The filing of TDS returns is required for all assesses who fall within TDS criteria of Income Tax Act ,1961. TDS returns must be e-filed, which can be done through the official Income Tax portal.
TDS returns must be submitted on time by the deductors. TDS returns can be filed online. The information of the TDS returns will appear on the payee's Form 26AS, once they have been submitted online.
The following are the numerous details that must be provided while filing TDS returns:
Organizations and employers can file TDS returns with a valid Tax Deduction and Collection Account Number (TAN). TDS is required to be filed for the following payments as defined by the Income Tax Act:
The following is the technique for validating the TDS Returns:
The tax amount paid to the government will not appear on Form 16, Form 16A, or Form 26AS if there are any problems when completing TDS returns, such as erroneous PAN or challan details. TDS Returns must be filed repeatedly in such cases.
The following are the requirements for filing revised TDS Returns:
TDS returns must be submitted on time by the deductors. TDS returns can be filed online. The information of the TDS returns will appear on the payee's Form 26AS once they have been submitted online. The TDS challan contains information.
The tax Deducted at Source can be found on the deductor's Form 26AS or TDS Certificate. TDS is a system of direct taxation that collects taxes directly at the time of payment. In its complete form, TDS stands for tax deducted at source. If a person (deductor) owes money to another person, the tax will be deducted at the source, with the balance going to the. The amount of TDS deducted will be sent to the Indian government. TDS helps to keep tax avoidance away.
|Form 24Q||Quarterly statement for tax deducted at source from “Salaries”||Quarterly|
|Form 26Q||Quarterly statement of tax deducted at source in respect of all payments other than “Salaries”||Quarterly|
|Form 27Q||Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents||Quarterly|
|Form 27EQ||Quarterly statement of Tax collected at source (TCS)||Quarterly|
|April||On or before 7th of May|
|May||On or before 7th of June|
|June||On or before 7th of July|
|July||On or before 7th of August|
|August||On or before 7th of September|
|September||On or before 7th of October|
|October||On or before 7th of November|
|November||On or before 7th of December|
|December||On or before 7th of January|
|January||On or before 7th of February|
|February||On or before 7th of March|
|March||On or before 30th of April|
|Quarter||Quarter Period||Due date to file TDS return|
|1st Quarter||April to June||On 31st of July of the same FY|
|2nd Quarter||July to September||On 31st of Oct of the same FY|
|3rd Quarter||October to December||On 31st of Jan of the same FY|
|4th Quarter||January to March||On 31st of May next financial year|
Interest on late TDS deduction: As from the due deduction date to the actual deduction date, the assesses must pay interest of 1% per month or part of a month on the amount of TDS.
Interest on late TDS payments: From the due deducted date to actual payment date, the assessee must pay interest at the rate of 1.5 percent per month or part of a month on the amount of TDS.
Until the TDS Return is filed, the deductor must pay INR 200. The penalty, however, should not exceed the amount of TDS for which a statement filing was necessary.
A person who misses filing the TDS statement by the due date shall be subject to an additional penalty of INR 10,000, which may be increased to INR 1,000,00 under this section. This penalty is extra to the late filing charge imposed by Section 234E.