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05 Jun 2019Posted By: Mudit Handa


Due date for Salary TDS Return Form 24Q Extended

Evidently, tax compliance is perhaps the fundamental aspect of every business. It is advised that companies must adhere to the deadlines in respect of payment of income tax and tax deduction at source, i.e. TDS, as well as ITR filing and TDS Return Filing.

There are 4 main types of TDS return to be filed:-

  • Form 24Q
  • Form 26Q
  • Form 26QB
  • Form 27Q

Form 24Q is the basic type of TDS return. This is also called Salary TDS return. The government has recently extended the due date for filing of Form 24Q and the TDS certificate in Form 16.

 

1. What decision has been taken regarding TDS return filing?

Central Board of Direct Taxes (CBDT) has postponed the due dates for the following tax compliance-

  • Filing of the Salary TDS Return, i.e. Form 24Q for the 4th quarter of FY 2018-19 from 31st May 2019 to 30th June 2019 and
  • Issuance of the Salary TDS Certificate, which is Form 16, from 15th June 2019 to 10th July 2019, due to hardships being faced by Deductors in filing the said return in a recently notified revised format.

 

2. What is Form 24Q?

The Form 24Q is the TDS return form, which is to be filled with respect to the tax deduction on payment of the employees’ salary. This TDS return is mandatory to be filed by all the employers in India.

 

3. Why has Form 24Q Due date been extended?

The due date for payment of TDS was extended because CBDT has recently revised the format of Form 16 & Form 24Q. Subsequently, NSDL had updated the File Validation Utility for the online TDS return filing on 21st May 2019. Due to that, the tax deductors have faced slight inconvenience.

With a view to addressing the genuine hardship of tax deductors in timely filing of the TDS return in the Form 24Q CBDT has now-

  • Extended the due date of filing of TDS return in Form 24Q from 31st of May, 2019 to 30th of June, 2019 and
  • The due date for the issue of TDS certificate in Form 16 from 15th of June, 2019 to 10th of July, 2019.

Also, read the .

 

4. Who Shall file the TDS return?

All those persons are required to file TDS return each quarter who have a TAN registration number and deduct TDS. 

  • Employers who deduct TDS on account of salary payments have to file Form 24Q.
  • Upon deducting tax at source, the employer having TAN registration also has to issue the TDS Certificate as proof of collection of tax. This TDS Certificate is issued in Form 16.

 

5. What is the Penalty for Late TDS Return Filing?

Late filing of the TDS return shall attract a heavy penalty of ₹200 per day till such default continues. Besides, the maximum penalty for failure to file TDS return online within 1 year from the due date ranges from â‚¹10,000 to â‚¹1 Lakh, and can even go beyond that.

 

Hence, the tax deductors are advised to timely file their TDS return in Form 24Q and TDS certificate in Form 16 to avoid penalty.

If you need any assistance related to TDS return filing, ITR filing or TAN registration online, please feel free to contact us at 8881-069-069.

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