TDS Update: Date To File TDS Return For AY 2022–23: The deadline for submitting the data for the second quarter has been extended. Due to the challenges encountered in providing the TDS details.
Date To File TDS Return For AY 2022–23: A big update will soon be released for all national taxpayers. The deadline for submitting quarterly TDS information in Form 26Q for the second quarter has been extended. By the Central Board of Direct Taxes (CBDT) by one month, to November 30, 2022.
What was said by the CBDT?
The CBDT said on Thursday, October 27, that the deadline for submitting second-quarter information has been extended to 30 November 2022 due to challenges with providing information about “Tax Deduction at Source” (TDS) in the revised and updated Form 26Q. The information on the quarterly return of TDS on non-salary payments is provided using Form 26Q.
Extended by 1 Month
This form includes information on the total amount paid and the tax withheld from it during a quarter. Originally set to finish on October 31, the submission date for this form for the July-September quarter of the fiscal year 2022–23 has been extended by one month.
What is a loan waiver scheme?
Let us inform you that the Income Tax Department stated last month that no TDS will be applied to a loan waiver granted through a one-time debt settlement. The provision of TDS on loan forgiveness was introduced in this budget. According to the tax authority, banks won’t be required to make any TDS payments until the loan settlement is completed under the loan waiver scheme. The same rule will apply to bonus and rights share issuance as well as loan schemes.
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