Time limit to Deposit TDS and File TDS Return

TDS/TCS Return Filing Last Dates of FY 2017-18

Quarter	Quarter Period	TDS Return Due Date	TCS Return Due Date
1st Quarter	1st April to 30th June	31st July, 2017	15th July, 2017
2nd Quarter	1st July to 30th September	31st Oct, 2017	15th Oct, 2017
3rd Quarter	1st October to 31st December	31st Jan, 2018	15th Jan, 2018
4th Quarter	1st January to 31st March	31st May, 2018	15th May, 2018

Time-Limits to Deposit|Payment TDS for FY 2017-18

• Where tax is deducted by the office of the Government: 

S. No.	Particulars	Due Date
1.	Tax Deposited without Challan	Same Day
2.	Tax Deposited with Challan	7th of next month
3.	Tax on perquisites opted to be deposited by the employer	7th of next month

• In any other cases,

S. No.	Particulars	Due Date
1.	Tax Deductible in March	30th April of next year
2.	Other Months and Tax opted to be deposited by the employer	7th of next month

Time-Limit for Issue of TDS Certificate Form 16A

Form 16A should be issued within 15 days from the due date for furnishing the statement of tax deducted at source.

Quarter	Quarter Period	TDS Return Due Date	FORM 16A Due Date
1st Quarter	1st April to 30th June	31st July, 2017	15th Aug, 2017
2nd Quarter	1st July to 30th September	31st Oct, 2017	15th Nov, 2017
3rd Quarter	1st October to 31st December	31st Jan, 2018	15th Feb, 2018
4th Quarter	1st January to 31st March	31st May, 2018	15th June, 2018

In case you have not deposited TDS by the correct date, the following penalties are applicable:

• Late filing fee (if you do not file by the deadline)
• Interest (if you do not deposit the TDS amount in time)
• Penalty (if TDS is not filed within one year of the due date)

Late Filing Fee

Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.

For example, say that your payable TDS amount is Rs 5000 on 13th May and you pay it on 17th November (i.e. 189 days, counting 17th November). Then the calculation comes out to Rs 200 x 189 days = Rs 37800, but since this is greater than Rs 5000, you will have to pay only Rs 5000 as the late filing fee. Added to this, you also have to pay interest which is covered in the next section.

Interest on late payment of TDS 

Section	Nature of Default	Interest subject to TDS/TCS amount	Period for which interest is to be paid
201A	Non deduction of tax at source, either in whole or in part	1% per month	From the date on which tax deductable to the date on which tax is actually deducted
	After deduction of tax, non payment of tax either in whole or in part	1.5% per month	From the date of deduction to the date of payment

Note: The above interest should be paid before filing of TDS return.

Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit. Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month.

Penalty

Equals to the amount that was failed to be deducted/collected or remitted may be imposed.

Prosecution (Sec 276B): If a person fails to pay to the credit of the Central Government,—

• The Tax deducted at source by him as required by or under the provisions of Chapter XVII-B, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.

Penalty for late filing of TDS return:

• Penalty (Sec 234E): Deductor will be liable to pay way of fee Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the amount of TDS for which statement was required to be filed.
• Penalty (Sec 271H): Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may extended to Rs.1,00,000.
• Penalty under this section is in addition to the penalty u/s 234E.
• This section will also cover the cases of incorrect filing of TDS return.

No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:

• The tax deducted/collected at source is paid to the credit of the Government.
• Late filing fees and interest (if any) is paid to the credit of the Government.
• The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.