TDS Return’s

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I- T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.


Types Of Tds Returns

Form 24Q

 This form is to be filled in respect to a tax deduction on payment of employee salary. This return is to be filed by all the employers in India.

Form 26Q

 This form is to be filled in respect to tax deductions on transactions other than payment of salary, such as on rent, professional fees, interests, dividends, payment to contractors etc.

Form 26QB

 The purpose of this form filing TDS Returns with regard to a deduction on income from the sale of immovable property in India.

Form 27Q

 The purpose of filing of this type of return is to furnish details of the transactions in respect to the foreign payments made.

Form 27EQ

 TCS Return is filed with respect to the tax collection at source on transactions such as sale of liquor, tendu leaves, scrap sales, timber, etc.

Form 27D

 This type of form is filled for obtaining the certificate of Tax Collected at Source or the TCS. This certificate of TCS validates the return filed in Form 27EQ.


Why Should You Timely File Your Tds Returns?

To avoid the penalty:

No doubt, late filing of the TDS/TCS return would attract a heavy penalty of INR 200 per day till default continues.

To prevent additional penalty:

Besides the minimum penalty of INR 200, the tax deductor would also be liable for the additional penalty for failure to file TDS return within one year from the particular date. This ranges from INR 10,000 to INR 1 lakh.

To facilitate reconciliation of the ITR:

The main purpose of the filing of TDS return is reconciling of the income actually earned with income declared in the income tax return.

To avoid cancellation of the expenditure:

If the person supposed to file the TDS return fails to do so on time, then the assessing officer may opt for nullifying the impact of expenditure on which the TDS was required to be deducted but not deducted. Hence liable for incremental tax incidence.

Facilitating filling of Form 26AS:

Form 26AS is annual consolidated tax statement that specifies the details of the taxes deducted during the year. Anyone can claim TDS credit only if entries is visible in form 26AS. If you deduct the TDS of a person and not file TDS return, such person may rush to you for the same at last moment.

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