Overview of TDS & Benefits of TDS
It’s tax season again! You could be earning a salary, running a business, or managing finances for someone else, there’s one thing you can’t ignore and that is, filing your TDS return on time. You don’t want to miss the due date for the TDS return, you could end up paying those pesky TDS late filing fees.
But knowing the deadlines isn’t enough. You need to understand the intricacies of TDS e-filing. Sounds complicated, right?
Worry not! this blog’s got you covered. By the end of it, you’ll know:
- What is TDS, and why is it important?
- What is the exact due date for the TDS return and
- What are the penalties for missing TDS Return Filing?
- How to file TDS returns quickly and easily, including online options?
Table of Contents
TDS Filing Due Dates for FY 2024-25 & Penalties For TDS Delay
Overview of TDS & Benefits of TDS
What is TDS?
TDS stands for ‘Tax Deduction at Source’. As its name suggests, it refers to the act of tax withholding (as facilitated by the Government), to collect tax on the income of people, transferred assets, dividends, and so on.
To give you a clearer picture, before that salary you’re getting paid reaches you, your employer will deduct a certain amount as tax and send it directly to the government. You get the remaining amount, minus the tax that’s already been paid on your behalf.
The Income Tax Act of 1961 sets the foundation for TDS and clearly explains how it works, covering a wide range of scenarios, including tax collection on property sales or dividends.
So, your TDS has been cut, How do you check your TDS amount?
One way to do so is by checking your Form 26AS, which is a summary of the tax you’ve paid and any TDS that has been deducted.
It’s available online through the Income Tax Department’s e-filing portal. Just log in, and you’ll find a detailed breakdown of all the taxes deducted from your income.
You might also be wondering, Is TDS refundable?
Yes, TDS is refundable!
If the TDS deducted from your income exceeds your actual tax liability, you are eligible for a refund. This often happens when you’ve paid excess TDS throughout the year, and the total tax paid turns out to be more than what you owe after filing your tax returns.
What are the Benefits of Filing a TDS return?
Filing your TDS return brings a lot of benefits, both for you and the government. For the government, it helps prevent tax evasion by keeping track of payments and making sure everyone meets their obligations.
For you as a taxpayer, TDS return filing simplifies the process. It reduces the chances of tax evasion and it is automatically deducted at the source, so you don’t need to worry about paying taxes later.
What is the latest rule of TDS?
The Union Budget 2024 introduces a new TDS rule under Section 194T, effective from April 1, 2025.
This provision brings TDS into the picture for payments made by a firm to its partners.
If you, as a partner, receive salary, commission, bonus, or interest exceeding ₹20,000 in a financial year, the firm must deduct TDS at a rate of 10%. This deduction will happen either when the payment is credited to your account or when it’s physically made, whichever comes first.
How To Apply For TDS Online?
Although it might seem doable for you, in reality, it is a long and strenuous process and that’s why you need an expert like Actax. With years of expertise in providing tax assistance to clients from our Tax division and to over 400 other regular clients of various statures, you can leave the headache of paperwork to us.
Here’s How you can go about TDS –
Step 1 – Submit some basic details in this form here.
Step 2 – After submitting the form, you will geta call from our expert
Step 3 – Our Experts collect all information & documents required to file a TDS return
Step 4 – We will file your returns within the due date & you shall receive a copy
What are the Forms Required for TDS Return Filing in FY 2024-25?
You can find several forms for TDS return filing depending on the type of payment made and the TDS deduction involved.
These are the most commonly used TDS return forms:
- Form 24Q: For TDS deducted on salary payments.
- Form 26Q: For TDS deducted on payments other than salary (e.g., rent, professional fees, etc.).
- Form 27Q: For TDS deducted on payments to non-residents.
- Form 27EQ: For TCS (Tax Collected at Source) returns.
- Form 16: TDS certificate for employees (issued after TDS has been deducted from salaries).
