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TDS Return Filing
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TDS Return Filing (1 Year)
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TDS Return Filing (2 Years)
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ITR-5
Salary + business or professional income having turnover more than 1 crore upto 2 crores
ITR-4 Sugam
Income from business or profession, turnover upto 2 crores having presumptive income under Section 44AD/44ADA/44AE
Document Required
To ensure accurate and timely filing of TDS returns, the following documents and information must be maintained and submitted:
TAN (Tax Deduction and Collection Account Number)
A valid TAN is mandatory for any person or entity responsible for deducting and depositing TDS.
DSC
You should have a valid DSC registered for e-filing if you wish to upload using DSC.
Financial Statements
Includes Balance Sheet and Profit & Loss Account; forms the base of income computation.
TDS Statement in Prescribed Format
A properly prepared TDS statement (Form 24Q, 26Q, 27Q, or 27EQ as applicable) in the format specified by the Income Tax Department must be submitted for each quarter.
Challan Payment Details
Information related to TDS payments made to the government, including the Challan Identification Number (CIN), date of deposit, and amount paid, must be accurately reported.
PAN Details
Permanent Account Numbers (PAN) of both the deductor (the person making the payment) and the deductees (recipients of the payment) must be provided.
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TDS Return Filing
What is TDS? – Full Form and Meaning of Tax Deducted at Source
TDS (Tax Deducted at Source) is a mechanism under the Income Tax Act, whereby tax is deducted at the time of making certain specified payments such as salary, rent, professional fees, interest, commission, and similar transactions. This deduction is carried out by the person responsible for making such payments, referred to as the deductor, and is deposited with the Income Tax Department on behalf of the deductee (the recipient of income).
Under normal circumstances, the recipient of income is liable to discharge tax obligations on the income earned. However, through the TDS system, the Government ensures the advance collection of income tax at the very source of income generation, thus promoting timely and efficient tax compliance.
The deductee receives the balance amount (after deduction of TDS), and the gross income is then reported in their income tax return. The TDS amount is credited against their total tax liability. The deductee is entitled to claim the deducted tax as a credit while filing the return, and in cases where the total TDS exceeds the actual tax payable or there is no tax liability, a refund can be claimed accordingly.
This framework facilitates a steady inflow of revenue to the Government and strengthens transaction tracking, significantly reducing the potential for tax evasion.
Types of TDS Returns – Bharat e-Filing
At Bharat e-Filing, we help businesses and individuals file the correct TDS return forms based on the nature of the transaction and payment type. The Income Tax Department has prescribed specific forms for filing TDS returns, and it is important to use the appropriate form to ensure compliance.
Below are the key types of TDS and TCS return forms:
Form 24Q
Used for filing TDS returns on salary payments made to employees under Section 192 of the Income Tax Act.Form 26Q
Applicable for TDS on payments other than salaries, such as interest, commission, brokerage, rent, and professional or technical fees, made to Indian residents.Form 27Q
Required for TDS on payments made to non-residents, including foreign companies, under various sections of the Income Tax Act.Form 27EQ
Used for filing TCS (Tax Collected at Source) returns, applicable on the collection of tax at source on specified transactions.
TDS Payment and Return Filing Due Dates
Every person or entity responsible for deducting TDS must ensure timely deposit of the deducted amount to the government and accurate filing of TDS returns within the specified deadlines. Non-compliance may attract interest, late fees, and penalties under the Income Tax Act.
The due dates for depositing TDS and filing TDS returns are as follows:
|
Quarter
|
Period Covered
|
TDS Payment Due Date
|
TDS Return Filing Due Date
|
|---|---|---|---|
|
Q1 – April to June
|
1st April – 30th June
|
7th of each following month (e.g., 7th May, June, July)
|
31st July
|
|
Q2 – July to September
|
1st July – 30th September
|
7th of each following month (e.g., 7th August, Sept, Oct)
|
31st October
|
|
Q3 – October to December
|
1st October – 31st December
|
7th of each following month (e.g., 7th November, Dec, Jan)
|
31st January
|
|
Q4 – January to March
|
1st January – 31st March
|
7th of each following month (Jan, Feb); for March: 30th April*
|
31st May
|
Penalty for TDS Non-Compliances
Penalty / Consequence
Interest @ 1% per month (or part thereof) from the date it was deductible to the date of actual deduction.
