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TDS Return

Legal Features

TDS Return Filing

TDS stands for Tax Deducted at Source, it’s a kind of an advance tax which is deducted from the income of an individual or a business prior to the disbursement of money into that the bank account.

The government produces the revenues by executing the provisions of TDS on the earnings of individuals and the businesses too.

Rules and regulations in connection with the TDS are managed and regulated under the Income Tax Act, 1961 by the Central Board of Direct Taxes (CBDT).

As the term states itself, ‘Tax Deducted at Source’ refers that the payee or the employer deducts the tax prior to making a payment to the recipient.

This is applied to the income earned on a constant basis and also on the income earned once in a while or irregularly. Therefore, TDS is applied to several incomes such as salaries, interest, commission, dividends etc.

TDS Return

A TDS Return is an outline of all the transactions in relation to TDS made throughout a quarter. The return is a quarterly statement proposed by the deductor to the Income Tax Department.

The statement demonstrates an outline of all the entries for TDS gathered by the deductor and the TDS paid by the deductor to the Income Tax Department.

Filing the returns of Tax Deducted at Source (TDS) is compulsory for all those who have deducted TDS.

TDS return is to be submitted on a quarterly basis and many information are required to be put such as TAN, the amount of TDS deducted, sort of payment, PAN of deductee, etc. Also, distinct forms are specified for filing the returns in response to the purpose of the deduction of TDS.

Final Dates for Filing Your TDS Returns

Quarter

Quarter Period

Due Date of Filling TDS Return

1

April-June

March 31 (Next year)

2

July-September

March 31 (Next year)

3

October-December

January 15 (Next year)

4

January-March

May 15 (Next year)

*The due date keeps on changing for every quarter.

Sorts of TDS Returns

The deductor is accountable for deducting the TDS from the deductee’s income and to file the TDS Return form for it. There are 4 sorts of TDS Return forms available which is filed according to deductions, on the basis of the income nature and the type of deductee in favour of whom TDS is paid.

TDS Forms

Details

24Q

Statement of TDS from salaries

26Q

Statement of TDS from all payments besides salaries.

27Q

Statement of TDS from additional income such as interest, commission, dividends or any amount payable to foreigners.

27EQ

State of TCS (Tax Collected at Source)

With effect from April 1, 2017, the new law of TDS states that a maximum penalty of Rs. 10,000 is charged on an individual if he/she files his/her TDS Return late. Furthermore, if you wish to get your TDS return filed by a proficient, without any doubt, get connected with us at Careful Counting and we’ll get in touch with you on priority basis to assist you beyond the best for TDS filing in Delhi.

Minimum Requirements

  • House property
  • Copy of old ITR which is Earlier Filed
  • Income Statement
  • Balance sheet
  • TDS Certificate
  • TDS Return (all Quarters)
  • Audited Balance Sheet with all schedules

Basic Documents

Books of Accounts

  • PAN card/Pan Number
  • Tax payment challans (Self-assessment, advance tax, if you have deposited the same
  • TDS Deduction Sheet with all deductee details as like PAN, Name, Date of Payment, Amount Credited, etc.
  • All Bank account information

Other Documents

  • For TDS deducted in Apri to February: 7the Day of Next Month of deduction of month
  • For TDS deducted in March: 30th April

Notes


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