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What is TDS Return Filing?

A tax deductor not only has to deposit the tax deducted but also file a return furnishing details of the same on a quarterly basis. This is called TDS return Filing. Once a TDS return has been filed by the deductor, the same will appear in Form 26AS of the deductee.

Eligibility

Any employer or organisation that avails a Tax Collection And Deduction Number (TAN) can file a TDS return. Any organisation with TAN making any of the following payments:

  • Salary
  • Income on Securities.
  • Income on winning lotteries, puzzles and others.
  • Income on winning horseraces
  • Insurance commissions
  • Payment for national savings schemes etc.

..needs to deduct tax on source and deposit the same.

Non-Applicability of TDS

You can avoid TDS by submitting Form 15G or 15H. Where, Form 15H is for senior citizens and they can submit if there is no tax liability on total income. Form 15G is for everyone, if the tax on total income is nil and total interest income is below than the basic exemption limit exception for NRIs.

Types of TDS Returns

Form 24Q - TDS Statement for Salaries

Form 26 Q - TDS for all payments to local entities other than salary payments

Form 27 Q - TDS on non-salary payments to entities outside India

Form 27 EQ - TCS Statement

Due Date for filing TDS Return

Quarter Period TDS Return Due Date
1st Quarter 1st April – 30th June 31st July 2018
2nd Quarter 1st July – 30th September 31st October 2018
3rd Quarter 1st October – 31st December 31st January 2019
4th Quarter 1st January – 31st March 31st May 2019

Interest on Late Payment of TDS

Under Section 201A, In case of Non-deduction of tax at source, either wholly or partially – Interest will be levied at 1% per month from the date on which tax deductible to the date on which it has to be deducted.

In case of after deduction of tax, non payment of tax either in whole or in part – Interest will be levied at 1.5% per month from the date of deduction to the date of payment.

Note: The interest on late payment should be paid before filing of TDS return.

For example, your TDS payable amount is Rs 7000 and the date of deduction is 09th January and you pay the TDS amount on 22th May. Then the interest shall be levied of Rs 7000 x 1.5% p.m. x 5 months = Rs 525.

Penalty for late filing of TDS return:

  • Penalty under Section 234E: Deductor will be liable to pay a fee of Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the TDS amount for which statement was required to be filed.
  • Penalty under Section 271H: Assessing officer (AO) may direct a person who fails to file the TDS statement within due date to pay penalty minimum of Rs.10,000 which may extend to Rs.1,00,000.
  • This Penalty under this section is in addition to the penalty u/s 234E.
  • This section will also cover the cases of incorrect filing of TDS return.

TDS Certificates

Form Certificate of Frequency Due date
Form 16 TDS on salary payment Yearly 31st May
Form 16 A TDS on non-salary payments Quarterly 15 days from due date of filing return
Form 16 B TDS on sale of property On Every transaction 15 days from due date of filing return
Form 16 C TDS on rent On Every transaction 15 days from due date of filing return

Documents Required for TDS Return Filing

  1. PAN Card Details of the deductor and deductee
  2. TAN Details of deductor
  3. Name of the entity
  4. Period for which returns are being filed
  5. Details from TDS Deposit Challans

FAQs

  1. What is TDS?
  2. What is TAN?
  3. How long does it take for TDS Return to appear in Form 26AS or Form 16A?

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What is TDS Return Filing?

A tax deductor not only has to deposit the tax deducted but also file a return furnishing details of the same on a quarterly basis. This is called TDS return Filing. Once a TDS return has been filed by the deductor, the same will appear in Form 26AS of the deductee.

Eligibility

Any employer or organisation that avails a Tax Collection And Deduction Number (TAN) can file a TDS return. Any organisation with TAN making any of the following payments:

  • Salary
  • Income on Securities.
  • Income on winning lotteries, puzzles and others.
  • Income on winning horseraces
  • Insurance commissions
  • Payment for national savings schemes etc.

..needs to deduct tax on source and deposit the same.

Non-Applicability of TDS

You can avoid TDS by submitting Form 15G or 15H. Where, Form 15H is for senior citizens and they can submit if there is no tax liability on total income. Form 15G is for everyone, if the tax on total income is nil and total interest income is below than the basic exemption limit exception for NRIs.

Types of TDS Returns

Form 24Q - TDS Statement for Salaries

Form 26 Q - TDS for all payments to local entities other than salary payments

Form 27 Q - TDS on non-salary payments to entities outside India

Form 27 EQ - TCS Statement

Due Date for filing TDS Return

Quarter Period TDS Return Due Date
1st Quarter 1st April – 30th June 31st July 2018
2nd Quarter 1st July – 30th September 31st October 2018
3rd Quarter 1st October – 31st December 31st January 2019
4th Quarter 1st January – 31st March 31st May 2019

Interest on Late Payment of TDS

Under Section 201A, In case of Non-deduction of tax at source, either wholly or partially – Interest will be levied at 1% per month from the date on which tax deductible to the date on which it has to be deducted.

In case of after deduction of tax, non payment of tax either in whole or in part – Interest will be levied at 1.5% per month from the date of deduction to the date of payment.

Note: The interest on late payment should be paid before filing of TDS return.

For example, your TDS payable amount is Rs 7000 and the date of deduction is 09th January and you pay the TDS amount on 22th May. Then the interest shall be levied of Rs 7000 x 1.5% p.m. x 5 months = Rs 525.

Penalty for late filing of TDS return:

  • Penalty under Section 234E: Deductor will be liable to pay a fee of Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the TDS amount for which statement was required to be filed.
  • Penalty under Section 271H: Assessing officer (AO) may direct a person who fails to file the TDS statement within due date to pay penalty minimum of Rs.10,000 which may extend to Rs.1,00,000.
  • This Penalty under this section is in addition to the penalty u/s 234E.
  • This section will also cover the cases of incorrect filing of TDS return.

TDS Certificates

Form Certificate of Frequency Due date
Form 16 TDS on salary payment Yearly 31st May
Form 16 A TDS on non-salary payments Quarterly 15 days from due date of filing return
Form 16 B TDS on sale of property On Every transaction 15 days from due date of filing return
Form 16 C TDS on rent On Every transaction 15 days from due date of filing return

Documents Required for TDS Return Filing

  1. PAN Card Details of the deductor and deductee
  2. TAN Details of deductor
  3. Name of the entity
  4. Period for which returns are being filed
  5. Details from TDS Deposit Challans

FAQs

  1. What is TDS?
  2. What is TAN?
  3. How long does it take for TDS Return to appear in Form 26AS or Form 16A?