TDS Filing: Deposit TDS by March 7, otherwise you will have to pay penalty – Details here

TDS Filing Due Date For FY2024-25: The last date for depositing tax deduction or tax collection at source (TDS/TCS) is near. Those who have to pay tax should deposit it by 7 March 2025. So that, you can avoid any kind of penalty. Know here what is TDS and TCS? Who has to file this

TDS Filing Due Date For FY2024-25: The last date for depositing Tax Collection on Tax Deducted at Source (TDS/TCS) is near. Those who have to pay tax, should deposit it by 7 March 2025. So that, any kind of penalty can be avoided. Know here what is TDS and TCS? Who has to file this.

What is TDS and TCS?

The purpose of Tax Deducted at Source (TDS) is to provide continuous revenue to the government. Under this, it is mandatory to deduct tax as per the fixed rates on certain fixed payments and deposit it to the government. Tax Collected at Source (TCS) applies to businesses that sell specific goods such as liquor, scrap and forest products etc. Sellers collect tax from the buyer at the time of sale of these goods and deposit it to the government.

Interest charge: If payment is not made on time, extra interest will have to be paid.

Penalty: Penalty can be imposed up to the amount of tax.

Legal action: Under section 276B, if tax is not deducted and deposited, prosecution action can also be taken.

How to file TDS/TCS online?

Those who want to file TDS/TCS can complete the process by visiting this link https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details. Pay tax by the last date and avoid penalty.