When does the TDS provision apply for renting of property?

Tenant of a property making monthly rent payment exceeding Rs. 240,000/- in a financial year is required to deduct tax at the applicable rate from the rent payable to the landlord.

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TDS Return Filing

TDS, also known as Tax Deducted at Source, is a tax that a person or business entity deducts at the time of making specified payments such as salary, commission, interest, professional fees, rent, etc. Here, the person or business entity who deducts the TDS has to deposit the TDS amount with the Government.

In addition, the person from whom TDS has been deducted (Deductee) can obtain a refund if their tax payment liability is less than the deducted TDS amount. The concept of TDS was introduced to collect tax from the very source of income.

As per Income Tax laws, any person who has deducted TDS or is liable to deduct TDS has to compulsorily file a TDS return providing information about the amount of TDS deducted, TDS Challan details, PAN of person/entity whose TDS has been deducted, etc.

In addition to periodical return filing, the TDS Deductor is also responsible for depositing the amount of TDS deducted every month to the Government. Moreover, TDS Returns should be generally filed under the guidance of a professional who shall have a good understanding of the Income tax laws and other provisions to avoid penalties and fines.

Different Types of TDS Return Forms

TDS Form Number	Purpose of Return	Due Date for Filing Return
Form 24Q	Return for TDS on salary	Within a period of 1 month from the end of Each Quarter
Form 26Q	TDS Return for all payments other than salaries	Within 1 month from the end of each Quarter
Form 27Q	Return for TDS while making payments (other than salary) to non-residents.	Within a period of one month from the end of each Quarter
Form 26QB	TDS Returns for sale of property	30 days from the end of the month in which TDS is deducted
Form 26QC	Return for TDS on rent of property u/s 194IB	Thirty days from the end of the month in which TDS is deducted
Form 26QD	TDS Return for Payment to Resident Contractors and Professionals	30 days from the end of the month in which TDS is deducted

*The above dates are for filing TDS return filing, however, the amount of TDS Deducted shall be deposited by the 7^th day of next month to the Government by way of TDS Challan

What are the benefits of Online TDS Return Filing?

Reduces evasion of taxes
A business entity collects the TDS amount and deposits it to the Government along with the details of the deductee whose tax is deducted. This mechanism helps in reducing tax evasion and increasing the tax collection base for the Government.
Revenue stream for the Government
The responsibility of deducting TDS and paying the same to the government is on the tax deductor i.e., the person making the payment such as Business Entity, Company, Employer, etc. As tax deduction and collection happens throughout the year it ensures a continuing flow of revenue to the Government.
Convenient for Taxpayers
The business entity deposits the TDS amount to the Government periodically throughout the year. It provides convenience to the taxpayer by reducing the burden of lump sum payment at the time of return filing.

What does our Online TDS Return Filing Package Includes?

Consultation on TDS Return Filing process
Calculation of TDS amount
Filing of TDS Returns
Payment of Challan (Challan No. 281) on behalf of Applicant
Acknowledgment of Return Filed
Timely reminder for TDS returns and payment every month/quarter

TDS Return Filing Process

Collection of required information and documents
In the very first step, the applicant has to send us the required documents and details of transactions as per the checklist. Then, we will verify the documents provided and proceed towards the next step.
Payment of TDS Challan
Once we receive and verify the transactions and documents, we shall then calculate the TDS amount liability, generate the TDS Challan and make payment on behalf of applicant.
Filing of Return
We shall file then prepare the data and file a TDS return on behalf of the applicant on the Income Tax portal. Then, an acknowledgment will be generated and sent to the email address of the applicant.

Documents Required for Online TDS Return Filing

PAN card of the TDS Deductor and Deductee
TAN of TDS Deductor
Details of TDS Payment Challan
Bank account statements
Digital Signature or EVC of the Applicant
Any other information or documents as may be required

Consequences of Non-Filing of TDS Return

Late Filing Fee under Section 234E

If person fails to file the TDS/TCS return within the due date, then he shall be liable to pay Rs. 200 for every day during which the failure continues under Section 234E. The late fees amount should not exceed the TDS amount, and one should deposit it before filing the TDS return.

Penalty under Section 271H

If a person fails to file a TDS/TCS return within the prescribed due date, then the assessing officer may direct such person to pay a penalty under section 271H. The minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000.

