TDS/TCS Return

TDS/TCS Return

Mandatory for All Persons Who is Required to Deducut/Collect TDS/TCS.
Under Income Tax Act, 1961

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TDS/TCS Return

About-TDS:-

Generally, TDS is applicable on the various incomes such as salaries, interest received, commission received etc.TDS is not applicable to all incomes and persons for all transactions. Different TDS rates have been prescribed under the Income Tax Act for different payments and different categories of recipients.TDS is based on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at source and deposit the same into the government's account.

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Applicable Tax Rates :-

TDS On Resident Person:-

TDS on Non-Resident Person:-

  • In case of NRI, TDS will be deducted only on that incomes which are liable to tax in India or earned at the source in India.

    • 26 AS

  • Form 26AS is an annual consolidated credit statement issued under Section 203AA of the Income-tax Act, 1961. It contains details of various taxes deducted on your income by deductors: be it your employer, bank, or even a tenant.

    • TDS Certificates

  • A deductor is required to issue a TDS certificate called form 16 for salaried employees and form 16A for non-salaried employees within a specified time From thd Date of Filing TDS Return (i.e 15 Days).

    • Financials Impact of Non-Compliances of TDS under Income Tax Act

  • Disallowance u/s. 40(a) (ia) of Income Tax Act, 1962
  • Raising of demand u/s. 201(1) of the Act
  • Charging of Interest u/s (1A) of the Act
  • • Levying penalty u/s. 271C of the Act

TDS Return:-

    Due Date of Filing TDS/TCS Return :-

    Due Date of Payment/Deposit TDS/TCS Return:-

    Interest-TDS/TCS:-

    Penalty/Late Fee:-

  • Late FEE U/s 234E:- Deductor will be liable to pay the way of fee Rs.200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which statement was required to be filed.
  • Penalty U/s 271H:- Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may be extended to Rs.1,00,000.
    The penalty under this section is in addition to the penalty u/s 234E.

    This section will also cover the cases of incorrect filing of TDS return.