Interest @ 1.5% per month (or part thereof) from the date of deduction to the date of deposit.
Fee of ₹200 per day under Section 234E, subject to a maximum equal to the amount of TDS.
Type of Non-Compliance
|
Type of Non-Compliance
|
Penalty / Consequence
|
|---|---|
|
Late Deduction of TDS
|
|
|
Late Deposit of TDS
|
|
|
Late Filing of TDS Return
|
|
|
Failure to Deduct or Deposit TDS
|
Penalty up to the TDS amount, imposed by the Assessing Officer under Section 271C, in addition to interest and late filing fees.
|
TDS RATE CHART
|
Section
|
Nature of Transaction
|
Threshold Limit (Rs)
|
TDS Rate
|
|---|---|---|---|
|
192
|
Payment of salary
|
Basic exemption limit of employee
|
Normal Slab Rates
|
|
192A
|
Premature withdrawal from EPF
|
50,000
|
With PAN: 10%, Without PAN: 20%
|
|
193
|
Interest on securities
|
Debentures = 5,000, Bonds/Other securities = 10,000
|
10%
|
|
194
|
Payment of any dividend
|
10,000
|
10%
|
|
194A
|
Interest other than interest from securities (banks/post office/co-op)
|
Senior Citizens: 1 lakh, Others: 50,000
|
10%
|
|
194B
|
Income from lottery winnings, card games, crossword puzzles, etc.
|
Aggregate income from lottery winnings, card games, crossword puzzles, etc. > ₹10,000
|
30%
|
|
194BA
|
Income from online games
|
_
|
30%
|
|
194BB
|
Income from horse race winnings
|
₹10,000 (aggregate winnings during a financial year, not a single transaction)
|
30%
|
|
194C
|
Payment to contractor/sub-contractor (Single transaction > ₹30,000, total transactions during FY > ₹1 lakh)
|
a) Individual/HUF: 1%, b) Others: 2%
|
1% / 2%
|
|
194D
|
Insurance Commission
|
₹20,000
|
5%
|
|
194DA
|
Insurance payout in respect of life insurance policy
|
₹1 lakh
|
5%
|
|
194EE
|
Payment of amount standing to the credit of a person under National Saving Scheme (NSS)
|
₹2,500
|
10%
|
|
194F
|
Payment for the repurchase of the unit by Unit Trust of India (UTI) or a Mutual Fund
|
No limit
|
20%
|
|
194G
|
Payments, commission, etc., on the sale of lottery tickets
|
₹15,000
|
5%
|
|
194H
|
Commission or brokerage
|
₹15,000
|
5%
|
|
194-I
|
Rent (₹50,000 per month or part of the month)
|
₹50,000 per month or part of the month
|
2% (Plant/Machinery), 10% (Land/Building)
|
|
194-IA
|
Payment in consideration of transfer of certain immovable property other than agricultural land
|
₹50 lakhs
|
|
|
194-IB
|
Rent payment by an individual or HUF not covered under section 194-I
|
₹50,000 per month
|
5%
|
|
194-IC
|
Payment under joint Development Agreement (JDA) to individual/HUF
|
No limit
|
10%
|
|
194J
|
Any sum paid by way of fee for professional services, remuneration/fee/commission to a director, not carrying out any activity…
|
₹30,000
|
10%
|
|
194K
|
Payment of any income for units of a mutual fund (e.g., dividend)
|
₹10,000
|
10%
|
|
194LA
|
Payment in respect of compensation on acquiring certain immovable property
|
₹5 lakhs
|
10%
|
|
194LBA(1)
|
Certain income distributed by a business trust to its unitholder
|
No limit
|
10%
|
|
194LBA(2)
|
Interest income of a business trust from SPV distribution to its unitholders
|
No limit
|
5%
|
|
194LBA(2)
|
Dividend income of a business trust from SPV, in which it holds the entire share capital except the capital held by the govt…
|
No limit
|
10%
|
|
194LBA(3)
|
Rental income payment of assets owned by the business trust to the unitholders of such business trust
|
No limit
|
30% (or 40% in certain cases)
|
|
194LBB
|
Certain income paid to a unitholder in respect of units of an investment fund
|
No limit
|
10%
|
|
194LBC
|
Income from investment in securitisation and received by a resident
|
No limit
|
10%
|
|
194M
|
Certain payments by Individual/HUF not liable to deduct TDS under Section 194C, 194H, and 194J
|
₹50 lakhs
|
2%
|
|
194N
|
Cash withdrawal exceeding certain amount:
– Co-operative society: ₹3 crore
– Others: ₹1 crore
|
See left
