Tax deduction at source is a way of collecting tax on income, dividends or asset sale, before filling of income tax return by requiring the payer to deduct tax liable and the income of payee before paying the amount to the payee. In India, under the Indian Income Tax Act of 1961, income tax must be deducted at source according to the provisions of the Income Tax Act, 1961.
Legal Window will help you to file your TDS return on time so that your employee and for the persons whom TDS have been deducted can take the proper input in their form 26AS. You may get in touch with our team on 072407-51000 or email firstname.lastname@example.org for TDS Working.
1. Complete the Questionnaire
We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of TDS Returns.
2. Review of the documents
All the documents provided to us and the questionnaire will help us to process further for preparation of return.
3. Filing of TDS Return
We will file further send you the provisional return for your verification and will file your TDS return before the due date and protect you from any penalty after its duly confirmed and validated from your side.
We will further inform you after filling your TDS Return and also provide you the acknowledgment.
Due Date for filing TDS Return
|Tax period||Due date|
|1 April to 30 June||31 July|
|1 July to 30 September||31 October|
|1 October to 31 December||31 January|
|1 January to 31 March||31 May|
Due Date of Payment of TDS
Due Date for payment of tax is 7th of next month For example: Tax for the month of April is 7th may
Late filing fees/ Penalty
As per section 234E Penalty for non-filling of TDS Return is Rs 200 per day from the due date until the return is filed. Penalty levied on daily basis and maximum penalty is up to the TDS amount that you are supposed to pay as a TDS.
Non filling of Return
If assessee does not files TDS return under 1 year after the due date applicable or furnish incorrect information then he shall be liable for penalty which shall not be less than Rs. 10000 but extend to Rs. 1,00,000.
- Form 24Q: Quarterly statement for tax deducted at source from “Salaries”
- Form 26Q: Quarterly statement of tax deducted at source in respect of all payments other than “Salaries”
- Form 27Q: Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents
- Form 27EQ: Quarterly statement of collection of tax at source
TDS CertificateTDS certificates have to be issued by the person deducting TDS to the assessee from whose income TDS has been deducted while making the payment to payee.
|Particulars||Form No.||Frequency of Certificate|
|TDS certificate in respect of tax deducted on salary||Form No. 16||Annually|
|TDS certificate in respect of tax deducted on payments other than salary||Form No. 16A||Quarterly|
|TCS certificate||Form No. 27D||Quarterly|
FAQs on TDS Return
TDS return can be filed by employers or organizations who deduct the tax and have a valid Tax Collection and Deduction Account Number (TAN).
If the TDS of payee is deducted but it does not reflect in your Form 26AS, you may not be able to claim the tax credit. That means, TDS is deducted from your income, but the deductor has not deposited it with the government. Therefore, the tax credit is not reflected in your Form 26AS.
Yes, TDS payment should be done on or before 7th of next month.
If employer fails to issue form 16 it possibly have to pay penalty of Rs 100 per day until the certificate is issued.
As per the Income Tax Act, There is no time limit prescribed for revision of TDS return, means you can revise TDS return any time. However, it could have an impact on credit already claimed on the basis of previous filed returns
Every person Deducting Tax at Source (TDS) is required to issue a certificate to the payee (a person to whom money is paid or is to be paid) to the effect that tax has been deducted along with certain other particulars. This certificate is called TDS certificate.
Yes for TDS filling PAN is required from deductee. But if deductee does not have PAN card then the transaction liable for TDS should taxed at higher rate of 20%.
Non-payment or late payment of TDS will attract interest of 1.5% p.m until the tax has not been deposited.
Yes, if you furnish wrong or incorrect details under TDS return than you can ratify it by filling revise TDS return.
No, you can’t take TDS refund without filling TDS return.