The Central Board of Direct Taxes (CBDT) has announced an extension in the time limits for the submission of certain Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) statements. The due date for filing TDS/TCS statements in Form Nos. 26Q, 27Q, and 27EQ for the first quarter of the financial year 2023-24 has been extended to 30th September 2023. This update was issued through CBDT Circular No. 9/2023 in F.No. 370149/109/2023-TPL, dated 28th June 2023.
The decision to extend the deadline for submission of TDS/TCS statements aims to provide relief to taxpayers and facilitate a smoother compliance process. The extension will grant additional time to entities and individuals involved in deducting or collecting taxes at source to compile and submit the required statements accurately.
The CBDT’s move acknowledges the challenges faced by taxpayers and tax authorities due to various factors, such as evolving regulations, technical difficulties, or operational constraints. By extending the deadline, the CBDT aims to mitigate any undue burden on taxpayers, ensuring they have adequate time to meet their compliance obligations effectively.
It is important for entities and individuals responsible for deducting or collecting taxes at source to take note of the extended deadline and utilize the additional time provided to review their records, reconcile data, and prepare the necessary statements in accordance with the applicable guidelines and formats.
Taxpayers should also remain updated with any further notifications or guidelines issued by the CBDT or other relevant authorities. Staying informed about any changes or updates in tax regulations will help ensure a smooth and accurate filing process, avoiding any penalties or legal complications.
Overall, the extension of the time limits for the submission of certain TDS/TCS statements by the CBDT reflects its commitment to facilitating compliance and easing the burden on taxpayers. By allowing an extended deadline, the CBDT aims to foster a more efficient and streamlined tax administration system