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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.
How we Work?
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.
2. What is a TDS?
TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc.
3. What is the penalty for delay or non-filing?
The taxpayer failed to file TDS return before due date has to pay ₹ 200 per day of delay in filing as an additional fee. Apart from an additional fee, the penalty can be levied u/s 271H of Income Tax Act. The minimum penalty prescribed is ₹ 10,000 which may extend to One Lakh Rupees.
4. How and when the TDS must be deposited?
Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
5. How long does it take for a Tax Deduction & collection Number TAN registration?
A TAN registration can be obtained within 10 to 15 days.
6. I have filed an original return but I have erroneously put some wrong figures of TDS what should I do?
You don’t have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.
7. Is PAN mandatory for deductors and employees?
Yes. It is mandatory for deductors and employees to submit their PAN as well.
8. How do I deposit the TDS to the central government?
Payment can be made online on NSDL making the payment using net banking. These TDS payments need to be made before filing the TDS return.
9. What are the due dates of filing the TDS return?
Due dates of submission of quarterly TDS Return is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for last quarter.
10. What is Form 24Q?
The form is used for deduction at source of salaries.
11. What is Form 26Q?
It is used where the business organisation deducted TDS on payments other than the salary.
12. What is Form 27Q?
The Form is used for tax deduction on income received from interest, dividends, or any other sum payable to non-residents.
13. What is Form 16?
Form 16 is a certificate issued to salaried individuals from their employer when he deducts tax from the employee salary.
14. What is Form 16A?
Form 16A is a TDS Certificate certifying the amount of TDS deducted, Nature of Payments & the TDS Payments deposited with the Income Tax Department.
15. Who is the e-Filing Administrator?
CBDT has appointed the Director General of Income Tax (Systems) as e-Filing Administrator for the purpose of electronic filing of TDS/TCS statement.
16. What is Challan Serial Number given by the Bank?
Bank Challan Number is a receipt number given by the bank branch where TDS is deposited. A separate receipt number is given for each challan deposited. You are required to mention this challan number in the e-TDS/TCS return.
17. Is the Challan Identification Number compulsory?
Yes. Challan Identification Number is necessary for all non-Government deductors.
18. After I prepare my e-TDS/TCS return, is there any way I can check/ verify whether it conforms to the prescribed data structure (file format)?
Yes, after you have prepared your e-TDS/TCS return you can check/verify the same by using the File Validation Utility (FVU). This utility is freely down loadable from the NSDL-TIN website.