TDS Return Due Date For FY24-25: Tax Deducted at Source (TDS) is a critical component of income tax compliance, ensuring tax collection at the source of income. This guide outlines the process and deadlines for TDS payment and return filing for FY 2024-25, helping businesses and individuals stay compliant and avoid penalties.
What is TDS?
TDS stands for Tax Deducted at Source, where the payer (deductor) deducts a portion of the payment at the source before making the payment to the receiver (deductee). It applies to various payments like salaries, commissions, rent, interest, and professional fees.
TDS Payment Due Dates
The TDS must be deposited with the government by the 7th of each subsequent month. For example, TDS for July must be paid by August 7. An exception is the TDS for March, which can be paid until April 30.
Due dates for depositing TDS and TDS Return Due Date For FY 2024-25:
| Month of deduction | Due dates for depositing TDS | TDS Return Due Date For FY 2024-25 |
| 30 June, 2024 | July 7, 2024 | July 31, 2024 |
| 30 September, 2024 | October 7, 2024 | October 31, 2024 |
| 31 December 2024 | January 7, 2024 | January 31, 2025 |
| 31 March, 2025 | 30th April 2025 (for other deductors) | May 31, 2025 |
Related Article: How to File Income Tax Return (ITR) without Form 16?
How to Deposit TDS?
The TDS has to be deposited through the Income Tax Portal based on the TAN login.
- Log in to the Income Tax Portal: Access the portal and log in with your TAN credentials.
- Navigate to e-Pay Tax: On the dashboard, click e-File > e-Pay Tax.
- Initiate New Payment: Click New Payment and select the applicable tax payment tile.
- Enter Details: Select the assessment year, enter the required details, and continue.
- Add Tax Breakup Details: Provide the breakup of the total tax payment.
- Choose Payment Gateway: Select your preferred payment gateway.
- Confirm and Pay: Review the details and click Pay Now. Confirmation will be sent via email and SMS.
Filing TDS Returns
TDS returns must be filed quarterly. Ensure you have the following details ready: TAN, amount of TDS deducted, type of payment, PAN of the deductee, etc. The forms for different TDS returns are:
- Form 26Q: TDS on all payments except salaries.
- Form 24Q: TDS on salary payments.
- Form 27Q: TDS on payments to non-residents except salaries.
- Form 26QB: TDS on property sales.
- Form 26QC: TDS on rent.
How to Upload TDS Statements?
Follow the below guide for uploading TDS statements on the Income Tax Department website:
- Go to the Income Tax website.
- Log in to the Income Tax Portal: Use your TAN credentials.
- Select e-File > Income Tax Forms > File Income Tax Forms on the dashboard
- Select the Relevant Form: Choose the appropriate form and fill in the details.
- Validate: Validate the return using DSC or EVC.
Types of Tax Deducted at Source (TDS)
The income sources that qualify for TDS include Salary, Payments to Contractors, Commission payments, Sale of House, Insurance Commission, Interest on securities, Interest other than interest on securities, Rent Payment, Professional fees, Online Gaming, Winning from games like a lottery, crossword puzzles, cards, etc.
Common Income Sources Subject to TDS
- Salaries
- Payments to contractors
- Commission payments
- Sale of property
- Insurance commissions
- Interest on securities
- Rent payments
- Professional fees
- Online gaming and lottery winnings
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Penalty for Late Filing of TDS/TCS Returns:
Under Section 234E, a fee of Rs. 200 per day is levied for late filing of TDS/TCS returns. The total penalty should not exceed the total tax-deductible/collectible and must be paid before filing the statements.
TAN vs PAN
- TAN: Tax Deduction Account Number, required by the deductor.
- PAN: Permanent Account Number, can be used instead of TAN for TDS on property transactions under Section 194-IA.
Related Article:
- How To File ITR-2 Online For FY 2023-24
- ITR Filing Latest Update: Step-By-Step Guide On How To Download Form 16
Bottom Line:
By ensuring timely TDS payments and returns, you can avoid penalties and ensure smooth tax compliance. For more insights and guidance on tax-related matters, visit OneNDF, your trusted partner in financial management and compliance.
FAQs Related to TDS Return Due Date
Q.1 Can I file TDS return after the due date?
Yes, you can file a TDS return after the due date, but you may have to pay a late fee or penalty on a daily basis of Rs. 200 (per day). It’s always better to file on time to avoid extra charges.
Q.2 How is TDS calculated on salary?
TDS on Salaries is calculated based on your income tax slab. Your employer deducts a certain percentage from your salary each month according to your expected annual income and tax bracket.
Q.3 Is TDS Deduction Mandatory for Employee Salaries?
Yes, under Section 192 of the Income Tax Act, it is mandatory to deduct TDS on salary. Every employer who pays salaried income to his employees should deduct TDS on salary if the income amount is above the basic exemption limit.
Q.4 Who is liable for TDS?
The person or entity making certain types of payments (like salary, rent, or contractor fees) is responsible for deducting and depositing TDS. This is usually the employer, company, or individual making the payment.
Q.5 Is TDS filed on a monthly or quarterly basis?
TDS is generally deducted on a “monthly” basis, but the TDS return is filed on a “quarterly” basis. The specific due dates depend on the type of payment and the category of the deductor.
Q.6 What are the due dates for filing TDS returns for FY 2024-2025?
Due dates vary by quarter, typically falling on July 31, 2024, October 31, 2024, January 31, 2025 and May 31, 2025.
Q.7 Is it possible to claim a refund for TDS?
Yes, TDS is refundable if the amount deducted exceeds your actual tax liability. You can claim the refund when filing your income tax return.
