TDS Payment Due Date for FY 2024-25 - Penalty for Late Filing
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Introduction

TDS Payment Due Date for FY 2024-25 – The Income Tax Act, of 1961, governs TDS (Tax Deducted at Source) as a key tax collection mechanism. The payer deducts a specific percentage of tax before paying the recipient. Similarly, TCS (Tax Collected at Source) works where the receiver of payments collects tax from the payer and remits it to the government.

In this article, we will explore the TDS payment due dates, the penalties for late filing, interest on late payments, how to make TDS payments online, and more for the financial year (FY) 2024-25.

What is TDS?

TDS involves tax deducted from payments made by a person (payer) such as salary, interest, rent, professional fees, etc. before the recipient gets the payment. The payer deposits the deducted tax to the government on behalf of the recipient. TDS ensures the timely collection of taxes.

TDS Payment Due Dates for FY 2024-25

It is crucial to know the TDS payment due dates for FY 2024-25 to avoid penalties and interest charges. The due dates depend on the month and quarter in which the payer deducts TDS.

TDS Payment and Return Filing Due Dates (FY 2024-25)

Quarter EndingMonth of DeductionTDS Payment Due DateTDS Return Filing Due Date
June 30, 2024April 2024May 7, 2024July 31, 2024
May 2024June 7, 2024
June 2024July 7, 2024
September 30, 2024July 2024August 7, 2024October 31, 2024
August 2024September 7, 2024
September 2024October 7, 2024
December 31, 2024October 2024November 7, 2024January 31, 2025
November 2024December 7, 2024
December 2024January 7, 2025
March 31, 2025January 2025February 7, 2025May 31, 2025
February 2025March 7, 2025
March 2025April 7, 2025

Note: If the due date falls on a Sunday or public holiday, the TDS must be deposited on the next working day.

You may also want to know TDS Traces

How to Make TDS Payment Online

The TDS payment process is simple and can be done online using Challan No. ITNS 281. Below is a step-by-step guide on how to make TDS payments online:

  1. Visit the NSDL Website: Go to the NSDL-TIN website and select ‘e-payment: Pay Taxes Online’.
  2. Select Challan: Choose Challan No./ITNS 281 for TDS/TCS payments.
  3. Enter TAN Details: Input your TAN number. The system will verify the validity of the TAN.
  4. Fill Challan Details: Provide details such as assessment year, TDS amount, the section under which payment is made, and other relevant information.
  5. Verify Details: Double-check the details and proceed to the bank’s net banking page for payment.
  6. Make Payment: Log in using your bank’s net banking credentials and complete the payment.
  7. Receive Challan Counterfoil: After payment, you will receive a counterfoil containing the Challan Identification Number (CIN) as proof of payment. Use this CIN to verify the status of your challan on the NSDL-TIN website.

You may also want to know Form 15CA and 15CB

Penalty for Late Filing of TDS Return

Failure to pay TDS or file TDS returns on time attracts penalties under the Income Tax Act. Two main sections deal with the penalties:

1. Penalty Under Section 234E

A penalty of ₹200 per day is levied for each day of delay in filing the TDS return. The penalty continues until the entire amount is paid, but it cannot exceed the total TDS amount.

2. Penalty Under Section 271H

The authorities can impose a penalty between ₹10,000 and ₹1,00,000 for filing incorrect TDS returns or failing to file them within one year from the due date. This may include incorrect PAN details, incorrect tax amounts, etc.

3. Prosecution Under Section 276B

If the deductor fails to deposit the deducted TDS with the government within the prescribed time, they may face rigorous imprisonment for a minimum of 3 months, which can extend to 7 years, along with a fine.

Interest on Late Payment of TDS

Under Section 201(1A) of the Income Tax Act, interest is levied in the following scenarios:

  • Failure to deduct TDS: Interest at 1% per month from the due date to the actual date of deduction.
  • Failure to deposit TDS after deduction: Interest at 1.5% per month from the date of deduction to the actual date of deposit.

Example: If ₹4,000 was deducted on January 14, 2024, and deposited on May 15, 2024, the interest will be ₹4,000 × 1.5% × 5 months = ₹300.

You may also want to know the TDS Refund Status

Conclusion

Understanding the due dates and penalties for TDS payments and returns is crucial for businesses and individuals to avoid unnecessary fines and interest. Compliance with TDS rules ensures a smooth tax filing experience while reducing financial and legal risks.

Always remember to mark TDS Payment Due Date dates on your calendar and adhere to the deadlines to avoid late fees and interest. Proper planning and timely execution will help you remain compliant with tax laws and contribute to maintaining financial discipline.

Frequently Asked Questions

If TDS is not deducted on time, interest at 1% per month will be charged from the date the tax was due until it is actually deducted.

A penalty of ₹200 per day is levied under Section 234E for late filing of TDS returns. Additionally, penalties under Section 271H can range from ₹10,000 to ₹1,00,000 for incorrect filing.

Yes, TDS can be deposited online via the NSDL-TIN portal using Challan No. ITNS 281.

The interest rate is 1.5% per month for late deposit of TDS after it has been deducted.

Non-payment of TDS can result in prosecution under Section 276B, leading to imprisonment for a minimum of 3 months, which can extend up to 7 years, along with fines.

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