly Return with ease.

• Please go to the authorized website of the Income Tax Department at http://incometaxindiaefiling.gov.in/.
• Next, provide your user ID, password, and captcha code, then select the ‘Login’ button located at the bottom.
• Next, the TDS tab will be visible. Simply click on it, and you will find the option to ‘Upload TDS’ there; proceed by clicking on it.
• Next, you will need to confirm certain details related to your TDS Return 2024, and then proceed to click on the Validate button located at the bottom.
• You have the choice to upload your TDS file on the following page.
• To authenticate your go back using your online signature, you need to download the document and then add the signature file by clicking the add button.
• Upon swiftly finishing the TDS go-back add process, you will receive a notification on your screen confirming the successful completion of your return filing. Additionally, the relevant information will be shared and sent to your registered Email ID.

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Penalties For Late Filing TDS

The penalty for due filing of TDS (Tax Deducted at Source) returns are.

Late Filing Fee

Late filing of TDS returns or Form 26QB can result in a penalty of INR 200 per day until the return is filed. This penalty applies to any delay in submitting the returns and is also applicable to Form 26QB, which is a challan-cum-declaration. It is important to file these returns on time to avoid penalties and ensure compliance with tax regulations. In addition to the penalty, interest may also be charged on any outstanding amounts owed by the taxpayer. Therefore, it is essential to keep track of all due dates and submit the necessary forms within the stipulated time frame.

Minimum Penalty

Should the TDS return be delay by over a year from the due date, a nominal penalty of INR 10,000 (with the potential to increase to INR 1,00,000) might be imposed. This penalty is in addition to the late filing fee under section 234E.

Incorrect Filing

When filing a declaration, it is essential to provide accurate information, including PAN, Challan, and TDS Amount. Any incorrect details can attract a penalty as low as INR 10,000 or even as high as INR 1,00,000. Therefore, it is crucial to double-check all the details before submitting the declaration to avoid any penalties or legal consequences. It is also advisable to seek professional help if you are not confident about filing the declaration correctly.

Maximum Penalty

The penalty specified in section 271H may range from INR 10,000 to INR 1,00,000.

TDS Quarterly Return Due Date FAQ’S

What is quarterly TDS filing?

A TDS Return is a summary of all the transactions related to TDS made during a quarter.

Can we file TDS return quarterly?

The individual who has deducted taxes at the source must submit quarterly returns by providing TDS/TCS statements, including details like TAN, PAN, deduction amount, payment type, and so on.

Is TDS filled on monthly or quarterly basis?

TDS is filed on a quarterly basis.

Is TDS calculated on GST?

The TDS will be calculated based on the value excluding the GST amount specified in the invoice or other document.

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