The Central Board of Direct Taxes (CBDT) has just given more time for people to submit certain statements related to TDS/TCS (Tax Deducted at Source/Tax Collected at Source). They made this decision in Circular 9/2023 dated June 28, 2023, to help taxpayers and make it easier to follow the rules.
TDS/TCS Statement Filing Deadline Extended to September 30, 2023
The CBDT has given taxpayers more time to do TCS and TDS Return Filing for the first quarter of the financial year 2023-24.
This relaxation allows taxpayers more time to submit their required TDS/TCS statements without facing penalties or compliance issues. Here are the specific relaxations provided:
Extension for Statement of Deduction of Tax (Form 26Q or 27Q):
Taxpayers now have until September 30, 2023, to submit the statement of deduction of tax for the first quarter of the financial year 2023-24.
Previously, the deadline was July 31, 2023. This extension gives taxpayers extra time to ensure accurate and timely submission.
Extension for Statement of Collection of Tax (Form 27EQ):
The statement of collection of tax for the first quarter of the financial year 2023-24, which needs to be submitted in Form 27EQ, now has an extended deadline of September 30, 2023.
Initially, the due date was set for July 15, 2023. By extending the deadline, the CBDT aims to ease the burden on taxpayers and make compliance processes smoother.
Conclusion
In conclusion, the CBDT’s extension of the time limits for TCS and TDS Return Filing brings relief and flexibility to taxpayers.
By extending the deadline for filing Forms 26Q, 27Q, and 27EQ for the first quarter of FY 2023-24 to September 30, 2023, the CBDT aims to simplify compliance processes and lessen the burden on taxpayers.
This extension provides several benefits, such as reduced pressure to comply, avoidance of penalties, improved accuracy, and increased efficiency in tax filing.
Taxpayers are encouraged to use the additional time effectively and don’t miss this opportunity to ensure error-free and timely submission of their TDS/TCS statements.
Source: Circular
Moreover, If you want any other guidance relating to TDS Return filing, Please feel free to talk to our business advisors at 8881-069-069.
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