TDS TCS Payment Due Date 2024: April is an important month for the financial cycle. It is the first month of India’s financial cycle, which starts in April and concludes in March.
The April-March cycle is followed for accounting as well as taxation purposes and individual taxpayers as well as organisations have to comply with certain important dates in order to meet the government’s deadlines for taxation purposes. We take a look at TDS TCS Payment Due Date 2024.
TDS TCS Payment Due Date 2024
According to the income tax regulations, it is mandatory for a tax deductor to send the Tax Deducted at Source (TDS) by the seventh date of the next month. The key tax dates to remember for the Financial Year 2024-25 are as follows –
April 7, 2024: Tax deducted by Government Offices (March 2024) April 7, 2024.
April 14, 2024: The due date for the TDS certificate for tax deducted under Sections 194-IA, 194-IB, 194M and 194S in February 2024 is April 14, 2024.
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Due Date to file TCS Returns for FY 2023-2024
May 15, 2024: The due date for TCS return filing for the January – March quarter ending March 31, 2024, is May 15, 2024.
What is the penalty for failing to file TDS returns within the deadline?
A failure to file the TDS returns within the stipulated timeline within the due date may invite a penalty of Rs 200 per day according to Section 234E. The late fee of Rs 200 will be charged every day until the payment of the TDS. The maximum penalty is capped at the amount of the TDS.
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Penalty under Section 271H: This penalty is applicable in case of discrepancies such as incorrect PAN, and incorrect tax amount among others. The penalty can range between Rs 10,000 to Rs 1 lakh.
