The Central Board of Direct Taxes (CBDT) has recently announced an extension of the time limits for the submission of certain TDS/TCS (Tax Deducted at Source/Tax Collected at Source) statements. This move comes through Circular 9/2023 dated June 28, 2023, providing relief to taxpayers and easing compliance requirements.
Deadline Extension for First Quarter TDS/TCS Statements
The CBDT has extended the due date for filing TDS/TCS statements in Forms 26Q, 27Q and 27EQ for the first quarter of the financial year 2023-24. Originally scheduled to be filed by July 15 or July 31, 2023, taxpayers now have until September 30, 2023, to submit these statements. This extension specifically applies to the statement of deduction of tax (Form 26Q or 27Q) and the statement of collection of tax (Form 27EQ) for the first quarter of FY 2023-24, which covers the period of April to June 2023.
CBDT’s Notifies Relaxation in Compliances
The CBDT has exercised its powers under section 119 of the Income-tax Act, 1961, to provide relaxation in respect of the aforementioned compliances. The extension allows taxpayers additional time to furnish the required TDS/TCS statements without facing penalties or non-compliance issues. Let’s explore the specific relaxation provided by the CBDT:
CBDT Income Tax Circular 9/2023 dated 28/06/2023: Deadlines Extended for Submission of TDS/TCS Statements in Form 26Q, 27Q & 27EQ (Q1 of FY 2023-24)
A. Extension for Statement of Deduction of Tax (Form 26Q or 27Q)
The statement of deduction of tax for the first quarter of the financial year 2023-24, which is required to be furnished in Form 26Q or 27Q, now has an extended due date of September 30, 2023. Previously, taxpayers were expected to submit this statement by July 31, 2023, under Rule 31A of the Income-tax Rules, 1962. With the new deadline, taxpayers have additional time to ensure accurate and timely submission.
B. Extension for Statement of Collection of Tax (Form 27EQ)
Similarly, the statement of collection of tax for the first quarter of the financial year 2023-24, required to be furnished in Form 27EQ, has been granted an extension until September 30, 2023. Initially, the due date for this statement was set for July 15, 2023, as per Rule 31AA of the Income-tax Rules, 1962. By extending the deadline, the CBDT aims to alleviate the burden on taxpayers and facilitate smoother compliance processes.
Conclusion
The CBDT’s extension of the time limits for the submission of certain TDS/TCS statements provides much-needed relief and flexibility for taxpayers. By pushing back the due date for filing Forms 26Q, 27Q and 27EQ for the first quarter of FY 2023-24 to September 30, 2023, the CBDT aims to streamline compliance processes and reduce the burden on taxpayers. This extension offers numerous benefits, including reduced compliance pressure, avoidance of penalties, enhanced accuracy and improved efficiency in tax filing. Taxpayers are advised to utilize the extra time effectively to ensure error-free and timely submission of TDS/TCS statements.
Disclaimer: While reasonable efforts have been made to ensure the accuracy and reliability of the information presented in this article, it should not be considered as professional tax advice or guidance. For compliance, the readers are advised to directly refer to the relevant laws, regulations and notifications issued by the appropriate authorities. |
CA Abhinav Aggarwal is a qualified Chartered Accountant and ICAI member since 2010. He holds vast experience in Audit, Income Tax & GST and is a passionate writer on the CA profession and related topics.
Why no extension for 24Q?
No change! It’s 31st July, 2023.
26q tds return still can’t file. any update?
Thanks CBDT.
Is there any particular reason for giving this relaxation?
There is no specific reason to extend the deadlines. I feel CBDT is revamping the TDS filing process and hence the extension is there.
TIN-FC not accepting the return (26Q & 27EQ) up to 31st Jul 2023 due to updation of RPU 4.6 n FVU 8.2 in progress.
What about 24Q?
No change! It’s 31st July, 2023.
While attempting uploading of TDS Return 26Q for first Quarter (FY 2023-24) in RPU Version 4.6, there is an information displayed saying that last date has been extended to 30th September 2023 and wait for updated version of TDS Retrun Utility and then only submit return. My query is when such updated version of RPU will be available?
FYI, the NSDL sent an email on July 7, 2023, informing deductors that they must use the revised and updated FVU version to file the statements in Forms 26Q, 27Q & 27EQ for the first quarter of the financial year 2023-24. Only statements prepared using the updated RPU and validated with the updated FVU versions will be accepted. The updated RPU and FVU will be available on the TIN website (www.protean-tinpan.com) by September 1, 2023 and can be filed upto September 30, 2023.
Which mail id tin nsdl has sent the information, as we have not received any such mail.
CBDT gesture to extend due date for filing TDS return for 1st quarter of financial year 2023-24 is good but suspicious and doubtful. Normally CBDT extends due date only for few days but this time extended up to 30th September has some other internal reasons which have not been brought on record. Even tax deductors are willing to upload their tds returns but a message is displayed to wait for utility to be launched.
absolutely correct, it is doubtful as it is not allowing to file before 1st September, so its not just an extension but complete shift
Yes, extention doesn’t mean that you can’t file for some time. In this extension TDS returns are not being accepted. I am worried about the likely complications when new utility is launched. I filed a TDS Return for one of client having only 1 entry, on 2nd July 2023. Though it got uploaded but even that is not processed yet.
TDS 26Q Q1 2023-24 RPU 4.6 FVU 8.1 VERSON file has not been updating why?
TDS 26Q Q1 2023-24 फ़ाइल अपडेट क्यों नहीं हो रही है?
FY 2023-24 Q1 26Q TDS return still can’t file. any update?
I am trying to file tds/tcs return with latest rpu 4.7 but when i validate file, it says that you are trying old version please validate from latest rpu version. Please guide.
I am trying to file 26Q through latest RPU version 4.7 on 04.09.2023. But not validate at the end stage. It says that “you are used either old version of RPU or old CSI file download” But I am download the above in fresh on that date. Kindly help me to make validation successful.
I paid tax in August and September using e-pay facility and challans have been generated under section 195. But I am unable to get Q2 option in latest FPU. Please guide.
Has the last date for filing 26Q QTR-I TDS return been extended yet again?