As the financial year 2022-23 end many people are doing year end calculations and are calculating TDS which needs to be deducted and deposited with the government for the Financial year 2022-23.
However, amid all this calculations and TDS payment people are confused as to whether the due date for payment of TDS is 07th April or 30th April or both for the TDS deducted in the month of March.
Some people are saying that for TDS deducted between 1st March to 30th March the due date is 07th April and for TDS deducted on 31st March due date for payment of TDS is 30th April.
While some are saying that due date for payment of TDS in case of all salaried employees is 07th April.
In this post we shall try to clarify all the myths about the due date for payment of TDS:
Due date for payment of TDS:
In case of a non-government entity deducting any TDS, due date for depositing such TDS with government for the month of March would be 30th April as per rule 30 of the Income Tax rules.
Relevant extract of rule 30 is as under:
“(2) All sums deducted in accordance with the provisions of Chapter XVII-B by deductors other than an office of the Government shall be paid to the credit of the Central Government—
(a) on or before 30th day of April where the income or amount is credited or paid in the month of March;”
Due date of 7th April is applicable in case of government deductor wherein TDS is being paid by way of book entry.
To read more about TDS return, due date etc CLICK HERE: Due date for payment of TDS and filing of TDS statement | Extension of TDS return due date amid quarantine? – Taxontips
Due date for payment of TCS:
As discussed above due date for payment of TDS collected is 30th April in case of March month. However, such is not the case in case of TCS. In case of TCS the due date for deposit of TCS shall remain the same i.e. 7 days from the end of month in which TCS has been collected. Such due date is mentioned in Rule 37CA of the Income tax rules.
Accordingly due date for deposit of TCS for the month of March would be 7th April.
Relevant extract of rule sub rule 2 of rule 37CA is as under:
“(2) All sums collected in accordance with the provisions of [***] of section 206C by collectors other than an office of the Government shall be paid to the credit of the Central Government within one week from the last day of the month in which the collection is made.”
If you wish to read more about TCS, TCS return and it’s due date CLICK HERE: TCS Rate chart under Income tax act and Due date for filing of TCS return – Taxontips
We hope that the above post will clarify all the queries of various persons who were worried about the due date to deposit TDS and TCS.
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