TDS returns filing

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What is Tax deducted at source?

Tax deducted at source (TDS) reduces tax evasion by making it a requirement to deduct TDS from payments at fixed rates. When your employer pays your salary or your client pays you fees, or the bank pays you interest on your deposits; there are rules and rates prescribed for deduction of TDS. The payer is required to deduct the TDS and deposit it with the government of India. The payee receives the amount net of TDS. In case excess TDS has been deducted, one can file returns and claim the refund from the Income Tax Department accordingly.

An Overview

Generally, Tax is deducted on various transactions such as salary, rent, brokerage & commission, professional fees, interest payment, etc. However, a person liable to deduct TDS (i.e. Deductor) as per the provision of the Income-tax Act, is also required to file a return for the same known as TDS return. Hence, TDS return is summary submitted by the Deductor to the Income-tax Department containing the following details:

Name and PAN of the Deductor and deductees
Type of deductee (i.e. Corporate or Non-corporate)
Payment made to the deductee
Date of making such payment
Amount of Tax deducted
TDS rate and section under which Tax was deducted
Deposit date of deducted TDS to the Government
Tax deposit challan details, etc

Types of TDS return

TDS Return	Particular
Form 24Q	Statement for TDS from Salary
Form 26Q	Statement for TDS from all payments other than salaries.
Form 26QB	Statement for TDS on payment for the transfer of immovable property
Form 27Q	Statement for TDS where the deductee is Non-resident or Foreign Company.
Form 27EQ	Statement for TCS

Deadlines for TDS return filings

Quarter	Due dates
Q1 – April to June	31^st July
Q2 – July to September	31^st Octobers
Q3 – October to December	31^st January
Q4 – January to March	31^st May

Penalty and Late fees for TDS return

Late filing fee u/s. 234E
Non-filing of TDS returns within the specified due date will attract a fee of Rs. 200 per day to the Deductor till the day the return is filed. However, the total late fees should not exceed the total amount of TDS for which the TDS return was required to file.
Penalty u/s. 271H
As a consequence of non-filing of TDS return or filing an incorrect return, Assessing officer(AO), may also direct the Deductor to pay Penalty not less than Rs. 10,000 which may also extend to Rs.1,00,000. This Penalty under this section will be in addition to the late filing fee u/s 234E

Documents required for filing TDS return

How can we help you?

Just in 4 easy steps, your TDS return will be filed:
Step 1: Submit a service request by clicking.
Step 2: Every quarter, our team will coordinate with you for the documents as mentioned above.
Step 3: Once you submit documents, our team will start preparing the return.
Step 4: TDS return filed.

FAQs

a. Is TDS return filing mandatory?

An Individual or Organisation, having a valid TAN and responsible for deduction of tax is required to file quarterly TDS return as per provisions of Income Tax Act, 1961. However, no TDS return shall be required to file if TDS is not required to be deducted during that particular quarter.

b. Can TDS be revised?

Yes, TDS return can be revised provided the TIN central systems accept the original TDS return.

c. What is the time limit of revising the TDS return?

As per the Income Tax Act, there is no time limit prescribed for revision of TDS return; however, if incorrect credit in TDS return will impact the deductee at the time of filing their Income-tax return.

d. Still have doubts?

Speak to our experts who shall solve all your doubts.

Call us at 77380 66334 or

Mail us at info@indiacompanyincorporation.com

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