Now no more prosecution for delayed payment of TCS if its paid by this date: Budget 2025
Budget 2025 has removed prosecution for taxpayers who failed to deposit Tax Collected at Source (TCS) despite collecting it. This is subject to the condition TCS is paid before filing the TCS return for that period. This amendment will take effect from April 1, 2025.
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Earlier the tax department used to prosecute tax payers for delay in depositing the collected TCS. Now after this amendment, only penal interest will be imposed, prosecution will not happen, provided TCS is deposited befoew the due date to file TCS return.
Due date to file TCS return
According to Rule 31AA of Section 206© here’s a table showing the deadlines:
Source: Income tax website
FAQs about exemption from prosecution for delayed TCS payment
Q1. What is section 276BB of the Income-tax Act, 1961?
Ans. Secton 276BB of the Income-tax Act, 1961 provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government.
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