|
2%
|
|
194N
|
Cash withdrawal in case a person is not filing ITR for last three years and original ITR filing due date expired
|
₹20 lakh to ₹1 crore: 2%
Above ₹1 crore: 5%
|
2% or 5% (based on amount)
|
|
194O
|
Payment for the sale of goods or provision of services by the e-commerce operator through its digital or electronic facility or platform
|
₹5 lakhs
|
0.10%
|
|
194P
|
Payment of pension or interest to specified senior citizens of age 75 years or more
|
Basic exemption limit of senior citizens
|
Normal tax slab rates
|
|
194Q
|
Payments for the purchase of goods
|
₹50 lakhs
|
0.10%
|
|
194R
|
Perquisites or benefit to business or profession
|
₹20,000
|
10%
|
|
194S
|
TDS on the transfer of Virtual Digital Assets
|
₹10,000
|
1%
|
|
194T
|
Partner’s Remuneration
|
₹20,000
|
10%
|
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ITR Filing of TDS Return Filing Related FAQ’s
TDS (Tax Deducted at Source) is the tax deducted by the payer before making certain payments like salary, rent, or professional fees. Even if a TDS certificate is not issued, you can still claim the credit via Form 26AS, which shows all TDS details linked to your PAN. If excess TDS is deducted, it can be claimed as a refund by filing an income tax return.
A TDS return is a quarterly statement filed by the person responsible for deducting tax at source (deductor). It contains details of all TDS deductions made during the quarter and the payments made to the government.
Any person or entity that deducts TDS while making payments, such as employers, businesses, or professionals, is required to file a TDS return. This includes payments for salaries, interest, commission, rent, and professional fees.
TDS returns need to be filed quarterly, by the following dates:
Q1 (April–June): 31st July
Q2 (July–September): 31st October
Q3 (October–December): 31st January
Q4 (January–March): 31st May
To file a TDS return, you will need details like:
TAN (Tax Deduction and Collection Account Number)
PAN of the deductor and deductee
Amount of payment and TDS deducted
Challan details for the TDS payment made to the government
Details of the tax deducted (Section, amount, and nature of payment)
Late filing of TDS returns can lead to penalties, interest charges, and sometimes legal action.
The penalty for late filing of a TDS return is Rs. 200 per day of delay until the return is filed.
Additionally, interest at the rate of 1.5% per month is charged on late payment of TDS.
If you notice any errors after filing a TDS return, you can file a correction return.
To correct a TDS return, you need to file a revised return by providing the correct details and submitting it through the online portal.
A TDS return is a quarterly statement filed by the deductor, while a TDS certificate (Form 16/16A) is provided by the deductor to the deductee.
The certificate reflects the amount of TDS deducted and deposited with the government and is used by the taxpayer to claim the tax credit while filing their income tax return.
Yes, you can still claim the TDS credit even if the deductor does not issue a TDS certificate.
You can refer to the TDS details available in Form 26AS on the Income Tax Department’s website, which shows the TDS credited against your PAN.
Form 26AS is a consolidated tax statement that shows the tax deducted at source, advance tax, and self-assessment tax paid by a taxpayer during the financial year.
It can be accessed on the Income Tax Department’s website, and it serves as proof of tax credit claimed by the taxpayer.
Yes, if TDS is deducted in excess, the excess amount can be refunded by filing an income tax return.
The refund will be processed after the assessment of the return.
It is essential to ensure the correct amount of TDS is deducted to avoid excess tax deductions.
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