The CBDT has extended the deadline for filing the TDS Return/ Statement in Revised/ Updated Form 26Q, related to non-salary deductions of tax at source, for the fiscal year 2022-23’s second quarter (Q2) (July-September 2022). The latest updates to TDS Return Filing Form 26Q due date extension are discussed in this article.
What is TDS Return Filing?
The deductor is responsible for filing a TDS return in addition to making the necessary tax deposits on the behalf of the taxpayer. Thus, the quarterly report known as the TDS return filing is sent to the Income Tax department. Timing of the TDS return filing is critical otherwise you will have to face penalties. To file a TDS return, you can use online methods.
What is TDS Form 26Q?
When a taxpayer pays taxes, the payee deducts TDS on specific circumstances. To report TDS information on payments other than salaries, use Form 26Q. The return specifies payments made throughout the quarter as well as the overall TDS amount deducted. Form 26Q is required to be submitted quarterly. Form 26Q is applicable for TDS under Section 200(3) of the Income Tax Act, 1961 as per Sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I, and 194J. Therefore, while doing TDS Return Filing, the taxpayer also has to furnish TAN Registration details.
Hefty Penalties on Late TDS Return Filing of Form 26Q
A penalty of Rs. 200 per day is imposed for each day that a tds return is overdue (as per Section 234E). The taxpayer must keep making payments until the total fine equals the TDS amount.
Notification: TDS Return Filing Form 26Q due date extended
The due date for the June quarter Form 26Q quarterly TDS statement was extended by one month, to November 30, 2022, by the Central Board of Direct Taxes on October 27, 2022.
This decision was made due to the fact that Taxpayers have been having trouble keeping up with the revisions and subsequent filing requirements of the TDS Form, which has led to a backlog in TDS filings.
The CBDT Notification mentions, “Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of the financial year 2022-23 from 31st October 2022 to 30th November 2022.”
In Conclusion, the extension of Form 26Q TDS Return Filing is good news and a relief for tax deductors. You should take advantage of this opportunity and file your TDS Returns as soon as possible to avoid the last minute hassles.
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