TDS Return Filing

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TDS Return Filing

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Overview - Tax Deducted at Source (TDS)

Regardless of its size or scale, every firm, whether a startup or an established corporation, will incur some expenses or make payments to its stakeholders. As a result, TDS provisions apply to enterprises of all types and sizes. It applies in the same or similar ways to a sole trader, partnership, limited liability company, or corporation registered under the Companies Act of 2013.

In the hands of the recipient, a person’s payment of an expense represents income. As a result, the payor is obligated to deduct the tax at the applicable rate when making payment to the party. The provision of TDS does not apply to minor payments unless they exceed a set threshold level. It is important to note that the TDS is only applied to the specified payment once it reaches the threshold limit. The most typical types of expenses that are subject to TDS are listed below.

Types of TDS
Form 24Q

This form must be completed in order to claim a tax deduction for the payment of an employee’s salary. All employers in India are required to file this return.

Form 26Q

This form is used to report tax deductions on transactions other than salary payments, such as rent, professional fees, interests, dividends, payments to contractors, and so on.

Form 26QB

The objective of this form is to file TDS Returns in India in relation to a deduction on income from the sale of immovable property.

Form 27Q

The goal of filing this sort of report is to provide information about the transactions conducted in connection with foreign payments.

Form 27EQ

TCS Returns are filed in relation to tax collection at source on transactions such as liquor sales, tendu leaf sales, scrap sales, wood sales, and so on.

Form 27D

This form is used to receive a certificate of Tax Collected at Source, also known as TCS. The return made in Form 27EQ is validated by this TCS certificate.

Advantages of payment of TDS

TDS is charged on earnings, thus it’s vital to remember that the obligation to pay TDS only applies if earnings are really made. Before making payments, TDS is deducted. Payments paid by cash, check, or credit card are subject to deductions. TDS money is then deposited with various government entities. The following are some of the benefits of paying TDS:

Key Points of TDS Deduction & Payment
Interest on non payment of TDS

Once a supplier of goods or services has gained GST registration, he can claim the GST paid to a previous supplier for business activities as credit. The lower cost of inputs reduces the cost of supplies. The ITC can be passed on to consumers by a registered GST supplier.

The Consequence of non-compliance

Non-compliance with TDS requirements is a serious offence punishable under section 271 (C) of the Income Tax Act 1961, with a minimum penalty of 10,000 rupees and a maximum penalty of Rs. 1,00,000 rupees. In addition, section 276B applies to all cases in which a willful default is established; in all of these cases, the penalty is three years of harsh imprisonment, with a maximum sentence of seven years.

Filling TDS Returns

The taxpayer is required to file a quarterly return after paying TDS to the income tax, where the TDS deposited is mapped against the PAN of the individual from whom TDS was deducted. The TDS Return is due by the 30th of the month following the end of the quarter. The first quarter, for example, concludes on June 30th, so the TDS Return must be submitted by July 30th.

Interest on non payment of TDS

Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance are simplified under the GST regime. It is also proposed to simplify the compliance through single return filing from multiple filings.

Interest on non Deduction of TDS

Once a supplier of goods or services has gained GST registration, he can claim the GST paid to a previous supplier for business activities as credit. The lower cost of inputs reduces the cost of supplies. The ITC can be passed on to consumers by a registered GST supplier.

Other Consequences Default on TDS

When calculating total taxable income, the expenses on which TDS was needed to be deducted are disregarded as an expense under section 40(a). Let’s look at an example of a firm where the income is ten thousand dollars and the expense is ten thousand dollars. In this case, there will be no income tax. However, if the TDS is not deducted, the tax will be three thousand dollars (30 percent of 10 lac)

Documents / Information Required
Details of deductee
Steps & Procedures

Complete Roadmap of Process of TDS Return Filing service


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Frequently Asked Question

What is the objective of TDS return Filling ?

The main purpose of the filing of TDS return is to reconcile or balance the amount paid in the form of income tax as per the details in the Income Tax Returns.

What if TDS Return not filed timely ?

If an individual is supposed to file the  TDS return but failed to do so on time, then the assessing officer may cancel all his expenditure, including the salary payments, on which the TDS was to be deducted.

What is the penalty of Non-filling of TDS return ?

The penalty for late filing of TDS return is INR 200 per day. 

Is there any additional penalty o non-filling of TDS return?

Yes. apart from the basic penalty of INR 200 per day, there is an additional penalty for non-filing of TDS return within one year from the particular date, which can vary from INR 10,000 to 1 lakh.

What is TDS Deducted ?

TDS needs to be deducted while the amount of expenses is to be credited or paid to the payee, whatsoever is earlier.

What are the Due dates of TDS return filling?

The due dates for Form 24Q, 26Q and 27Q is the Last date of the neaxt month after every quarter end.

However, the due date for Form 27EQ (for TCS) is 15th the next month after every quarter end.

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