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Quarterly TDS Return Due Date, Filing Procedure and Late Penalty!

Written by The Anand Market

Updated on:

The due date for filing the third quarter TDS return for the tax year 2024-25 falls on January 31, 2024. This applies to all TDS deductions made between October 1 and December 31, 2023.

Quarterly TDS Report Due Date

The due date for filing the third quarter TDS return for the tax year 2024-25 is January 31, 2024. This applies to all TDS deductions made between October 1 and December 31, 2023.

Timely filing of TDS returns is important to avoid penalties and ensure compliance with TDS regulations. The deadline for filing quarterly TDS returns for the financial year 2023-24 is as follows:

  • For the 1st quarter (April to June), the due date is July 31, 2023.
  • For the 2nd quarter (July to September), the due date is October 31, 2023.
  • For the 3rd quarter (October to December), the due date is January 31, 2024.
  • For the 4th quarter (January to March), the due date is May 15, 2024
  • Income tax schedule

TDS Filing Deadlines for Government and Non-Government Deductors

Non-governmental deductors:

  • Monthly Deposit: Deductors must deposit TDS for each month by the 7th of the following month.
  • March exception: for deductions made in March, the deadline extends until April 30.

Government deductors:

  • Challan Deposits: Like non-government deductors, government deductors need to deposit TDS using Challan by 7th of the following month.
  • Book-entry deposits: For book-entry deductions, government deductibles must deposit the amount on the same day as the deduction.

quarterly tds report due date

Quarterly TDS Return Filing Process

Step-by-step guide to filing TDS returns in India:

Registration for TAN (tax deduction account number):

  • If you haven’t already done so, obtain a TAN from the Income Tax Department. This is a unique identification number required for deductors to file TDS returns.
  • Apply online via the TIN-NSDL website or visit a TIN-FC (Tax Information Network Facilitation Centre).

Preparation of TDS returns:

  • Download and use the Return Preparation Utility (RPU) software provided by the Income Tax department to create TDS statements in the prescribed format.
  • Accurately enter details of TDS deducted, beneficiaries, nature of payment and relevant challan information.
  • Validate returns using the File Validation Utility (FVU) to ensure error-free submission.

Submission of the declaration:

  • Access the Income Tax e-filing portal (https://Incometaxindiaefiling.gov.in/).
  • Log in using your TAN.
  • Go to “File Returns” > “Income Tax Forms” > “File Income Tax Forms”.
  • Select the appropriate TDS return form (usually Form 24Q, 26Q or 27Q, depending on the nature of the deductions).
  • Download validated TDS returns.
  • Review and submit the return.

Authentication by digital signature:

  • Use a valid digital signature certificate (DSC) to authenticate and sign the declaration electronically.
  • You can also opt for electronic verification using Aadhaar-based EVC (Electronic Verification Code).
  • Receipt of Acknowledgment: Upon successful submission, you will receive an acknowledgment with a unique File Reference Number (FRN).

Penalties for late TDS deposit

The penalty for late filing of TDS (Tax Withheld at Source) returns is as follows:

  • Late Filing Fee: Late filing fee of INR 200 per day is applicable for any delay in furnishing TDS return. This penalty is also applicable in case of furnishing Form 26QB, which is a challan declaration.
  • Minimum Penalty: If the delay in filing TDS return exceeds one year from the due date, a minimum penalty of INR 10,000 (which may extend to INR 1,00,000) may be imposed. This penalty is in addition to the late filing fee under section 234E.
  • Incorrect Filing: Providing incorrect details in the return filed such as PAN, Challan and TDS amount may also attract a minimum penalty of INR 10,000 (which can go up to INR 1,00,000).
  • Maximum Penalty: The penalty under section 271H can range from INR 10,000 to INR 1,00,000.
Also Read:   4th IRS Stimulus Check – Amount, Eligibility and Payment Release Date

Tips for Timely Filing of Quarterly TDS Returns

  • Plan it: Mark due dates on your calendar and set reminders well in advance.
  • Gather documents: Keep details of PAN, TAN, challan and payment information easily accessible for each deduction.
  • Download RPU early: Get the latest Return Preparation Utility (RPU) software to avoid compatibility issues.
  • Prepare Instructions: Use RPU to create error-free TDS instructions before the deadline.
  • Validate and Correct: Use the File Validation Utility (FVU) to detect and correct errors in your statements.
  • Choose the right form: Select the appropriate form (24Q, 26Q or 27Q) based on your deductions.
  • Go digital: File your returns electronically through the Income Tax portal for a secure and efficient process.

Go to the Bscnursing homepage for relevant information.