Why Use Our TDS/TCS Return Due Date Tracker?

Filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns on time is crucial for businesses and tax practitioners across India. Our TDS/TCS Return Due Date Tracker helps you stay compliant with the Income Tax Department's requirements and avoid hefty penalties under section 234E.

Complete TDS and TCS Return Filing Calendar (FY 2024-25)

TDS Return Due Dates 2024-25

The Income Tax Department has specified the following deadlines for filing TDS returns for both government and non-government deductors:

TCS Return Due Dates 2024-25

For Tax Collected at Source (TCS) returns using Form 27EQ, the following deadlines apply:

Understanding TDS Forms and Their Applicability

Form 24Q: TDS on Salaries

Form 24Q is used for filing TDS returns on salary payments made to employees. Every employer, whether government or private, must deduct TDS on salaries as per the applicable income tax slabs and file quarterly returns using Form 24Q.

Key Sections: Section 192 of the Income Tax Act governs TDS on salaries.

Form 26Q: TDS on Non-Salary Payments to Residents

Form 26Q covers TDS on various non-salary payments made to Indian residents, including:

• Professional/Technical Services (Section 194J)
• Commission or Brokerage (Section 194H)
• Interest other than interest on securities (Section 194A)
• Rent for plant & machinery, land, building (Section 194I)
• Contractor payments (Section 194C)

Form 27Q: TDS on Payments to Non-Residents

Form 27Q is used for reporting TDS on payments made to non-residents and foreign companies. This includes various categories like:

• Interest payments (Section 195)
• Royalty payments (Section 195)
• Technical service fees (Section 195)
• Any other income of non-residents taxable in India

Form 27EQ: TCS Returns

Form 27EQ is used for filing Tax Collected at Source (TCS) returns. TCS applies to various transactions including:

• Sale of timber (Section 206C)
• Sale of tendu leaves (Section 206C)
• Sale of minerals (Section 206C)
• Sale of motor vehicles above ₹10 lakhs (Section 206C)
• Foreign remittance through Liberalised Remittance Scheme (Section 206C)
• Sale of goods above ₹50 lakhs (Section 206C(1H))

Penalties for Late Filing of TDS/TCS Returns

The Income Tax Department imposes strict penalties for late filing of TDS and TCS returns:

Section 234E: Late Filing Fee

A fee of ₹200 per day is levied until the date of actual filing. The maximum penalty cannot exceed the amount of TDS/TCS deducted/collected.

Section 271H: Penalty for Non-Filing

If TDS/TCS returns are not filed before the end of the year following the financial year in which the deduction was made, a penalty ranging from ₹10,000 to ₹1,00,000 may be imposed.

Section 201(1A): Interest on Late Payment

Interest at 1% per month or part thereof is charged on the amount of TDS from the date it was deductible until the date it is actually paid.

Frequently Asked Questions About TDS/TCS Returns

Recent Updates to TDS/TCS Regulations (2024-25)

Enhanced TDS Rates for Non-PAN Cases

From July 1, 2024, higher TDS rates apply when the recipient does not furnish a valid PAN. The TDS rate will be the higher of:

• Twice the applicable rate specified in the relevant provisions of the Act; or 5%

New TCS Provisions Under Section 206C(1G)

TCS on foreign remittance under the Liberalised Remittance Scheme (LRS) has been revised. From October 1, 2024, all foreign remittances under LRS will attract TCS at:

• 0.5% for remittances for education funded by loans
• 5% for remittances for education not funded by loans
• 20% for all other remittances under LRS

Expanded Scope of TDS Under Section 194Q

TDS under Section 194Q on purchase of goods now includes certain digital transactions. Businesses with turnover exceeding ₹10 crores must deduct TDS at 0.1% on purchases exceeding ₹50 lakhs.