TDS is Tax Deducted at Source, the Income Tax Department introduced this concept with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
TDS Return is also known as TDS Statement. It is a summary of all the transactions related to TDS made during a quarter of a financial year. It needs to be submitted to the income tax department quarterly before the due date. TDS return contains details of TDS deducted and deposited by a deductor. TDS return has basic details of deductors and deductees like PAN, TAN, etc, TDS Challan information, deduction details, and other information as required by the government.
TDS Return filing is mandatory if TDS has been deducted by the deductor in a particular quarter. However, it is not mandatory to file TDS Return if no TDS has been deducted by the deductor. In this case, the deductor should file a declaration of non-filing of the TDS statement with TRACES to avoid future notice from the IT Department.
As per the Income Tax Act, every Payer/deductor who deducts TDS shall file their TDS return. The following deductors are required to file TDS return quarterly if they have deducted any TDS from the payment made.
It is mandatory to file quarterly TDS return within prescribed due dates. If a return is not filed within due dates, then the deductor will be liable to pay penalty for the late filing of return.
The following are the TDS returns and their due dates:
TDS Return Type | Nature of Payment |
---|---|
24Q | TDS Deducted on Salary Payments |
26Q | TDS deducted on payments other than Salary |
27Q | TDS deducted on NRI Payments other than Salary |
Quarter | Quarter Period | Due Date |
---|---|---|
Q1 | April to June | 31st July |
Q2 | July to September | 31st October |
Q3 | October to December | 31st January |
Q4 | January to March | 31st May |
If you do not file TDS return on or before due date, Rs.200/- per day penalty should be paid.
Download TDS RatesForm 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.
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Rambabu Director, Cybervillage Solutions Pvt ltdTDS Return is also known as TDS Statement. It is a summary of all the transactions related to TDS made during a quarter of a financial year. It needs to be submitted to the income tax department quarterly before the due date. TDS return contains details of TDS deducted and deposited by a deductor. TDS return has basic details of deductors and deductees like PAN, TAN, etc, TDS Challan information, deduction details, and other information as required by the government.
TDS Return filing is mandatory if TDS has been deducted by the deductor in a particular quarter. However, it is not mandatory to file TDS Return if no TDS has been deducted by the deductor. In this case, the deductor should file a declaration of non-filing of the TDS statement with TRACES to avoid future notice from the IT Department.
As per the Income Tax Act, every Payer/deductor who deducts TDS shall file their TDS return. The following deductors are required to file TDS return quarterly if they have deducted any TDS from the payment made.
The following are the TDS returns and their due dates:
TDS Return Type | Nature of Payment |
---|---|
24Q | TDS Deducted on Salary Payments |
26Q | TDS deducted on payments other than Salary |
27Q | TDS deducted on NRI Payments other than Salary |
Quarter | Quarter Period | Due Date |
---|---|---|
Q1 | April to June | 31st July |
Q2 | July to September | 31st October |
Q3 | October to December | 31st January |
Q4 | January to March | 31st May |
If you do not file TDS return on or before due date, Rs.200/- per day penalty should be paid.
Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.
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