TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount can be adjusted against the tax due of the deductee.
MENU
MENU
TDS return is quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time.
Helps in regular collection of taxes.
Ensures a flow of regular income to the government
Reduces the burden of lump-sum tax payment.
It helps in spreading the entire tax payment over a number of months which makes it easier for the taxpayer
Offers an easy mode of tax payment to the payer!
TDS return can be filed by employers or organization who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deducted tax at source and needs to deposit within the stipulated time for the following payments:
| FORM | PARTICULARS |
|---|---|
| FORM 24Q | Quarterly statement for tax deducted at source from “Salaries” |
| FORM 26Q | Quarterly statement of tax deducted at source in respect of all payments other than “Salaries” |
| FORM 27Q | Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents |
| FORM 27EQ | Quarterly statement of collection of tax at source |
| QUARTER | PERIOD | LAST DATEOF FILING |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31th July 2019 |
| 2nd Quarter | 1st July to 30th September | 31th Oct 2019 |
| 3rd Quarter | 1st October to 31st December | 31th Jan 2020 |
| 4th Quarter | 1st January to 31st March | 31th May 2020 |
| QUARTER | PERIOD | LAST DATEOF FILING |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 15th July 2019 |
| 2nd Quarter | 1st July to 30th September | 15th Oct 2019 |
| 3rd Quarter | 1st October to 31st December | 15th Jan 2020 |
| 4th Quarter | 1st January to 31st March | 15th May 2020 |
| S. NO. | SCENARIOS | DUE DATE |
|---|---|---|
| 1 | For 15G/H Received from 1/04/2019 to 30/06/2019 | 15th July 2019 |
| 2 | For 15G/H Received from 01/07/2019 to 30/09/2019 | 15th Oct 2019 |
| 3 | For 15G/H Received from 01/10/2019 to 30/12/2019 | 15th Jan 2020 |
| 4 | For 15G/H Received from 01/01/2020 to 31/03/2020 | 15th May 2020 |
According to this Section 234E, a late fine of INR. 200 per day has to be paid to the Income Tax Department in case of late filing of TDS/TCS return and the fine will be levied for every single day of delay until the late payment charges become equal to the amount of TDS and not more than that.
| SECTION | DEFAULT | INTEREST RATE | PERIOD OF INTEREST |
|---|---|---|---|
| 201 A | Non-deduction of tax at source in part or entirely. | 1% per month | From the date on which tax becomes deductible until the date it is actually deducted. |
| Following deduction of tax, non-payment of tax in part or entirely. | 1.5% per month | From the date of deduction until the payment date |
TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount can be adjusted against the tax due of the deductee.
TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-.
PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
Due dates of submission of quarterly TDS Return is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for last quarter.
Payment can be made online on NSDL by selecting Challan 281 and making the payment using net banking. These TDS payments need to be made before filing the TDS return.
E-payment is compulsory for all Corporate assesses & non-corporate assessees who are liable for audit u/s 44AB. Physical payment can be made using Challan 281 in authorised bank branch.