Benefits of Filing TDS Return

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!

Eligibility Criteria for TDS Return

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:

  • Payment of Salary
  • Income by way of ‘Income on Securities”
  • Income by way of winning Lottery, Puzzles and others
  • Income from winning horse races
  • Insurance Commission
  • Payment in respect of National Saving Scheme and many others

TDS Return Forms

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

TDS Return Filing Due Dates

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

TCS Return Filing Due Dates

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

Form 15G/ 15H: Due Date

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

Penalty for Late Filing of TDS/TCS Return

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.

Interest on Non Payment/ Late Payment of TDS/TCS

Interest under Section 201(1A) of the Income Tax Act becomes applicable on failure to deduct tax at source or delay in payment of TDS and interest under Section 206C(7) for failure to collect tax at source or delay in payment of TCS.

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

Pricing

Normal

Starting at Rs. 1,199/- Onwards
  • TDS return filing for one quarter.

Standard

Starting at Rs. 2,199/- Onwards
  • TDS return filing for two quarter.

Executive

Starting at Rs. 2,199/- Onwards
  • TDS return filing for four quarter.

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Frequently Asked Questions

What is TDS?

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.

What is TAN and is it required to file TDS Return?

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/-.

Is PAN mandatory for deductors and Employees/ Deductees?

PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.

What are the due dates of submission of quarterly TDS return?

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.

How do I deposit TDS to Central Government?

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.