TDS/TCS Return Filing

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    What is TDS/TCS ?

    Tax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or asset sales by requiring the payer to deduct tax due before paying the balance to the payee. Under the Indian Income Tax Act of 1961, income tax must be deducted at source as per the provisions of the Income Tax Act, 1961

    Tax Collected at Source (TCS) in India is a tax payable by a seller which he collects from the buyer at the time of sale of goods. Section 206 of the Income Tax Act,1961 mentions the list of goods on which the seller should collect tax from buyers.

    The following are the specified payments which requires to deduct TDS:

      • Salary
      • Interest paid by banks on deposits
      • Income by way of “ Income from securities”
      • Insurance Commission
      • Payment of rent on immovable property or movable assets
      • Commission or brokerage
      • Payment towards work performed under a contract
      • Payment towards professional and technical services
      • Income from winning horse races, lottery, puzzles etc.
      • Payment in respect of National Saving Scheme etc.
      • Payment in respect of Life Insurance Policy
    TDS/TCS return filing

    The deductor shall obtain a valid TAN (Tax Deduction and Collection Account Number) before making a deduction of tax. The deductor shall then furnish a TDS/TCS return on quarterly basis electronically on E-filing portal on or before the due date. If the deductor fails to file TDS/TCS returns timely, the deductor will be liable to pay late fees, and penalty as per Sections of Income Tax Act,1961

    The following are the categories of person who are required to obtain a TAX and require to furnish the TDS/TCS return every quarter :-

      • Company, LLP and Partnership Firms
      • Trusts
      • Individuals whose accounts are audited u/s 44AB
      • Persons holding an office under the Government

       

    Documents required for filing TDS/TCS return

    TDS/TCS return Filing Form

    FORM PRESCRIBED

    PURPOSE OF FORM

    FORM-24Q

    Quarterly statement of tax deducted at source from “Salaries”

    Form-26Q

    Quarterly statement of tax deducted at source from payments other than salaries

    Form-26QB

    Challan cum statement of deduction of tax u/s 194IA i.e. TDS deducted on consideration towards sale of immovable property exceeding Rs. 50 lakhs

    Form-26QC

    Challan cum statement of deduction of tax u/s 194IB i.e. TDS to be deducted by Individual or HUF on payment of rent in excess of Rs. 50,000

    Form-27Q

    Quarterly statement of tax deducted at source from payments other than salary of non-resident 

    Form-27EQ

    Quarterly Statement of collection of tax at source u/s 206C of Income Tax Act, 1961

    Due date of filing TDS/TCS Return

    1. Form- 24Q, 26Q, 27Q

      Quarter-I:         31st July

      Quarter-II:        31st October

      Quarter-III:       31st January

      Quarter-IV:       31st May

    2. Form- 26QB 

    Within 30 days from the end of the month in which Tax has been deducted at source

    3. Form- 26QC 

    Within 30 days from the end of the month in which Tax has been deducted at source

    4. Form- 27EQ

    Quarter-I:       15th July

    Quarter-II:      15th October

    Quarter-III:     15th January

    Quarter-IV:     15th May 

    Payment of TDS and challan

    If the deductors (other than office of government) deduct TDS in any month payment of TDS shall be the 7th of the following month, except for the month of March for which it can be deposited till 30th April.

    The TDS is required to be deposited by income-tax Challan No. ITNS 281. In case where the TDS is deposited electronically by online method, the same may be deposited by internet banking and Debit Card through NSDL portal. https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp 

     

    Documents required for filing TDS/TCS return

    1. TAN of the deductor
    2. PAN of the deductor
    3. PLast TDS filing details, if applicable
    4. Incorporation date of business
    5. Details of payment made for specified expenses on which TDS is deducted including name of payee, PAN of payee, Address of payee, Amount paid, TDS deducted
    6. Copies of TDS challans

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