Filing of TDS Returns
Introduction
Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier or at the time of payment.
The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.
Due Dates for Payment of TDS
| Particulars | Amount paid/credited | Due date of TDS deposit |
|---|---|---|
| Government Office | Without Challan | Same Day |
| With Challan | 7th of next month | |
| On perquisites opt to be deposited by employe | 7th of next month | |
| Others | In month of March | 30th April |
| In other months | 7th of next month |
TDS Return
Apart from depositing the tax, the deductor should also file a TDS return.
TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:
- PAN of the deductor and the deductee
- Amount of tax paid to the government
- TDS challan information
- Other details if any
TDS Return Filing
Due dates of TDS Return:
| Quarter | Quarter Period | TDS Return Due Date |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st August 2018 |
| 2nd Quarter | 1st July to 30th September | 31st October 2018 |
| 3rd Quarter | 1st October to 31st December | 31st January 2019 |
| 4th Quarter | 1st January to 31st March | 31st May 2019 |
TDS Return Forms
| Type of TDS Return Form | Particulars of the TDS Return Form |
|---|---|
| Form 24Q | Statement for tax deducted at source from salaries |
| Form 26Q | Statement for tax deducted at source on all payments other than salaries. |
| Form 27Q | Statement for tax deduction on income received from interest, dividends, or any other sum payable to non-residents. |
| Form 27EQ | Statement of collection of tax at source. |
| Form 27D | Tax Collection Certificate in respect of deductees, reported in Form 27EQ Statements |
Penalty for delay in filing TDS Return
According to Section234E, if an assesses fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assesses until the time the default continues. However, the total penalty should not exceed the TDS amount.
Non-filing of TDS Return
If an assesses 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.
Online Filing Procedure for TDS Return
- First of all choose relevant Form applicable in your case (E.g. Form 24Q, Form 26Q, Form 27Q, etc.)
- You must hold a valid TAN and it should be registered for e-filing
- Your TDS statements should be prepared using Return Preparation Utility (RPU) and validated using File Validation Utility (FVU)
- If you want to file return in physical form, then each e-TDS return saved in a CD/Pen Drive has to be submitted along with a signed copy of Form 27A to TIN-Facilitation Centers (TIN-FC) established by NSDL
- You should have a valid DSC registered for e-filing if you wish to upload using DSC
Revised TDS Return
After submitting the return, if any error is detected, such as incorrect challan details or PAN not provided or incorrect PAN provided, the tax amount credited with the government will not reflect in the Form16/ Form 16A/ Form 26AS.
To facilitate conformity and make sure that the tax amount is properly credited and reflected in the Form 16/Form 16A/ Form 26AS, a revised TDS return has to be filed.
The procedure to file TDS revised return
- Request for conso file from Traces Portal.
- Download the conso file & open in utility
- Update the correction in utility.
- Upload on E-filing portal or at TIN-FC (TIN FACILITATION CENTER).