Make sure you pay your TDS bill on or before the due date given by the Income Tax department. Also, keep in mind the TDS return and filing dates set by the IT department.
Tax Deducted at Source is a common tax payment followed by an employee and employer together. This TDS applies when the company makes the salary or annual payment to the employee.
When an employee’s salary meets the TDS requirement, a certain amount will be deducted under the name of TDS, and the employee will receive the remaining salary. Therefore, employees already have TDS deductions.
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In this instance, the employee does not have the authority to stop the TDS payment. TDS should be deducted by your employer and then it should be readily paid to the Income tax department under TDS submission for the respective employee. So, this article is mainly for companies, firms and industries who have employees whose TDS they have to submit to the Income tax department every month.
TDS Payment Due Date
The TDS payment due date for submission by a company is always on the 7th of the next month. It means, once the employee salaries are deducted from the TDS applicable, then before the 7th of the same month the company has to submit all their employees TDS amount with respect to their PAN Card information.
Read More on: Pay Income Tax Challan 280
So, even the Income tax department will be able to map the TDS submitted for each of the employees under their respective PAN Card details. Sometimes there can be a confusion among new HR and finance holders for companies that TDS would paid annually. But, that is incorrect as the Income tax department has clearly stated that all the TDS payments should made before the 7th of the next month.
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TDS Return and Filing Dates
All the companies that submit the TDS to the Income-tax department also have to file for TDS returns. This is a process that has to complete every quarter through which a challan will be provided to the company on the TDS details and information for the quarter. For each quarter, the company has to first file for the TDS return as per the below dates.
| Quarter | Period | TDS Return Due Date | Deducted Tax Payment due date |
|---|---|---|---|
| Quarter 1 | 1st April to 30th June | 31st July | 7th of May, June, July |
| Quarter 2 | 1st July to 30th September | 31st October | 7th of Aug, Sep, Oct |
| Quarter 3 | 1st October to 31st December | 31st January | 7th of Nov, Dec, January |
| Quarter 4 | 1st January to 31st March | 31st May | 7th of Feb, Mar, Apr and 30th Apr for other deductors |
For more information, please visit income tax department authentic page incometaxindia.gov.in/pages/deadline.aspx.
Find now: Download AIS or TIS
Is there any late fee for TDS Payment – Interest on TDS Late Payment?
Yes, the government under section 243E made a rule that the company has to pay rupees 200 per day till the TDS payment is made.
Is TDS Payment due date extended?
No, there is no extension provided for TDS payment and the only way companies can pay after a few days is to pay along with the late fee.