TDS Return Filing

What is TDS???

  • TDS (Tax Deducted at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income. Tax is deducted monthly by the payer and is remitted to the government by him on behalf of the payee on 7th day of the following month.
  • A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.

Who is required to deduct TDS

Following deductors are required to compulsorily e-file their TDS Return:

  • All Government Offices
  • All companies
  • By Individuals and HUF whose accounts are required to be audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than Rs 2 crore and incase of profession more than Rs 50 lacs
  • Any other deductor, where the number of deductees records in a return for any quarter of the financial year are 20 or more.

Application for TAN

TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc.

If a person fails to apply for TAN he may be penalised up to Rs. 10,000/-.

Types of TDS Forms

TDS Return Nature of Payment
Form 24Q TDS deducted on Salary Payments
Form 26Q TDS deducted on Payments Other than Salary
Form 27Q TDS deducted on NRI Payments other than Salary
Form 27EQ TCS on Income

TDS Return Filing Due Dates

TDS/TCS Return needs to be filed on quarterly basis. Following are the due dates for the same:

Quarter Quarter Period Due Date
Q1 April – June 31st July
Q2 July – September 31st October
Q3 October – December 31st January
Q4 January – March 31st May

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