TDS Return Filing
TDS RETURN FILING AND DUE DATES
Tax Deduction and Collection Number (TAN) is mandatory for the company’s ,firms and other persons those who are falling under the Income tax act to deduct the TDS at various sources and deposit the same with CBDT time to time on behalf of the clienteles and file the TDS return quarterly and also yearly basis as per the due dates so that the tax payer can get the claim officially before filing the Income tax Return . In this respect , you have to obtain the TAN from the Central Government .
salaried Individual persons are not required to obtain the TAN or deduct tax at source. Moreover , a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. I
DUE DATE FOR TDS FILING
The due date for Payment of TDS deducted is seventh of the next month. For March, it is 30th April of the next year. The due date for TDS filing is as follows:
| QUARTER | PERIOD | THE DUE DATE FOR FILING FORM 27Q |
| Q1 | 1st April – 30th June | On or before 31st July |
| Q2 | 1st July – 30th September | On or before 31st October |
| Q3 | 1st October – 31st December | On or before 31st January |
| Q4 | 1st January – 31st March | On or before 31st May |
FAILURE TO FURNISH PAN
Any person receiving the payments for which tax has been deducted at sources is required to obtain a valid PAN and furnish the correct PAN to the deductor and it must be furnished the correct PAN, so that the tax deducted can be credited to correct account. Further, non-furnishing of PAN or furnishing of incorrect PAN would result in the deductor incurring higher TDS at 20% rate and levy the penalty of ten thousand rupees.
Furnishing the PAN for deducting the TDS must be checked correctly as per the PAN so that claim can be justified the same amount .
TDS CERTIFICATE
On deducting TDS, by the deductor would furnish a TDS certificate for the clienteles . The deductee can check the tax credit by keeping the view with Valid TDS certificate which downloaded from TRACES .
CLAIMING TDS
TDS credit can be claimed by the deductor. To claim the credit of TDS, the deductee has to mention the details of TDS in his return of income. Deductee should take due care to quote the correct TDS certificate number and TDS details while filing the return of income. If any incorrect detail is provided by the deductee, then tax credit discrepancy will arise at the time of processing the return of income and same can cause problem in processing the return of income.
TDS RETURN FORM
There are different TDS Forms have been set depending on the income of the deductee or the type of deductee who pays the TDS. The different TDS forms are listed below as follows:
| S.NO. | FORM | PERIODICITY | PARTICULARS |
| 1 | Form 24Q | Quarterly | Quarterly statement for TDS from “Salaries” |
| 2 | Form 26Q | Quarterly | Quarterly statement of TDS in respect of all payments other than “Salaries” |
| 3 | Form 27Q | Quarterly | Quarterly statement of TDS from interest, dividend or any other sum payments to non-residents |
| 4 | Form 27EQ | Quarterly | Quarterly statement of collection of tax at source |
TDS Form 24Q
According to Section 192 of the Income Tax Act 1961, an employer deducts TDS while paying salary to an employee. An employer has to file salary TDS return in Form 24Q, which has to be submitted on a quarterly basis. Details of the salary paid to the employees and the TDS deducted from the payment has to be specified in Form 24Q. In other words, Form 24Q is the quarterly statement of the payment made to the employee and the TDS deducted from it by the deductor.
TDS Form 26Q
When a taxpayer pays taxes, the payee deducts TDS on certain occasions. Form 26Q is used to file TDS details on payments made other than salary. The form mentions the total amount that is paid during the quarter and the TDS amount that has been deducted. Form 26Q has to be submitted on a quarterly basis.
Form 27Q
Form 27Q is a TDS Return or Statement containing details of Tax Deducted at Source (TDS) deducted on payments other than salary made to Non-Resident Indian (NRI) and foreigners. Form 27Q is required to furnish on a quarterly basis on or before the due date. Form 27Q contains details of payments made and TDS deducted on payments made to NRI by the deductor.
Form 27EQ
Form 27EQ contains all details pertaining to tax that is collected at source. According to Section 206C of the Income Tax Act 1961, this form must be filed every quarter. The form has to be submitted by both the corporate and government collectors and deductors.