The Central Board of Direct Taxes (CBDT) has extended the deadline for filing quarterly TDS details in Form 26Q for the second quarter by a month to November 30.
New Delhi. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing quarterly TDS details in Form 26Q for the second quarter by a month to November 30. In a statement issued on Thursday, the CBDT said that in view of the difficulties being faced in furnishing the details of ‘Tax Deduction at Source’ (TDS) in the revised and updated Form 26Q, the deadline for submission of second quarter details has been extended to November 30. .
Form 26Q is used to furnish the details of quarterly return of TDS on non-salary payment. This form contains the details of the total amount paid and tax deducted thereon during a quarter. The deadline for submitting this form for the July-September quarter of the financial year 2022-23 was to end on October 31. But now it has been extended for a month.
Penalty for not filing time
TDS return is filed after every quarter till the last date of the following month. If you do not file your tax deducted at source (TDS) return on time, you may have to pay a hefty fine of up to Rs 1 lakh along with a late fee of Rs 200 per day. To avoid this, make sure to file TDS return on time.
For late filing of TDS, the Income Tax Officer first collects the late fee from you and then the penalty. Fine also ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. Not only this, the Income Tax Department can end all your claims for late filing of TDS returns. This means that you will not get the benefit of TDS related claim.
Who has to file TDS return
Apart from depositing tax, the deductor must also file TDS return. TDS return is the statement that is given to the Income Tax Department every three months. Timely submission of TDS return is essential for the tax deductor. To file TDS return, the company, organization which has deposited tax and has Deduction Account Number (TAN) is eligible.
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