Usually, if the income earned by you exceeds a specified limit, tax is deducted by the payer of the income. Once the tax is deducted, the payer of the income is required to deposit it against you pan to the government. payer of tax, i.e., you or Bank or your employer is also required to file a TDS Refund of tax deducted and deposited.

Firstly, the payer of the income needs to deduct the tax at the time of making the payment. Then he has to deposit the tax deducted against the PAN of the income recipient to the government. Once the tax is deposited, he has to file TDS return for the same.

Similar to the time limit for filing income tax return, there is also a time limit for filing TDS return. It is important to note that missing Due date for filing TDS return There are monetary consequences.

Due dates for deposit of deducted TDS

Yashesh Ashar, Partner, Bhuta Shah & Co. LLP – a Chartered Accountant firm says, “As per section 200 of the Income Tax Act, 1961, the tax deductor is required to deposit TDS to the government with the specified time limit. As per the extant income tax rules. Under this, the deductor of the tax is required to deposit the tax with the government by 7th of the following month. However, the due date for the taxes deducted in the month of March is different for the government and other deductors. For the government, the tax deducted The due date for submission is April 7. For other deductors, the tax should be deposited by April 30.”

Suppose your employer has deducted tax on salary paid on June 30. So your employer is required to deposit the tax deducted to the government by 7th July.

If the tax deducted is not deposited with the government, he will have to face penal consequences.

Due date for filing TDS return

Tax deducted on income is deposited on monthly basis. For this TDS return is filed on quarterly basis. Thus, for taxes deducted in the months of April, May and June, TDS return is required to be filed in July. I note that for the month of March, there is an exception for the deadline for filing TDS return. TDS return for the last quarter of the financial year should be filed by May.

exceptions to the above rule

It is important to note that the above due date for depositing tax and filing TDS return is not the same for each source of income.

Ashar says, “As per Income Tax Act if tax is deducted under section 194-IA (TDS on purchase of immovable property), 194-IB (TDS on property having monthly rental of Rs 50,000 and above), 194-M (TDS on payments made to resident contractors and professionals), 194S (TDS on transfer of virtual digital assets, crypto, NFT etc.), then the deductor is required to file an invoice-cum-statement within 30 days from the end of the month . in which the deduction is made.”