Interest on TDS Amount

If a tax Deductor fails to deduct TDS or after the deducting the same fails to deposit it to the Government then he shall be liable to pay simple interest under Section 201(1A) at the rate of 1% or 5% for every month for such default (as per applicability)

Disallowance of Expenditure

As per section 40(a)(i) of the Income-tax Act, any sum payable outside India or to a non-resident (other than salary) on which there is a liability to pay tax in India by the recipient, then it shall not be allowed to be deducted as expenditure if it is paid without deduction of TDS or if TDS is deducted but is not deposited with the Government till the due date of filing of return.

FAQ

What is tax deducted at source (TDS)?Chandan Todi2021-10-19T13:27:31+05:30

What is tax deducted at source (TDS)?

Tax Deducted at Source (commonly known as TDS) is a system under which a tax is deducted at the origin of the income. It is deducted by the payer and remitted to the Government by the payer on behalf of the payee. TDS is applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc.

Who is required to file TDS returns?Chandan Todi2021-10-19T13:27:02+05:30

Who is required to file TDS returns?

Any person or business entity who is making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment and file the return of TDS after such deduction intimating the transaction nature, purpose, and amount of TDS deducted along with the PAN of the deductee.

My business entity is not liable to deduct TDS under Income Tax Act, am I required to file TDS Nil returns?Chandan Todi2021-10-19T13:26:44+05:30

My business entity is not liable to deduct TDS under Income Tax Act, am I required to file TDS Nil returns?

No, a business entity is not required to file TDS Returns if he is not liable or required to deduct any TDS amount.

What is the due date for depositing the TDS amount to the government by the Deductor?Chandan Todi2021-10-19T13:26:20+05:30

What is the due date for depositing the TDS amount to the government by the Deductor?

Tax Deducted at Source (TDS) must be deposited to the government within 7^th day of the subsequent (next) month. For example, TDS amount deducted in the month of September shall be deposited with the Government by 7^th of October of that financial year. However, for certain transaction, the due date may vary.

Is PAN of deductee mandatory for filing TDS return?Chandan Todi2021-10-19T13:24:36+05:30

Is PAN of deductee mandatory for filing TDS return?

Yes, a PAN card of deductee is required for TDS return purposes. However, in a case where the deductee don’t have PAN, then the payer is required to follow the provisions of Section 206AA and deduct tax at a higher rate.

I have not received TDS certificate from the Deductor. Can I claim TDS in my income tax return (ITR)?Chandan Todi2021-10-19T13:24:14+05:30

I have not received TDS certificate from the Deductor. Can I claim TDS in my income tax return (ITR)?

Yes, the TDS amount deducted may be reflected in your Form 26AS and thereafter you can claim the credit of tax accordingly. However, the claim of TDS to be made should be strictly as per the TDS being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS, then you should intimate the same to the Deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS only.

What to do if the TDS credit is not reflected in Form 26AS?Chandan Todi2021-10-19T13:23:51+05:30

What to do if the TDS credit is not reflected in Form 26AS?

Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS and the taxpayer cannot claim refund of such TDS.

My salary is less than the tax exemption limit, will my employer deduct TDS on my monthly salary?Chandan Todi2021-10-19T13:21:51+05:30

My salary is less than the tax exemption limit, will my employer deduct TDS on my monthly salary?

No, if your salary is less than the tax exemption limit, then the employer is not required to deduct TDS on your monthly salary.

How can I get a refund of my Tax Deducted at Source (TDS)?Chandan Todi2021-10-19T13:20:52+05:30

How can I get a refund of my Tax Deducted at Source (TDS)?

As per Income Tax law, a person is eligible to receive TDS paid if he/she has paid excess tax to the government than his/her actual tax liability. ITR must be filed by such a person in order to claim the income tax refund for that financial year.

If the payer does not deduct tax at source, will the payee face any consequences by the Income-tax Department?Chandan Todi2021-10-19T13:20:33+05:30

If the payer does not deduct tax at source, will the payee face any consequences by the Income-tax Department?

It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences.

Is TAN of tax Deductor/Payer mandatory for filing TDS return?Chandan Todi2021-10-19T13:20:08+05:30

Is TAN of tax Deductor/Payer mandatory for filing TDS return?

TAN of tax Deductor / payer is required to file TDS returns and forms. However, in case of few specified transactions such as TDS on rent or TDS on sale of house property, PAN can be used in place of TAN.

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