TDS Returns



What is TDS ?

TDS stands for Tax Deducted at Source. A person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

It is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.

F.A.Q

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.

TDS is not required to be deducted by Individuals and HUF except for those whose accounts are required to be audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than 2 crore (AY 2017-2018) or 1 crore ( AY 2016-2017) and in case of profession 50 lakhs ( AY 2017-2018) or 25 lakhs (AY 2016-2017).
Form 24Q- TDS on salaries
Form 26Q- TDS on payments other than salaries
Form 27Q- TDS on payments made to Non-Residents
Form 27EQ- TCS
The due dates are as follows:
      • Q1 ending June- 31st July of the financial year
      • Q2 ending September- 31st October of the financial year
      • Q3 ending December- 31st January of the financial year
      • Q4 ending March- 31st May of the financial year immediately following the financial year in which the deduction is made.
Payment can be made online on NSDL by selecting Challan 281 and making the payment using net banking. These TDS payments need to be made before filing the TDS return.

E-payment is compulsory for all Corporate assesses & non-corporate assessees who are liable for audit u/s 44AB.

Physical payment can be made using Challan 281 in authorised bank branch.
Sr. No. Type of deductor April-Feb payment March payment
1 Government Same day (Without challan) On or before of 7th of next month (with Challan) Same day (Without challan) On or before of 7th of next month (with Challan)
2 Other than Government On or before of 7th of next month On or before 30th April
Following is the list of deductors liable to deduct TDS:
      • Individuals
      • Hindu Undivided Family
      • Limited Companies
      • Limited Companies
      • Partnership Firms
      • Body of Individuals
      • Association of Individuals
      • Local Authorities