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.
The following are the original due dates for filing TDS Returns for financial year 2019-20
|Quarter||Quarter Period||Last Date of Filing TDS Returns|
|1st Quarter||From 1st April 2019 to 30th June 2019||31st July 2019|
|2nd Quarter||From 1st July 2019 to 30th September 2019||31st October 2019|
|3rd Quarter||From 1st October 2019 to 31st December 2019||31st January 2020|
|4th Quarter||From 1st January 2020 to 31st March 2020||31st May 2020|
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 –