TDS Update: Taxpayers get relief, deadline for giving TDS details extended, know the last date

TDS Return Filing Date For AY 2022-23: A big update is coming out for the taxpayers across the country. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing quarterly TDS details in Form 26Q for the second quarter by a month, with the CBDT extending it to November 30, 2022.

What did CBDT say?
In a statement issued on Thursday (October 27), the CBDT said that in view of the difficulties being faced in furnishing the details of ‘Tax Deduction at Source’ (TDS) in the revised and updated Form 26Q, the deadline for submission of second quarter details has been extended to 30 November 2022. Form 26Q is used to furnish the details of quarterly return of TDS on non-salary payment.

1 month extended
This form contains the details of the total amount paid and tax deducted thereon during a quarter. The deadline for submitting this form for the July-September quarter of the financial year 2022-23 was scheduled to end on October 31, but has now been extended by a month.

What is loan waiver scheme?
Let us tell you that the Income Tax Department had said last month that if the loan waiver is given under One Time Loan Settlement, then no TDS will be levied on it. In this budget, the provision of TDS on loan waiver was introduced. The tax department says that once the loan settlement is done in the loan waiver scheme, banks will not have to pay any TDS. The same rule will be applicable in loan schemes, bonus and rights share issues as well.

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