TDS Returns

Tax Deducted at Source or TDS is a kind of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that person’s account. As the name indicates, “Tax Deducted at Source” implies that the payee or the employer deducts the tax before making a paying the receiver. TDS is applicable on income earned regularly and also on the income earned on various factors whether occasionally or irregularly. Therefore, TDS is applicable on various incomes but it is not limited to Salary, Commission, Rent, Professional Fees and Interest.

Payment of TDS has various benefits like:

  • Deducting TDS at source helps to prevent tax evasion
  • Tax is collected on time, following the rules and regulations
  • A large ratio of people falls under the tax net
  • Collection of TDS is a steady and important source of revenue for the government

Due Dates for filing TDS Returns

Quarter Quarter Period Last Date of Filing TDS Returns
1st Quarter From 1st April to 30th June 31st July
2nd Quarter From 1st July to 30th September 31st October
3rd Quarter From 1st October to 31st December 31st January
4th Quarter From 1st January to 31st March 31st May

Late Filing of TDS Returns

According to the new rules, effective from April 1,a person is liable to pay a maximum penalty of Rs. 10,000 for late filing of the TDS Return. The filing of Form 26Q has been extended to 31st August, from 31st July,. Details of penalties for late filing of Form 26Q is mentioned in the table below:

E-Filing Date Total Income below Rs. 5,00,000 Total Income above Rs. 5,00,000
Upto 31st Aug Rs. 0 Rs. 0
Between 1st Sept and 31st Dec Rs. 1000 Rs. 5000
Between 1st Jan and 31st March Rs. 1000 Rs. 1000

TDS Return Forms - An Overview

As per the rules, the deductor is liable to deduct tax and file the TDS Return form as its supporting document, it is very important to know that there are various types of TDS Return Forms for various conditions. The kind of TDS Return Form to be submitted is based on the kind of Income of the deducte or the type of deductee who pays the TDS returns.

Type of TDS Return Forms Particulars of the TDS Return Forms
Form 24Q Statement for tax deducted at source from salaries
Form 26Q Statement for tax deducted at source on all payments other than salaries
Form 27Q Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents
Form 27EQ Statement of collection of tax at source

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