Compliance with Tax Laws:
Transparency and Accountability:
Facilitation of Tax Credit:
Who Needs to File TDS Returns:
Types of TDS Forms:
Details Required:
Filing Frequency and Due Dates:
Penalties for Non-Compliance:
Correction and Revision:
Submission Process:
Collect Required Information:
Prepare the Return:
File the Return:
Generate TDS Certificates:
Respond to Notices:
By following the TDS return filing process meticulously, deductors can ensure compliance with tax laws, avoid penalties, and facilitate a smooth tax credit process for deductees.
Details of Deductors (Payers):
Details of Deductees (Recipients):
Nature and Rate of TDS:
Verification and Authentication:
Quarterly Breakup:
Rectification and Corrections:
Compliance with Legal Requirements:
Challan Identification Number (CIN):
Details of Deductors (Payers):
Details of Deductees (Recipients):
Nature of Payment:
Amount of Payment:
TDS Deducted:
Rate of TDS:
Form 24Q (Salary TDS) or Form 26Q (Non-Salary TDS):
What is a TDS Return?
Q: What is a TDS return? A: A TDS return is a quarterly statement submitted to the income tax department that details the TDS deducted and deposited by the deductor.
Who Needs to File TDS Returns?
Q: Who is required to file TDS returns? A: Employers, businesses, banks, and any individual or entity required to deduct TDS under the Income Tax Act must file TDS returns.
Types of TDS Forms
Q: What are the different types of TDS return forms? A: The different forms are: Form 24Q: For TDS on salaries. Form 26Q: For TDS on payments other than salaries. Form 27Q: For TDS on payments to non-residents. Form 27EQ: For TCS (Tax Collected at Source) returns.
. Due Dates for Filing TDS Returns
Q: What are the due dates for filing TDS returns? A: Q1 (April to June): 31st July Q2 (July to September): 31st October Q3 (October to December): 31st January Q4 (January to March): 31st May
Penalties for Late Filing
Q: What are the penalties for late filing of TDS returns? A: A late filing fee of ₹200 per day is applicable until the return is filed. Additionally, there may be a penalty ranging from ₹10,000 to ₹1,00,000 for incorrect returns.