TDS Filing Due Date For FY2024-25: The last date for depositing tax deducted or tax collection at source (TDS/TCS) has come near. Those who have to pay tax, should deposit it by 7 March 2025. So that, any kind of penalty can be avoided. Know here what is TDS and TCS? Who has to file this
TDS Filing Due Date For FY2024-25: The last date for depositing tax collection at source (TDS/TCS) has come near. Those who have to pay tax, should deposit it by 7 March 2025. So that, any kind of penalty can be avoided. Know here what is TDS and TCS? Who has to file this.
What is TDS and TCS?
The purpose of Tax Deducted at Source (TDS) is to provide continuous revenue to the government. Under this, it is mandatory to deduct tax on certain fixed payments as per the prescribed rates and deposit it to the government. Tax Collected at Source (TCS) applies to businesses that sell specific goods such as liquor, scrap and forest products etc. Sellers collect tax from the buyer at the time of sale of these goods and deposit it to the government.
Process of depositing TDS/TCS
Corporate taxpayers and people subject to tax audit under section 44AB of the Income Tax Act are required to deposit TDS/TCS electronically.
Taxpayers can make this payment through challan number ITNS 281.
Deadline for depositing TDS/TCS
The deadline for depositing TDS/TCS depends on the type of deductor/collector and the mode of payment. Failure to make payment by March 7, 2025 may result in interest, penalty and legal action.
Consequences of not depositing TDS/TCS
If a person does not deposit the tax to the government after deducting or collecting it, he will be considered an assessee in default. There are also many penalties under this.
- Interest charge: For not making payment on time, extra interest will have to be paid.
- Penalty: Penalty can be imposed up to the tax amount.
- Legal action: Under section 276B, prosecution action can also be taken for not depositing the tax deducted.
How to file TDS/TCS online?
Those who want to file TDS/TCS can complete the process by visiting this link https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details. Deposit tax by the last date and avoid penalty.
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