TDS Return form is required to be filed by the individual who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, type of payment, PAN No. etc.

TDS Return Form

FormParticulars
Form 24QStatement for tax deducted at source from salaries
Form 26QStatement for tax deducted at source on all payments except salaries

Form 24Q:

  • It has to be filled up for the declaration of a citizen’s TDS returns in detail.
  • It is based on a citizen’s salary payments and the deductions made for tax.
  • The declaration and payment are to be made quarterly by companies and firms in India.
  • Details need to be filled such as Deductor, Deductee, Challans as well as Salary TDS have to be provided.
  • You can download the form online and submit online along with the documents.

However, for certain people, it is compulsory to be submitted online. This includes:

  • If the deductor is a Government office
  • If the deductor is a company’s principal officer
  • If the deductor is required to have their accounts
  • Audited for the prior year under 44AB of the Income Tax Act, 1961.
  • If 20 or more records of deductee are there in a statement for any quarter of a particular financial year.
  • Along with Form 24Q, it is mandatory to submit Annexure I and Annexure II t.
  • For all four quarters of the year, Annexure I needs to be filed.
  • For the final quarter of the year, Annexure II needs to be filed.

Form 26Q:

  • This form has to be filled up for the declaration of a citizen’s TDS returns in detail.
  • It is based on individual payments other than salary.
  • It has to be filled up for the declaration by people who are Indian citizens and living and working in India.
  • This form is payable under the sub – section (3) of section 200 of the Income-tax Act, 1961.
  • Whether the deductor is Government or non-Government, It needs to be indicated in the form.
  • It is compulsory to quote the PAN for non-Government deductors.
  • In the case of Government deductors, “PANNOTREQD” has to be mentioned on the form.

TDS RETURN IN ELECTRONIC FORMAT (E-TDS RETURNS)

TDS Return form has to be mandatorily filed in electronic media by the following class of assesses as per Section 206.

  1. All Corporate Deductors/ Collectors (Notification No. 205/2003 dated 26 August 2003)
  2. All Govt Deductors/Collectors (vide Finance Act 2004)
  3. Under section 44AB, Deductor is required to get his accounts audited in the immediately preceding financial year.
  4. No. of deductees records in a quarterly statement for one-quarter of the immediately preceding financial year is equal to or more than 20.

Note – All other assesses except those specified above have the option either to furnish the return in physical format or electronic format.

TDS RETURN DUE DATE

Due Date for filing TDS Return (both online as well as physical) is as follows:

QuarterQuarter PeriodTDS Return Due Date
1st Quarter1st April to 30th June31st July 2017
2nd Quarter1st July to 30th September31st Oct 2017
3rd Quarter1st October to 31st December31st Jan 2018
4th Quarter1st January to 31st March31st May 2018

CHARGES FOR SUBMISSION OF TDS RETURN

At the time of submission of returN following charges to be paid

No. of Deductee Records in TDS ReturnUpload Charges
Returns up to 100 recordsRs. 31.15
Returns 101 to 1000 recordsRs. 178
Returns more than 1000 recordsRs. 578.50

TDS RETURN STATUS

TDS Return Status is the statement filed by the assessee and he can check online by furnishing the PAN No. and the Provisional Receipt No./Token No. on the following link of NSDL website – https://onlineservices.tin.egov-nsdl.com/TIN/JSP/tds/linktoUnAuthorizedInput.jsp.

PENALTY FOR DELAY IN FILING OF TDS RETURN

Late filing of TDS Return

Under  Section 234E, a penalty of Rs. 200 per day till the time the default continues if an assessee fails to submit the TDS Return before the due date. However, the total penalty computed should not exceed the total amount of tax deducted.

Non-filing of TDS Return

A person shall also be liable to the penalty if the return has not been filed within 1 year from the due date of filing of the return or if the incorrect information has been delivered. The penalty levied should not be less than Rs. 10,000 and not be more than Rs. 1,00,000.

Revision of TDS Return Form

If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes.

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business ReturnBulk Return or Revised Return Filing.