- Form 16A: TDS certificate for payments other than salaries.
What are the Due Dates For TDS Return in FY 2024-25?
Here are the general due dates for TDS return for FY 2024-25:
Quarter ending | Month of deduction | Due dates for depositing TDS (FY 2024-25) | TDS Return Due Date (FY 2024-25) |
| 30th June 2024 | Apr-24, May-24, Jun-24 | 7th May 2024, 7th June 2024, 7th July 2024 | 31st July 2024 |
| 30th September 2024 | Jul-24, Aug-24, Sep-24 | 7th August 2024, 7th September 2024, 7th October 2024 | 31st October 2024 |
| 31st December 2024 | Oct-24, Nov-24, Dec-24 | 7th November 2024, 7th December 2024, 7th January 2025 | 31st January 2025 |
| 31st March 2025 | Jan-25, Feb-25 | 7th February 2025, 7th March 2025 | 31st May 2025 |
| 31st March 2025 | Mar-25 | 7th April 2025 (for tax deducted by govt) 30th April 2025 (for other deductions) | 31st May 2025 |
Can the TDS return be revised after the due date?
Yes, you can revise your TDS return after the due date. But, there are some conditions attached. If you’ve made an error in the original TDS return, you can file a revised return within the prescribed time frame (before the end of the assessment year).
File Your TDS For
FY 2024-25 With Us!
What are the TDS Late Filing Fees for FY 2024-25?
The late filing fee is specified under Section 234E of the Income Tax Act. You’ll be charged ₹200 per day for each day of delay, but if the amount is going to be capped at a certain limit, what is the maximum late fee for TDS?
It is capped at the total amount of TDS you owe. This means that while you may incur penalties, you won’t end up paying more than your original TDS amount.
What is the Interest Rate for TDS Late Payment for FY 2024-25?
For late TDS payments, the interest rates are as follows:
- 1% per month or part of the month for the first three months of delay.
- 1.5% per month or part of the month after the third month.
The interest is calculated on the amount of TDS that was due to be paid but was delayed. This is a significant cost, so paying on time is advised.
Can TDS Be Filed After the Due Date?
Yes, you can file your TDS return after the due date, but in doing so, you will attract late fees and interest charges.
The penalty could increase as more time passes, so it’s best to file as soon as possible to avoid unnecessary costs.
Why Choose Actax India to TDS Return Filing for FY2024-25?
Yes, working with us, you’ll save a bunch of time and pocket-hurting headaches, there are a few other things that we can help you with.
1. We Know How to Save Your Taxes!
Who doesn’t want to pay less tax? We will help you achieve maximum tax savings in terms of reliefs and exemptions provided under the latest tax rules of the country.
2. Get Accurate Estimates of Tax Payables
With Actax, you’ll get a clear and accurate estimate of your tax payables.
Our strategies help you create detailed tax and cost statements, so you’re always in control and never surprised by your tax obligations. Isn’t it time you had a clearer financial picture?
3. Qualified Professional Accountant
Are you handling TDS filings all by yourself and worried about compliance?
This can get a little tricky for you. Actax will provide you with a Qualified Professional Accountant to help you with this process.
4. Expert Guidance at every step of investments
Looking to invest but unsure where to start?
What if you could make investments that not only reduce your taxable income but also boost your returns?
We offer expert guidance every step of the way, helping you choose investments that provide tax relief and generate extra income.
Start Your TDS Filing With No Delay This Year!
Filing your TDS return on time is crucial for keeping your finances in good standing and avoiding unnecessary penalties. If you’re worried about the due date for a TDS return, late filing fees, or how to apply for TDS online, staying ahead of deadlines can make all the difference.
With Actax’s TDS return filing service, you can rely on us to manage the process without the stress. We make it simple, we will help you file your returns correctly and on time, saving you from those pesky late fees.
Don’t let TDS return filing become a headache, let Actax take care of it for you!
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