TDS Return Filings
The person who deducts TDS is liable to furnish TDS Return. It is mandatory to file TDS Return within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TDS Return. The following persons are required to file TDS return quarterly, if they have deducted any TDS regarding any payment.
- Persons whose accounts Audited (See limit for Audit of Accounts)
- Govt. Officers
FAQ on TDS Returns:
What is TDS Return?
TDS Return/statement is a summary of all the transactions related to TDS made during a Quarter. The quarterly statements may be furnished in any of the following manner;
- furnishing the statement in paper form;
- furnishing the statement in electronically (Digital Signature)
- furnishing the statement (form 27A)
What are the due dates to file TDS Returns?
Period Due Date for TDS Return Quarter ending 30th June 31st July Quarter ending 30th September 31st October Quarter ending 31st December 31st January Quarter ending 31st March 31st May
What are the forms used for filing TDS Returns?
Form No. Particulars Periodicity 24Q TDS from ‘Salaries’ Quarterly 26Q TDS in respect of all payments other than ‘Salaries’ Quarterly 27Q TDS from interest, dividend or any other sum payable to non-residents Quarterly
What is Form No. 27A?
- Form No. 27A is a control chart of quarterly e-TDS statements to be filed in paper form by deductors/collectors along with quarterly statements. It is a summary of e-TDS returns which contains control totals of ‘amount paid’ and ‘income tax deducted at source’. The control totals of ‘amount paid’ and ‘income tax deducted at source’ mentioned on Form No. 27A should match with the corresponding control totals in e-TDS return. A separate Form No. 27A is to be filed for each e-TDS return.
What is the Penalty for late filling of TDS Return?
- Delay in furnishing the TDS statement will result in a mandatory fees of 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 10,000/- to 1,00,000/-.