TDS return filing is mandatorily required every quarter by all persons and entities who have deducted tax at source
TDS Return Filing and TDS Due Date.
Payment can be made online on NSDL by selecting Challan 281 and making the payment using net banking. These TDS payments need to be made before filing the TDS return. E-payment is compulsory for all Corporate assesses & non-corporate assessees who are liable for audit u/s 44AB. Physical payment can be made using Challan 281 in authorised bank branch.
Due Dates for returns
Due dates of submission of quarterly TDS Return is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for last quarter
Types of TDS forms
Different types of TDS forms are as follows:
- 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
Delay in furnishing the e-TDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The penalty for non-filing of TDS return for more than one year from the specified date is a minimum Rs 10,000 to Rs 1 lakh.
Types of TDS certificates
Every person deducting tax as per provisions of section 203 is required to issue a certificate to the payee in respect of tax deducted by him along with certain other particulars. This certificate is called TDS Certificate. Even banks deducting TDS on pensions issue TDS certificates.
Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated. The certificate should be issued within 31st May of next financial year.
Non Salary Payments: Certificate is to be issued in Form 16A containing details of payment and tax deducted at source. The certificate should be issued within 15 days of due date of filing the return.
TCS: Certificate to be issued in Form 27D containing the Tax Collected & Paid details.
Failure to issue certificate will result in penalty of Rs. 100 for every day the failure continues but limited to the TDS amount.