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.
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.
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.
| Quarter Ending | Month of Deduction | TDS Payment Due Date | TDS Return Filing Due Date |
| June 30, 2024 | April 2024 | May 7, 2024 | July 31, 2024 |
| May 2024 | June 7, 2024 | ||
| June 2024 | July 7, 2024 | ||
| September 30, 2024 | July 2024 | August 7, 2024 | October 31, 2024 |
| August 2024 | September 7, 2024 | ||
| September 2024 | October 7, 2024 | ||
| December 31, 2024 | October 2024 | November 7, 2024 | January 31, 2025 |
| November 2024 | December 7, 2024 | ||
| December 2024 | January 7, 2025 | ||
| March 31, 2025 | January 2025 | February 7, 2025 | May 31, 2025 |
| February 2025 | March 7, 2025 | ||
| March 2025 | April 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
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:
You may also want to know Form 15CA and 15CB
Failure to pay TDS or file TDS returns on time attracts penalties under the Income Tax Act. Two main sections deal with the penalties:
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.
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.
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.
Under Section 201(1A) of the Income Tax Act, interest is levied in the following scenarios:
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
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.
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.
Get the link to download the App
