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TDS/ TCS return filing
A person who has deducted TDS 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:
- Form 24Q- For TDS deducted on account of Salary payment;
- Form 26Q- For TDS deducted on account of other payments;
- Form 27Q- For TDS deducted on payments made to NRI’s and foreign nationals;
- 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 |
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 TDS 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 gas deducted and paid TDS 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, TDS 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% |
| 194D | Insurance Commission | Rs. 20,000 |
Individual and HUF- 1% |
| 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% |
| 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% |
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 | 30the 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 TDS |
| TDS collected not deposited | 1.50% p.m from the date of deduction of TDS |
| 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.