TDS Return Filing
Introduction
TDS stands for Tax Deducted at Source. As per the government’s TDS Scheme, tax needs to be deducted at the time of making payment to the person. Person who makes the payment – deducts & deposits TDS with the government. TDS is usually deposited to the government by submitting an ‘Income Tax Challan’ along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return.
TDS return is a quarterly statement to be given to the IT department. It is compulsory for Deductor to submit a TDS return on time. The details required to file TDS returns are:
- PAN of the deductor and the deductee
- Amount of tax paid to the government
- TDS challan information
- Others, if any
Types of TDS Return Forms
Type | Particulars |
Form 24Q | Statement for TDS from salaries |
Form 26Q | Statement for TDS on all payments except the salaries. |
Form 27Q | Statement for TDS on income earned from dividends, interests, or any other amount payable to non residents. |
Form 27EQ | Statement of TCS (Tax Collected at Source). |
Due Date for Payment of TDS Return Filing
The due date for Payment of TDS deducted is seventh of the next month. For Example, TDS payment for April will be made on or before 7th may.
Due Date for TDS Return Filing
The due date for TDS filing is as follows:
S. No. | Quarter Period | The due date for Filing Form 27Q |
1. | Q1 (1st April-30th June) | On or before 31st July |
2. | Q2(1st July-30th September) | On or before 31st October |
3. | Q3(1st October-31st December) | On or before 31st January |
4. | Q4(1st January-31st March) | On or before 31st May |
Updated Due date for TDS Return Filing for F.Y 2020-21
S. No. | Quarter Period | The due date for Filing Form 27Q |
1. | Q1 (1st April-30th June) | On or before 31st March 2021 |
2. | Q2(1st July-30th September) | On or before 31st March 2021 |
3. | Q3(1st October-31st December) | On or before 31st January 2021 |
4. | Q4(1st January-31st March) | On or before 31st May 2021 |
Failure to Furnish PAN
Any person eligible to receive payment for which TDS is required to be deducted is required to obtain a valid PAN (if not obtained) and furnish the correct PAN to the deductor. Care must be taken to furnish the correct PAN, so that the tax deducted can be credited to the 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 of penalty of ten thousand rupees.
Hence, before furnishing PAN for TDS, the deductee must check the PAN status (Must be active) and number. PAN status and number can be checked through the Know Your PAN website of the Income Tax Department. Before furnishing the PAN ensure that it is in active state. If PAN status is inactive, then the deducted must contact the jurisdictional Assessing Officer to change PAN status to active.
TDS Certificate
While deducting TDS, the deductor should furnish to the deductee a TDS certificate. The deductee can cross check the tax credit by viewing Valid TDS certificate is the TDS certificate downloaded from TRACES (http://www.tdscpc.gov.in) bearing a 7-digit unique certificate number and TRACES watermark.
All TDS certificates must be preserved by the Deductee. TDS certificates on payments other than salary are issued on quarterly basis and TDS certificate for salary is provided on an annual basis. If the TDS certificate is lost, the deductee can request for a duplicate TDS certificate.
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 the same can cause problems in processing the return of income.
Recently the NSDL e-Gov prepared a software solution namely e-TDS/TCS return preparation utility (RPU) in order to ease the preparation of e-TDS/ TCS filing returns. The government has made this VB based utility absolutely free while there are other utilities available for multiple statements.
Prerequisites to upload TDS return
- E-filing Registered and Valid TAN
- Return Preparation Utility (RPU) must be used while preparing TDS statements while File Validation Utility (FVU) for validation.
- One can also prepare return by using Gen TDS software
- Valid DSC registered to upload implementing DSC
- Demat account or principal contact’s bank account to be given or else principal contact’s PAN to be attached with Aadhar for uploading EVC
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