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TDS (Tax Deducted at Source) Return Details in India
TDS is a mechanism where tax is deducted at the source of income and remitted to the government. TDS returns involve reporting these deductions to the Income Tax Department of India. Here's a detailed overview:
Who Needs to File TDS Returns?
- Employers and organizations deducting TDS on salaries.
- Entities deducting tax on payments such as:
- Rent
- Professional fees
- Commission
- Interest
- Contract payments, etc.
- Individuals or HUFs (Hindu Undivided Families) liable for TDS deduction under specific circumstances.
TDS Return Types and Forms
- Form 24Q - TDS on salaries.
- Form 26Q - TDS on payments other than salaries.
- Form 27Q - TDS on payments made to non-residents.
- Form 27EQ - TCS (Tax Collected at Source) details.
Due Dates for TDS Return Filing
| Quarter | Period Covered | Due Date |
|---|---|---|
| Quarter 1 (Q1) | April - June | 31st July |
| Quarter 2 (Q2) | July - September | 31st October |
| Quarter 3 (Q3) | October - December | 31st January |
| Quarter 4 (Q4) | January - March | 31st May |
Key Details Required for Filing
- TAN (Tax Deduction and Collection Account Number)
- PAN details of deductees
- Details of tax deducted and deposited
- Challan details (payment of TDS)
Penalty for Late Filing
- Fee under Section 234E:
- ₹200 per day until the return is filed (up to the amount of TDS).
- Penalty under Section 271H:
- ₹10,000 to ₹1,00,000 for failure to file or incorrect filing (excluding genuine errors).
Benefits of Filing TDS Returns
- Ensures compliance with tax laws.
- Avoids penalties and legal complications.
- Facilitates easy issuance of TDS certificates (Form 16/16A) to deductees.