TDS Return Filing

TDS Return is a quarterly statement that needs to be 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 to the Income Tax Authority. The tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

Payment of TDS has various advantages which are as follows

• It allows business expenditure as Deduction under Income tax
• Deducting TDS at source prevents tax evasion
• Tax collection is done duly and on time
• A large number of people come under the tax net
• The collection of TDS is a steady source of revenue for the government

There are mainly 4 types of TDS Return Forms

• Form 24Q: The quarterly statement for tax deducted at source from “Salaries”
• Form 26Q: Quarterly statement of tax deducted at source on all payments other than “Salaries”
• Form 27Q: Quarterly statement of deduction of tax from interest, dividend, or any other sum payable to non-residents
• Form 27EQ: Quarterly statement of collection of tax at source
• Form 26QB: TDS on sale of Property

• Rs. 200 per day is not a penalty but a late filing fee.
• Disallowance of expense under Income Tax and increase in Tax liability

• Advice on all matters related to compliance of TDS/TCS provisions.
• Obtaining Tax Deduction Account Number (TAN).
• Computation of monthly TDS and payment of same
• Filing of quarterly E-TDS
• Periodic review of TDS / Withholding Tax compliance.
• Issue of TDS certificates.
• Filing of Correction Statements.
• Replies to Notices from Department.
• TDS assessment