TDS and TCS Return Due Dates for The FY 2022–2023
Knowing the TDS (Tax Deducted at Source) & TCS (Tax Collection at Source) due date is necessary because it helps you avoid any penalties or interest charges that may be levied for late payment or non-payment of TDS. TDS is a tax that is deducted by an individual or organization from the income of another person or entity at the time of payment. The due date for TDS payment and return filing varies depending on the nature of the transaction and the deductor's category.
If you do not deposit TDS within the due date, you may have to pay interest at the rate of 1.5% per month or part of the month on the amount of TDS from the date it was deducted until the date of deposit. Also, there may be a penalty for late payment of TDS, which can be up to the amount of TDS itself.
Filing TDS returns after the due date can also result in penalties and interest charges. Therefore, knowing the TDS due date is important to ensure timely payment and filing of returns to avoid any additional financial burden. Hence, Academy Tax4wealth has compiled all the information regarding the due dates for TDS and TCS for the FY 2022-2023 in the article linked below.
