tDS Return

T ax Deducted at Source( TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the name suggests, the concept of TDS is to deduct tax at its source. TDS helps in reducing tax filing burdens for a deductee and ensures stable revenue for the government.

TDS is simply an indirect method of collection of tax which combines the concepts of “pay as you earn” and “collect as it earned.” Its importance to the government lies in the fact that it prepones the collection of tax, provides a greater reach and wider base for tax. At the same time, it benefits to the tax payer also, it distributes the incidence of tax and provides a simple and convenient mode of payment of taxes.

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Features

Eligibility Criteria for filing TDS?

Compulsion of filing TDS return electronically is applicable on the following class of assesses:-

All corporate Deductors as well as Collectors
All govt. Deductors as well as Collectors
Where deductor / collector is required to get their accounts audited u/s 44AB of Income Tax Act , 1961 in the immediately preceding financial year.
Where the no of deductees/ collectees record in a quarterly statement for one quarter of the immediately preceding FY is equal to or greater than 20.

All other Assesses other than mentioned above can furnish their TDS return either in physical format or electronic format.

Type of Return, Due date & Payment of of TDS amount:

Form No	Particulars	Period(for 24Q, 26Q, 27Q)	Due date of Filing form	Last date of payament of TDS
24Q	TDS Retrun from Salary	Q1(April to June)	31-Jul	7th of Next month except for March- 30 April
26Q	TDS Retrun for all payaments other than from Salary	Q2(July to Septeber)	31-Oct
27Q	TDS Return for payment made to Non Resident	Q3(October to December)	31-Jan
		Q4(Jan to March)	31-May(30 June for 2019-20)
27EQ	Quarterly Return of TCS	Q1, Q2, Q3, Q4	15 July, 15 Oct, 15 Jan, 15 May

Penalty for delay in filing TDS Return:

According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.

Non-filing of TDS Return:

If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.

“Change before you have to .” — Jack Welch,former chairman and CEO of General Electric

tDS Return

Eligibility Criteria for filing TDS?

Compulsion of filing TDS return electronically is applicable on the following class of assesses:-

All corporate Deductors as well as Collectors

All govt. Deductors as well as Collectors

Where deductor / collector is required to get their accounts audited u/s 44AB of Income Tax Act , 1961 in the immediately preceding financial year.

Where the no of deductees/ collectees record in a quarterly statement for one quarter of the immediately preceding FY is equal to or greater than 20.

All other Assesses other than mentioned above can furnish their TDS return either in physical format or electronic format.

Type of Return, Due date & Payment of of TDS amount:

Form No

Particulars

Period(for 24Q, 26Q, 27Q)

Due date of Filing form

Last date of payament of TDS

24Q

TDS Retrun from Salary

Q1(April to June)

31-Jul

7th of Next month except for March- 30 April

26Q

TDS Retrun for all payaments other than from Salary

Q2(July to Septeber)

31-Oct

27Q

TDS Return for payment made to Non Resident

Q3(October to December)

31-Jan

Q4(Jan to March)

31-May(30 June for 2019-20)

27EQ

Quarterly Return of TCS

Q1, Q2, Q3, Q4

15 July, 15 Oct, 15 Jan, 15 May

Penalty for delay in filing TDS Return:

According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.

Non-filing of TDS Return:

If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.

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TDS Return Filing