TDS Filling
TDS (Tax Deducted at Source) filing in India refers to the process of submitting quarterly TDS statements to the Income Tax Department. TDS is a tax deducted by an individual or an entity from payments made to other individuals or entities, as per the Income Tax Act, 1961.
TDS filing is an important compliance requirement for entities and individuals that deduct TDS. It ensures proper deduction and deposit of taxes with the Income Tax Department and helps in avoiding penalties for non-compliance.
» TDS returns need to be filed quarterly: Every individual or entity that deducts TDS is required to file a TDS return with the Income Tax Department on a quarterly basis.
» Deadline for TDS filing: The due date for filing TDS returns is 31st July (for Q1), 31st October (for Q2), 31st January (for Q3), and 31st May (for Q4) of the financial year.
» TDS return forms: The TDS return forms are named as Form 24Q, Form 26Q, Form 27Q, and Form 27EQ. The form to be used depends on the type of TDS deducted.
» Information required for TDS filing: The TDS return forms require information such as TAN (Tax Deduction and Collection Account Number), details of TDS deducted, PAN of the deductee, and other details as per the form.
» Penalties for non-filing: Non-filing of TDS returns or delay in filing can attract penalties and interest as per the Income Tax Act.
» Corrections in TDS returns: In case of errors or incorrect information in TDS returns, corrections can be made by filing a revised TDS return.
» TDS certificates: After filing TDS returns, TDS certificates need to be issued to the deductees, which provide details of the TDS deducted and deposited.
