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TDS Return Filings​

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TDS Return Filings

A TDS Return is a summary of all the transactions related to TDS made during a quarter. TDS Return is a quarterly statement submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid by the deductor to the Income Tax Authority. The TDS Return statement includes details like the PAN number of the deductor & the deductees, all the detailed particulars of the TDS paid to the government and the TDS Challan information.

As the deductor is liable to deduct tax and file the TDS Return form as the supporting document, it is important to note that there are various types of TDS Return Forms for different situations. The type of TDS Return Form to be submitted is based on the Nature of Income of the deductee or the type of deductee who pays the TDS.

Let us study in detail the various types of TDS Return Forms.

Types of TDS returns

Form 24Q

  • It is used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961.
  • It has to be submitted on a quarterly basis by the deductor.
  • It contains details like salaries paid and the TDS deducted of the employees by the employer.
  • It contains 2 annexures namely Annexure-I and Annexure II. Annexure-I contains details of the deductor, deductees and challans, while Annexure II contains the salary details of the deductees.
  • Annexure-I is to be submitted by the deductor for all the four quarters of the financial year.
  • Annexure II need not be submitted in the first three quarters of the financial year, but has to be furnished and submitted in the fourth quarter of the financial year with details of the employees’ salaries of the entire financial year.

Form 26Q

  • It is to be submitted for tax deduction at source for all the payments received other than the salary.
  • It is submitted on a quarterly basis by the deductor and is applicable for tax deducted at source under section 200(3), 193 and 194 of the Income Tax Act of 1961.
  • The income on which the tax is deducted at source includes interest on securities, dividend securities, professional fees, directors’ remuneration, etc.
  • It is compulsory to furnish PAN by the deductors who are non-government deductors. For government deductors “PANNOTREQD” has to be mentioned on the form.

Form 27Q

  • It is applicable for payments made to non-resident Indians and foreigners other than salary.
  • It has to be filled in for the declaration of Tax Deducted at source for the NRIs and Foreigners.
  • It is submitted on a quarterly basis by the deductor and is applicable for tax deducted at source under section 200(3) of  the Income Tax Act of 1961.
  • The income on which the tax is deducted at source includes interest, bonus, any additional income or any other sum owed to non-resident Indian or foreigner.
  • It is compulsory for non-government deductors to furnish PAN. For government deductors the code “PANNOTREQD”has to be mentioned on the form.

Form 27EQ

  • It is a quarterly statement that furnishes the details and information of the tax collected at source as per section 206C of the Income Tax Act of 1961.
  • The form 27EQ is submitted on a quarterly basis. In this form it is mandatory to furnish TAN.
  • It is the statement to show the Tax Collected at Source (TCS), which is the tax collected by the seller. When a buyer purchases certain goods or commodities, the seller collects the tax from the buyer through the TCS route. This tax is collected on the payment received from the buyer either in cash, credit, cheque, demand draft or from any other mode of payment.
  • It is to be furnished by corporate deductors and collectors but not by government deductors and collectors. It is compulsory to furnish PAN by the deductors who are non-government deductors. For government deductors, the code “PANNOTREQD” has to be mentioned on the form.

Due Dates for filing TDS Returns

The following are the original due dates for filing TDS Returns for financial year 2019-20

QuarterQuarter PeriodLast Date of Filing TDS Returns
1st QuarterFrom 1st April 2019 to 30th June 201931st July 2019
2nd QuarterFrom 1st July 2019 to 30th September 201931st October 2019
3rd QuarterFrom 1st October 2019 to 31st December 201931st January 2020
4th QuarterFrom 1st January 2020 to 31st March 202031st May 2020

Rate of Interest, Penalties for late filing of TDS Returns

If TDS is not deducted – 1% per month, from due date of deduction to actual date of deduction,

If TDS is not deposited – 1.5% per month, from actual date of deduction to actual date of payment

Late Filing Fees – under section 234E, a fine of Rs. 200 per day is to be paid until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount.

The penalty under 271H – In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000.

No penalty will be charged under 271H if –

  • TDS is deposited to the government
  • Late filing fees and interest (if any) is also deposited,
  • Return is filed before expiry of 1 year from due date
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