Every taxpayer whose Tax Deducted at Source (TDS) has been deducted has to file his TDS return. These returns must be filed after specific time intervals, and the information that must be furnished to the income tax authorities includes TAN Number (Tax Deduction and Collection Account Number), amount deducted, Permanent Account Number (PAN), TDS paid, type Are included. Payment, etc. There is a late filing fee for delay in filing the TDS return, so it is important to keep in mind the due dates as well as the correct documents required.
In exercise of its power under section 119 of the Income Tax Act, 1961, the CBDT has made compliance easier for taxpayers by extending important timelines. The deadline for furnishing the statement of tax deduction for the first quarter of the financial year 2023-24, which was initially due on July 31, 2023, has been postponed to September 30, 2023. This is applicable to both Form No. 26Q and Form. Sr. No. 27Q, as referred to under rule 31A of the Income-tax Rules, 1962.
CBDT extends the time limits for submission of certain TDS/TCS Statements.
Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023.
CBDT Circular No.9/2023 in https://t.co/JjOohJzlIy.…
— Income Tax India (@IncomeTaxIndia) June 28, 2023
Extension is applicable for TCS statement also
The exemption measures of CBDT are also applicable to TCS statement. The deadline for submission of statement of tax collections for the first quarter of the financial year 2023-24, which was originally scheduled for July 15, 2023, has also been shifted to September 30, 2023. This extension is applicable to Form No. 27EQ. Rule 31AA of the Income-tax Rules, 1962.
