TDS Return Filing

TDS (Tax Deducted at Source) return filing is a process where entities deduct tax at the source from certain payments such as salaries, rent, interest, etc., and deposit it with the government.

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Process of TDS Return Filing

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Online Filing on TRACES Portal

Verification and Submission

Overview of TDS Return Filing

In India, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are pivotal methods of tax collection. Under TDS, the deductor withholds a portion of payment made to the payee for specific transactions and remits it to the government. This deduction occurs at the time of payment. Conversely, TCS involves the collector collecting tax from the seller of specified goods or services during the sale transaction, also remitting it to the government. Both mechanisms ensure revenue generation for the government while distributing the responsibility of tax collection across various economic activities. TDS primarily operates to ensure tax compliance among taxpayers, while TCS targets specific sectors or transactions, enhancing tax enforcement and widening the tax base. These methods play a significant role in bolstering tax revenue and maintaining fiscal discipline in the Indian economy.

Types of TDS Return Forms

Form 24Q is utilized by taxpayers to furnish comprehensive details of Tax Deducted at Source Returns pertaining to citizens. This form encompasses specifics concerning an employee’s remuneration and corresponding tax deductions.

Form 26Q is employed for deducting TDS on all payments received, excluding salaries. It mandates quarterly submission by the deductor.

Form 27Q is designated for Non-Resident Indians (NRIs) and foreigners to elaborate on their Tax Deducted at Source Returns. It focuses on non-salary payments made by NRIs and foreigners.

Form 27EQ encapsulates data regarding tax collected at the source at the conclusion of each quarter.

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Documents Required for

Mandatory Norms of TDS Return Filing

Quarterly returns: Due date of quarterly filing of TDS return are as follows (Due Dates for all quarters extended till 31.03.2021)

– April-June – 31st July

– July-September – 31st October

– October-December – 31st January

– January-March – 31st May

Return forms: Form 26Q is return form which is filled in to provide details of Non-Salary TDS. Form 24Q is return form, used to provide details of Salary TDS, while Form 27Q is used for details of Non-resident payments.

Late filing: Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.

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Frequently Asked Questions

What is TAN?
TAN stands for Tax Deduction and Collection Account Number. It is a unique 10-digit alphanumeric number that is required for all persons who are responsible for deducting or collecting tax at source (TDS/TCS). TAN is issued by the Income Tax Department of India.
What is TDS return filing?
TDS return filing is the process of submitting a statement to the Income Tax Department detailing the tax deducted at source (TDS) from various payments made during a specified period. These returns are typically filed quarterly or annually, depending on the type of payment and the deductor’s obligations.
What are the penalties for late TCS return filing?
The penalties for late TCS return filing are as follows:
  • Late filing fee: A late filing fee of ₹200 per day of delay is levied, subject to a maximum of the amount of tax collected at source (TCS).
  • Interest on delayed payment: Interest is charged at the rate of 1% per month on the outstanding TCS amount for each month of delay.
What is the concept of TDS?
Tax Deducted at Source (TDS) is a mechanism by which tax is deducted directly from the payer’s income at the source rather than waiting for the taxpayer to file their tax return. TDS is typically deducted from various types of income, such as salary, interest payments, and rent payments.

It is similar to a PAN Card number.DIN is to be mentioned in documents while appointing a person as a director of a company.

Duration required for TDS refund?
The duration required for a TDS refund depends on various factors, such as the accuracy of the return filed, the timeliness of e-verification, and the complexity of the refund assessment. However, in general, TDS refunds are processed within 3 to 6 months of filing the return.