Every layman afraid from TDS because of difficult process of deduction, payment, Return, Statement etc. But we will try to make it simple as every layman can play with TDS. In this article, we will discuss about What is eTDS return, how to file TDS Return, Where to file it, How to prepare it, software and documents. If you have any query related to TDS return, ask in the comment form given below. We will try to solve your query as soon as possible. We have covered all amendment by finance act 2022, so you can say that the below article will be applicable for A.Y.2023-24/F.Y.2022-23.
Who is Liable to Submit TDS Return?
The person who deducts TDS is liable to furnish TDS Return. It is mandatory to file TDS Return within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TDS Return. The following persons are required to file TDS return quarterly, if they have deducted any TDS regarding any payment.
- Individual/HUF Payer – When preceding financial year turnover exceeds Rs.1cr/50 lakh (1 Cr in case of business and 50 lakh in case of profession)
- Govt. Officers
What is TDS Return?
The following are the form in which the TDS return or statement shall be furnish on or before the TDS return due dates as given above.
|Form 24Q||TDS Return/Statement for salary payments|
|Form 26Q||TDS Return/Statement for payments to non-resident (not being a company), foreign company and persons who are not ordinarily resident|
|Form 27Q||TDS Return/Statement for payments on professional fees, interest payments, etc.|
TDS Return/statement is a summary of all the transactions related to TDS made during a Quarter. The quarterly statements may be furnished in any of the following manner;
- furnishing the statement in paper form;
- furnishing the statement in electronically (Digital Signature)
- furnishing the statement (form 27A)
Due Dates to File TDS Returns/ TDS Statements
- for the quarter ending on 30th June – 31st July (due date)
- for the quarter ending on 30th September – 31st October (due date)
- for the quarter ending on 31st December – 31st January (due date)
- for the quarter ending on 31st March – 31st May (due date)
Read More: TDS Returns Due Dates F.Y. 2022-23
Penalty for TDS Return Default
As you know the payer or deductor shall furnish the TDS return on or before due dates otherwise he is liable to pay penal interest or penalty as follows.
- Rs.200 per day of default u/s 234E applicable if TDS/TCS return after due dates.
- If TDS/TCS return filed after 1 year of prescribed date, the penalty may from Rs.10,000 to max 1,00,000 shall be applicable u/s 271H.
Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees prescribed under section 234E.
Duties of Deductor
- He must get Tax Deduction Account Number or Tax Collection Account Number (TAN).
- This TAN will be quoted in all documents having any TDS/TCS amount.
- The duty of the deductor to deduct TDS/TCS as per the specified rate. (Check TDS Rates Here).
- He should file TDS Return/TCS Return as per due dates. (Check TDS Return Due dates here).
- He should issue TDS/TCS certificate to the deductees.