Understanding the Time Limit for Tax Deducted at Source (TDS)

Learn about the TDS deposit deadlines to avoid penalties and ensure compliance with tax regulations.

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Tax Deducted at Source (TDS) must be deposited to the government by the 7th of the following month in which the deduction is made. For March, the deadline is extended to April 30th. Ensure timely deposits to avoid penalties.

FAQs & Answers

  1. What is the deadline for depositing TDS? The deadline for depositing Tax Deducted at Source (TDS) is the 7th of the following month in which the deduction is made, with the exception of March, where the deadline is extended to April 30th.
  2. What happens if TDS is not deposited on time? If TDS is not deposited on time, it can result in penalties and interest charges imposed by the government. Timely deposits are crucial to avoid these financial repercussions.
  3. Can TDS be filed online? Yes, TDS can be filed online through the designated income tax department portals, making the process efficient and convenient for taxpayers.
  4. What is the purpose of TDS? The purpose of TDS is to collect tax at the source of income, ensuring that income tax is paid in advance instead of at the end of the financial year.