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TDS Return Filing
TDS means Tax deducted at Source. A person who is liable to deduct tax at source has to file the TDS return as part of compliance. A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department. It is the responsibility of the Tax Deductor to deduct the tax at applicable rates while making payment to the party.
A TDS return is submitted by Tax Deductor in respect of every quarter with the Income Tax Department. TDS Return is a statement that entails the details of the tax collected, source of collection and tax paid to Government for the reporting period.
Usually, tax is deducted on the transactions such as Salaries, Interest, Payment to professionals and contractual basis, payment of rents exceeding certain amount, etc. For every such type of transaction and payment, there is prescribed rate of interest. The deductee can claim the benefit of the tax deducted while ITR filing, only if the Deductor has filed the TDS return on time.
The First requirement for filing TDS Return by Deductor is to obtain a valid TAN (Tax Deduction and Collection Number). TAN is a mandatory 10 digit alpha number that is to be obtained by all people who are responsible for Tax Deduction at Source or Tax Collection at Source on behalf of the Government.
ComplianceIndia can be your legal and professional partner in India to help you file TDS Return in India quickly and cost-effectively.
Advantages of TDS Return Filing
Types of TDS Return forms
TDS Return Form 24Q
Statement for tax deducted at source from salaries
TDS Return Form 26Q
Statement for tax deducted at source on all payments other than salaries.
TDS Return Form 27Q
Statement for tax deduction on income received from interest, dividends, or any other sum payable to non-residents.
TDS Return Form 27EQ
Statement of collection of tax at source.
Liability for filing TDS Return
An employer or Company that has valid TAN – Tax Collection and Deduction Account Number can file for online TDS return.
Under Income Tax Act, Any person making specified payments is required to deduct tax at the source and they need to deposit the tax within the stipulated time for the following payments:
– Salary payment
– Insurance commission
– Income on Securities
– Income by winning lotteries, puzzles, and others
– Income from winning horse races
– Payment concerning National Saving Scheme and many others.
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Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.
Start-up Plan
Rs. 3,499/-
– Accounting for One-month upto 100 transactions
– Monthly MIS Reporting
– Expert advice from Experts/ Legal Professionals
Basic Plans
Rs. 6,999/-
– Accounting for One-month upto 250 transactions
– Monthly MIS Reporting
– Expert advice from Experts/ Legal Professionals
Advance Plan
Rs. 9,999/-
– Accounting for One-month upto 500 transaction
– Monthly MIS Reporting
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Due Date of Payment of TDS & Filing of TDS Return
SL. NO. | PARTICULAR | DUE DATE | TYPE OF EVENT |
1 | Payment of TDS deducted under various sections of the income tax act | Before 7th day of Next Month | Monthly |
2 | 1st Quarter TDS Return (1st April to 30th June) | 31st July | Quarterly |
3 | 2nd Quarter TDS Return (1st July to 30th September) | 31st October | Quarterly |
4 | 3rd Quarter TDS Return (1st October to 31st December) | 31st January | Quarterly |
5 | 4th Quarter TDS Return (1st January to 31st March) | 31st May | Quarterly |
Consequence for Non-compliance
The non-compliance of TDS provisions is a grave offence and is punishable under section 271 (C) of the Income Tax Act 1961, wherein the minimum penalty is 10,000 which can go up to Rs. 1,00,000/-. Further section 276B applies to all such cases where a wilful default is established, in all those cases the punishment is 3 Years rigorous imprisonment which can go up to seven years.
The provision of section 234E of the Act provides for levy of a fee of ₹ 200/- for each day’s delay in filing the statement of TDS. It is to be paid before the furnishing of the return of TDS. However, the amount of fee liable to be paid shall not exceed the amount of TDS.
Documents required for TDS Return filing
Punishment for Non-compliance
For any non-compliance of Section 128 of the Companies Act, there is an imprisonment for a term which may extend to one year or with fine which shall not be less than Rs. 50,000/-, but which may extend to Rs.5 lakh or with both. In case of LLP, the penalty for contravention of section 34 is Rs. 25 thousand to 5 lacs payable by LLP and for designated partner it is Rs. 10 thousand to 1 lac.
Frequently Asked Questions
1. Who is required to file TDS return online?
Any assessee deducting tax from a source must file the TDS return. Unless one has deducted tax, a requirement to file TDS return does not arise.
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