Due Date extended for TDS Return for Q1-23-24 till 30 Sept.
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Due Date Extension for filling TDS Return Form 26Q, 27Q & 27EQ for Q1 FY 2023-24 till Sept. 30, 2023
- Recent announcements from the Central Board of Direct Taxes (CBDT) have extended deadlines for submitting specific TDS/TCS (Tax Deducted at Source/Tax Collected at Source) statements. This action is made possible by Circular 9/2023, dated June 28, 2023, which offers taxpayers relief and relaxes the requirements for compliance.
- We would like to invite your attention to CBDT Circular No. 9/2023 dated June 28, 2023 whereby an order has been issued under section 119 of Income Tax Act 1961 for extension of time limits for the submission of Form 26Q, 27Q & 27EQ pertaining to Q1 of the financial year 2023-24 till September 30, 2023 from July 31, 2023.
- Please note that the revised file formats are applicable for Form 26Q, 27Q & 27EQ for Q1 of F.Y. 2023-24 and accordingly statements prepared using updated RPU & validated with updated FVU versions will only be accepted. The updated RPU & FVU are expected to be made available on TIN website by September 1, 2023.
- In view of the above, all the deductors/collectors are hereby advised to file statements (i.e. 26Q, 27Q & 27EQ) for the period of Q1 of FY 2023-24 (using updated RPU & FVU) during the period from September 1, 2023 to September 30, 2023.
- The CBDT wants to lighten taxpayers’ burdens by streamlining compliance procedures. Several benefits come with this extension, such as lessened compliance pressure, avoidance of penalties, more accuracy, and increased efficiency in tax reporting. The extra time should be used wisely by taxpayers in order to ensure accurate and prompt submission of TDS/TCS statements.
Online Corrections in TDS/TCS Statements Guidelines
New Latest TDS Rate Chart for AY 2024-25 (FY 2023-24):
To obtain the most recent TDS rate chart for AY 2024-25, I recommend consulting official sources such as the Income Tax Department of India’s website or notifications issued by the Central Board of Direct Taxes (CBDT). These sources typically provide updated tax rate charts and guidelines for TDS deductions applicable to different types of income and taxpayers.
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