Online TDS Return Filing
TDS Returns are filed by every person or business entity who deducts TDS (Tax Deducted at Source) from the income or payment of a person or business entity before actually paying the same.
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Online TDS Return Filing
TDS also known as Tax Deducted at Source is a tax which is deducted by a person or business entity 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. The person whose TDS has been deducted (Deductee) can get refund of TDS if his tax payment liability is less than TDS amount deducted. The concept of TDS was introduced with an objective to collect tax from the very source of income.
As per Income Tax laws, any persons who have deducted TDS or is liable to deduct TDS has to compulsorily file TDS return providing information about the amount of TDS deducted, TDS Challan details, PAN of person/entity whose TDS has been deducted etc. TDS Deductor in addition to periodical return filing is also required to deposit the amount of TDS deducted every month to Government. TDS Returns should be generally filed under the guidance of a professional who shall have good understanding of the Income tax laws and other provisions to avoid penalties and fines.
Different Types of TDS Return Forms
|TDS Form Number||Particulars of Transactions||Purpose of Return|
|Form 24Q||Return for TDS on salary||Within a period of 1 month from the end of Each Quarter|
|Form 26Q||Return for TDS on all payments other than salaries||Within a period of 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 on sale of property||30 days from the end of the month in which TDS is deducted|
|Form 26QC||TDS on rent of property u/s 194IB||30 days from the end of the month in which TDS is deducted|
|Form 26QD||TDS on 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 7th day of next month to the Government by way of TDS Challan
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Procedure of Online TDS Return Filing
Documents Required for Online TDS Return Filing
Consequences of Non-Filing of TDS Return
- Late Filing Fee under Section 234E
If a 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 amount of late fees shall not exceed the amount of TDS, and it should be deposited before filing the TDS return.
- Penalty under Section 271H
If a person fails to file TDS/TCS return within the prescribed due date, then the assessing officer may direct such person to pay a penalty under section 271H. 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.
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