Every person who has deducted TDS has to deposit the amount of TDS to the credit of the central government within the Due dates given under the Income Tax Act. And the deductor is also responsible to report the tax deducted in a statement 24Q or 26Q or 27Q or 27EQ (TDS Returns) as applicable within the prescribed time and the details to be furnished in the Return includes TAN No of the deductor, TDS amount paid, TDS deducted, Pan of the Deductee and Rate at which TDS deducted (for 26Q and 27Q) etc….
The following are various TDS Return forms prescribed depending on the nature of payments.
|Form 24Q||Quarterly return of deduction of tax in respect Salaries||Quarterly|
|Form 26Q||Quarterly return of deduction of tax in respect of all payments other than “Salaries”||Quarterly|
|Form 27Q||Statement of deduction of tax for the payments made to NON-Resident||Quarterly|
|Form 27A||Physical control chart containing control totals mentioned in TDS return furnished electronically.*||With each e-TDS return|
|Form 27B||Physical control chart containing control totals mentioned in TCS return furnished electronically.**||With each e-TCS return|
*Form 27A in physical form to be submitted along with electronic TDS return (e-TDS)
**Form 27B in physical form to be submitted along with electronic TCS return (e-TCS).
Due Dates for Filing of TDS Return
The Deductor who has to file the above returns has to file within the following due dates as prescribed under the Income tax act. The due dates for filing of Return as Follows.
Due Dates For Filing of E-TDS
|Quarter||Period||Form 24Q||Form 26Q||Form 27Q||Form 27EQ|
|Q1||April to June||31st July||31st July||31st July||31st July|
|Q2||July to September||31st October||31st October||31st October||31st October|
|Q3||October to December||31st January||31st January||31st January||31st January|
|Q4||January to March||31st April||31st April||31st April||31st April|
If any person fails to file TDS return within due dates mentioned above the following penalties would be leviable
- If the deductor fails to file TDS Return within the due dates specified in the above table he is liable to pay penalty for late Filing of TDS Return at the rate of Rs. 200 for every day during which failure continues. The maximum amount of Penalty however does not exceed the amount of TDS to be deducted.
- If the deductor fails to file a return within one year from the due date or furnishes incorrect information in the statement then the assessing officer may direct for the payment of penalty which shall not be less than Rs. 10,000 but may extend up to Rs. 1,00,000.
Filing of TDS Return
- Since FY 2003-04, all corporate deductors/Collectors should file Income tax returns for deduction of tax at source (TDS) only in electronic form.
- From FY 2004-05, in addition to corporate deductors/Collectors, filing of TDS returns in electronic form is mandatory for government deductors also.
- Where the deductor/Collector who is required to get his accounts audited under section 44AB is required file TDS returns in electronic form only.
The Deductor should prepare and file the TDS return with latest version of Return Preparation Utility (RPU) only which is available at TIN NSDL
The TDS/TCS FVU generated file along with form 27A(Signed Copy) have to be submitted to Tin facilitation centers.
Revision of TDS Return
TDS regular return filed within the due date can be revised any number of times for making the following changes
- Update deductor details such as Name, Address of Deductor.
- Update challan details.
- Update/delete /add Deductee details.
- Add / delete salary detail records.
- Update PAN of the deductee or employee in deductee/salary details
- Add a new challan and underlying deductees.
Note:- The adding of challan function has been disabled in the RPU and it can done either online by Traces or by Downloading Utility for adding challan from Traces.