TDS/TCS Return Filing
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What is TDS Return filing?
TDS return filing is an essential part of tax compliance for individuals liable to deduct tax at source. Every quarter, tax deductors are required to submit a TDS return to the Income Tax Department. This return serves as a detailed statement, encompassing information on tax collection, its sources, and payments made to the government during the reporting period.
Transactions such as salary payments, fees to professionals, contractual payments, and rent exceeding a specified amount are subject to TDS. For each of these transactions, there are prescribed rates of deduction. It's crucial for deductors to file TDS returns on time to ensure that deductees can claim the benefit of tax deducted during their income tax return (ITR) filing process.
Registration Process:
Step 1
- Information Collection and Documentation Day
Step 2
- Preparation and Online Filing of TDS Return
- Acknowledgment Receipt
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All fileds are mandatory
Types of TDS Return:
Depends on nature of income or type of deducted
Form 24Q
TDS on Salary
Form 27Q
TDS where deductee is a non-resident, foreign company
Form 26QB
TDS on payment for transfer of certain immovable property
Form 26Q
TDS in other case
Quarterly Due dates
Quarter 1 April - June
July 31
Quarter 2 July - September
October 31
Quarter 3 October - December
January 31
Quarter 4 January - March
May 31
Documents required for online TDS Return Filing
TAN
The Tax Account Number of the deductor
Tax Paid Receipt
Acknowledgement receipt of the tax paid to Government
Details of tax deducted
Provide us details of the tax deducted
Details of Supplies
Details of the inward and outward taxable supplies along with details of invoice
Frequently Asked Questions
Who is required to file TDS return online?
As the name says, TDS is collected on source of income and therefore the frequency of collection is as frequent as the transactions are. This makes track of deduction difficult. Therefore, a certificate on the letterhead of the deductor is issued to deductee for the TDS payment. Individuals are advised to request for TDS certificate wherever applicable, if not already provided.
What is a TDS Certificate?
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.
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.
