Tax Deducted at Source (TDS) refers to the tax deducted from various payments before they reach the recipient. The deductor (the one who withholds the tax) is responsible for filing TDS return forms with the Income Tax Department. Here's a breakdown of the commonly used forms and their due dates:

  1. Form 24Q: TDS on Salary

    Purpose: Used to report TDS deducted on salaries paid to employees during a quarter.

    Who Files: Employers are responsible for deducting TDS from employee salaries.

    Due Dates:

    Quarter Quarter Period Due Date of Filing TDS Returns
    1st Quarter 1st April to 30th June 31st July 
    2nd Quarter 1st July to 30th September 31st October
    3rd Quarter 1st October to 31st December 31st Jan
    4th Quarter 1st January to 31st March 31st May

  2. Form 26Q: TDS on Other Income

    Purpose: Used to report TDS deducted on payments other than salary income made during a quarter.

    Who Files: Anyone responsible for deducting TDS on payments other than salary (e.g., companies paying interest on investments).

    Due Dates: Same as Form 24Q (mentioned above).

  3. Form 27Q: TDS on Payments to Residents

    Purpose: Used to report TDS deducted on payments made to resident individuals (with PAN card) during a quarter (except for salary income reported in Form 24Q).

    Who Files: Similar to Form 26Q, anyone deducts TDS on payments to residents (other than salary).

    Due Dates: Same as Form 24Q (mentioned above).

  4. Form 27EQ: TDS on Payments to Non-Residents

    Purpose: Used to report TDS deducted on payments made to non-resident individuals or foreign companies during a quarter (except for salary income reported in Form 24Q).

    Who Files: Anyone deducting TDS on payments to non-residents (other than salary).

    Due Dates: Same as Form 24Q (mentioned above).

 

Penalty on Late Filing of TDS Returns

 

According to the new rules which became effective from April 1, 2017, a maximum penalty of Rs. 10,000 is leviable on an individual for the late filing of the TDS Return

 

Penalty for late filing of TDS Form 26Q is stated in the below-mentioned table:

 

 

E-Filing Date Total Income below Rs. 5,00,000 Total Income above Rs. 5,00,000
Up to 31/8/2021 NIL NIL
From 1/9/2021 to 31/12/2021 INR 1000 INR 5000
From 1/1/2021 to 31/3/2021 INR 1000 INR 1000

Important Note:

  • These are due dates for e-filing of TDS returns. There might be separate deadlines for physical filing, although e-filing is highly recommended.
  • It's advisable to consult a tax professional for specific guidance on TDS applicability and filing requirements.