TDS RETURN FILING
ENSURING ACCURATE TDS COMPLIANCE WITH TIMELY RETURNS FILING
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TDS RETURNS FILINGS
Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department of India to collect tax directly from the source of income. Under this system, a person (deductor) who is liable to make payment of specified nature (like salary, rent, commission, professional fees, etc.) to any other person (deductee) must deduct tax at the source and deposit it to the government.
Filing TDS Returns is a crucial part of this process — it involves submitting quarterly statements to the Income Tax Department containing all details about TDS collected and deposited. Accurate and timely TDS Return Filing ensures transparency and avoids penalties.
Who Needs To File TDS Return ?
The following entities must file TDS returns:
Individuals and businesses who have deducted TDS.
Companies, firms, LLPs, and government organizations making specified payments.
Employers deducting TDS from employee salaries.
Banks deducting TDS on interest earned.
Even if no TDS is deducted during the quarter, a "Nil TDS Return" must be filed.
Documents Required For TDS Filing
PAN of deductor and deductee.
TAN registration details.
Challans of TDS payment made.
Deduction details (amount, date of deduction, nature of payment).
Salary details (for Form 24Q).
Any additional supporting documents for special deductions or adjustments.
Consequences Of Non-Compliance
Penalty under Section 234E: ₹200 per day till the return is filed (subject to the TDS amount).
Penalty under Section 271H: Ranges from ₹10,000 to ₹1,00,000 for late filing or incorrect filing.
Interest on late deposit of TDS deducted: 1% to 1.5% per month depending on delay.
Disallowance of expenses: Non-deduction or non-payment of TDS can lead to disallowance of corresponding expenses in income tax computation.
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