TDS Returns
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Know more about TDS Returns
TDS Return is a quarterly statement filed by the TDS deductor to the Income Tax Department.
Any individual or partnership firm or company or any other artificial person who deducts TDS on payment of salary, rent, commission, interest, contractor payment or any other payment on which TDS is required to be deducted are required to file TDS Returns. Registration under TAN is mandatory to deduct TDS. Tax Deduction and Collection Number (TAN) is a 10 digit alpha-numeric number thatcan be obtained by filing Form 49B with the Income Tax Department.
When TDS is required to be deducted?
TDS is required to be deducted at the time of making a specified payment or in certain cases it is required to be deducted at the time of crediting the account of the payee as specified under Income Tax Act.
Forms and due dates of TDS return filing
| FORMS | QUARTER | DUE DATES | WHEN TO FILE |
| Form 24Q | April to June | 31st July | When TDS is deducted from the payment of Salary. |
| July to September | 31st October | ||
| October to December | 31st January | ||
| January to March | 31st May | ||
| Form 26Q | April to June | 31st July | When TDS is deducted from any payment other than Salary. |
| July to September | 31st October | ||
| October to December | 31st January | ||
| January to March | 31st May | ||
| Form 27Q | April to June | 31st July | When TDS is deducted from the payment made to Non-resident. |
| July to September | 31st October | ||
| October to December | 31st January | ||
| January to March | 31st May | ||
| Form 27EQ | April to June | 15th July | When TCS is collected. |
| July to September | 15th October | ||
| October to December | 15th January | ||
| January to March | 15th May |
Due date of deposit of TDS and filing return
The amount of TDS deducted shall be deposited by the deductor till the 7th of the next month from the month in which TDS is deducted. Deposit the TDS on time to avoid levy of interest of 1% per month from the date on which tax is deductible to the date on which tax is actually deducted and 1.5% from the date of deduction to the date of payment.
Late filing of TDS Return attracts late Filing Fee of Rs 200 for every day after the due date till the date of the actual filing of the TDS Return.
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Registration
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plans of TDS Returns
Pro
- Filing of TDS Return (Form 24Q & 26Q & 27Q)
- Up to 50 entries
- Form 16 and 16A
- Per Quarter
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Simple Solution to File TDS Returns
Benefits of Filing TDS Return on time
- Late Filing Fee of Rs 200/- per day can be avoided.
- The Deductee can claim credit of TDS deducted only when Deductor files the TDS Return.
Required Documents/Details to File TDS Returns
Information required to file tds return
Transaction detail i.e. type of payment (Salary, Commission)
- Date of payment/credit
- Date of Deduction
- Amount of payment made
- Amount of TDS Deducted
- Challan Copy through which TDS is deposited to Government (Challan No., Challan BSR Code, Challan Date, Challan Amount)
- Detail of party whose TDS is deducted (Name, PAN & Certificates obtained if any)
Procedure
- Collection of documents and details
- Calculation of TDS liability
- Filing of TDS returns
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TDS Returns
It depends on the type of payment being made, i.e. Salary, Rent, Commission, Interest, etc. There are different thresholds prescribed in IT Act for different payments.
The payee can request the payer not to deduct TDS on his payment by furnishing 15G/15H to the payer. 15H is to be furnished by senior citizens only.
Following are some main duties of the person deducting TDS:-
- To obtain TAN and quote the same in all the documents relating to TDS
- To deduct TDS on specified payments at the applicable rates
- To deposit the deducted TDS to the government account on time
- To file quarterly TDS Statements
- To issue TDS Certificates to the deductees (Form 16, 16A)
TDS should be deposited till the 7th of the next month from the month in which tax is deducted. But if the TDS is deducted in the month of March, then TDS can be deposited till 30th April by the non-government deductor.
Interest at the rate of 1% per month or part of a month shall be levied on the amount to be deducted from the date on which it is deductible to the date on which it is actually deducted.
Interest at the rate of 1.5% per month or part of a month shall be levied on the amount deducted but not deposited from the date of deduction to the date of payment.
The late filing fee of Rs 200 per day shall be levied from the date after the due date till the actual date of filing. However, the amount of late filing cannot exceed the total amount of TDS.
The payee can know the details of the amount paid & deducted through TDS Certificates issued to him or he can also check this through 26AS by login to Income Tax website through his PAN.
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