File your TDS online:

Filing TDS returns online is a mandatory requirement in India. It involves submitting details of TDS deductions made during a specific period to the Income Tax Department. The process is done through the government's online portal called the "Income Tax Department - Tax Deducted at Source" (ITD-TDS) website. Filing TDS returns online ensures accuracy, speed, and compliance with the Income Tax regulations.

Who can file TDS returns?

Any individual or business entity that is liable to deduct TDS is responsible for filing TDS returns. This includes employers, business firms, government agencies, and any entity making payments subject to TDS. The deductor is required to furnish TDS returns on a quarterly basis, providing details of TDS deductions and payments made during the quarter.

Benefits of TDS Return Filing:

• Compliance with Tax Laws: Filing TDS returns ensures compliance with the Income Tax Act and helps avoid penalties and legal consequences.
• Transparent Tax Collection: TDS facilitates a transparent system of tax collection, as tax is deducted at the source before the income is received by the recipient.
• Regular Cash Flow for Government: TDS ensures a regular inflow of tax revenue to the government throughout the year, aiding in financial planning and management.
• Reduced Tax Evasion: TDS helps in curbing tax evasion, as it ensures that taxes are deducted and deposited by the deductors on behalf of the deductees.
• Ease of Filing: Online TDS return filing provides a user-friendly and efficient platform for deductors to submit TDS details electronically.
• Ease of Verification: Online filing makes it easier for the Income Tax Department to verify and cross-check TDS details, leading to quicker processing and fewer discrepancies.
• Convenient Data Accessibility: Filed TDS returns are available for reference and verification by the deductor and deductee, providing transparency in tax transactions.

TDS Return Form

What are the different types of TDS Forms?

TDS forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:

TDS Form 24Q

Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.

TDS Form 26Q

When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26 Q every quarter.

TDS Form 27Q

Form 27 Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Nonresident India and foreigners. Form 27 Q is to be furnished every quarter or before the due date. Form 27 Q contains the details of the payments that are made and the TDS deducted on payments is made to the NRI by the deductor.

TCS Form 27EQ

Form 27 EQ contains all details about tax that is collected at the source. According to Section 206 C of the Income Tax Act 1961, this form has to be filed every quarter. The Form has to be submitted by both corporate and the government collectors and the deductors.

Penalty for failure in filing the TDS returns

If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234 E per day by the assessee until the time the default is continuing.

Non-Filing the TDS returns

If the assessee has not filed the return within a year from the date of filing then the returns or if the person has furnished incorrect information then he or she will also be liable for a penalty. The penalty levied is not less than 10,000 and more than Rs. 1,00,000.

Revised TDS Returns

Once the TDS returns are submitted and errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit with the government will not be reflected in the Form 16A / Form 26AS. To make sure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS a revised TDS return has to be filed.

TDS Payment Due Dates and Penalties

The table below lists the deadlines for depositing tax withheld at source and filing TDS returns for each deductor's fiscal year 2023-2024. Check for the TDS rates as well every year