TDS returns filing

Apart from deducting tax and depositing tax in a government account, it is mandatory for the deductor to file the TDS return in a quarterly statement with the Income Tax department.

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.

Table Of Contents

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:

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 31st July
Q2 – July to September 31st Octobers
Q3 – October to December 31st January
Q4 – January to March 31st May

Penalty and Late fees for TDS return

Documents required for filing TDS return

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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.

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