TDS & TCS: Payment & Return Filing Due dates (with Penalties)


This is Ravi Kumar, and today I will let you know the due date and return filing dates for TDS & TCS with late fees.

What is TDS?

TDS stands for Tax Deducted at Source. It’s a mechanism introduced by the government to collect taxes at the source of income generation. When you receive certain types of payments – Salary, interest, rent, commission, etc, from a person or entity, they are required to deduct a certain percentage of tax before making the payment from that amount. TDS is applicable under the Indian tax system and ensures that tax is collected in advance, thereby preventing tax evasion and ensuring a regular inflow of revenue for the government.

What is TCS?

TCS stands for Tax Collected at Source. Similar to TDS, TCS is also a tax collection mechanism introduced by the government. Under TCS, in the case of TCS, the seller will collect the TCS from the Buyer at the time of the sale of goods or services. The collected tax is submitted to the tax government. TCS is applicable on the sale of goods like alcohol, scrap, minerals, etc., as well as on certain services like payment for overseas tour packages.

What is the Due Date of TDS & TCS?

The due date for the payment of TDS (Tax Deducted at Source) is the 7th day of the next month, except for March, where the due date is the 30th of April.

The Due date of payment of TCS (Tax Collected at Source), is the 7th day of the every next month.

Delay in Payment or Deduction of TDS/TCS causes.

Failed in Deposited the TDS/TCS: In case of delay in depositing the TDS amount after the deduction from the person, interest will be levied as per section 201(1A) at a rate of 1.5% for every month.

Failed in Deduction of the TDS/TCS: If there is a failure in deducting the TDS amount, interest will be levied at a rate of 1% for every month, as per section 201(1A).

TDS Return filing due dates are quarterly.

QuartersParticular TDS Returns Due Dates
Q1April to June31st July
Q2July to September31st October
Q3October to December31st Jan
Q4Jan to March31st May
TDS Return filing due dates.

TCS Return filing due dates are quarterly.

QuartersParticularTCS Returns Due Dates
Q1April to June15th July
Q2July to September15th October
Q3October to December15th Jan
Q4Jan to March15th May
TCS Return filing due dates.

Late fees for TDS/TCS Returns

Late fees for the delay in furnishing of the TDS/TCS returns are covered in section 234E of the Income Tax Act, 1961. If you fail to furnish the TDS/TCS returns within the due date a late filing fee of Rs 200 per day shall be levied for the period of the failure, provided that the amount of late fees does not exceed the amount of TDS/TCS.

The penal provision for TDS/TCS returns is covered under section 271H of the Income Tax Act, 1961. If you fail to furnish the TDS/TCS returns within the due date a penalty of not less than Rs. 10,000 but not exceeding Rs. 1,00,000 may be imposed under section 271H.