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TDS/ TCS return filing

A person who has deducted Tax while making payment is liable to file the TDS within the specified due date. This is the statutory requirement under Income Tax Act and a person shall need to have Tax Deduction Account Number (TAN) in order to file the said TDS returns. There are 4 types of returns that need to be filed:

  1. Form 24Q- For TDS on account of Salary payment;
  2. Form 26Q- For TDS on account of other payments;
  3. Form 27Q- For TDS on payments made to NRIs and foreign nationals;
  4. Form 27EQ- For Tax Collection at Source (TCS)

Following are the due dates for filing of TDS/ TCS returns:        

Quarter

Due date for return filing

TDS

TCS

April – June

31st July

15th July

July – September

31st October

15th October

October – December

31st January

15th January

January – March

31st May

15th May

RETURN FILING









Current year
Previous year

Current year
Expected turnover




Process:



Collecting all the documents relevant for the preparation of return.


Review of the data and filling the details in the return.


Generation of form 27A and FVU file.


Getting the form 27A signed by the client and filing of the TDS/ TCS return.

Documents required:


  • TAN of the client;
  • Details of the TDS challans deposited;
  • PAN of the deductees;
  • Name of the parties along with payment made and Tax deducted;
  • Lower withholding certificate no. (in case of lower withholding).

FAQ’s


1. What is TDS?

– Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.

2. What is TAN?

– TAN stands for Tax Deduction Account Number. It is 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.

3. Who all are required to file the TDS/ TCS return?

– Any person, who has deducted and paid Tax shall be required to file the details of such deduction in the form of Returns.

4. Why PAN of deductees is required for filing of return?

– If PAN is not provided, Tax shall be deducted at the highest rate. Thus, in order to avoid future TDS liability and interest thereon, correct PAN of the deductees shall be filled at the time of filing of return.

5. What are the rates for deduction of TDS?

Section Heading Limit Rate of TDS
192 Salary Minimum slab rate in case of individuals

Applicable slab rates

193 Interest on securities Rs. 10,000

10%

194 Dividend other than the dividend as referred to in Section 115O Rs. 2,500

10%

194A Interest other than “Interest on securities” Rs. 5,000

10%

194B Winnings from Horse Race Rs. 10,000

30%

194C Payment to contractors Single Payment- Rs. 30,000,
Aggregate annual payment- Rs. 1,00,000

Individual and HUF- 1%
Others- 2%

194D Insurance Commission Rs. 20,000

Individual and HUF- 1%
Others- 2%

194DA Life insurance Policy Rs. 1,00,000

5%

194H Payment of Commission Rs. 5,000

5%

194I Rent Rs. 1,80,000

Plant and Machinery- 2%
Building- 10%

194IA Payment on transfer of certain immovable property other than agriculture land Rs. 50,00,000

1%

194IB Rent payable by an individual or HUF not covered u/s. 194I (W.E.F. from 01.06.2017) Rs. 50,000 per month (applicable even if not liable to tax audit)

5%

194IC Payment of Consideration (not being in kind) under Joint Development Agreement or other similar agreement Nil

10%

194J Any sum paid by way of
a) Fee for professional services,
b) Fee for technical services
c) Royalty,
d) Remuneration/fee/commission to a director or
e) For not carrying out any activity in relation to any business
f) For not sharing any know-how, patent, copyright etc
Rs. 30,000

10%
For payment to call centre- 2%

 

6. What is the due date for deposit of TDS?

Period Due date
For all the months except March 7th of the Succeeding month
For the month of March 30th April

 

7. Whether any interest or penalties are levied on late deposit of TDS and late filing of TDS returns?

Particulars Interest/ late fee
TDS not collected 1% p.m from the due date of deduction of Tax
TDS collected not deposited 1.50% p.m from the date of deduction of Tax
Late filing of TDS return Rs. 300 per day, (Maximum- upto the TDS amount

 

8. Can TDS returns be revised?

– Yes, a TDS return can be revised.

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