All You need to Know about TDS Return

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A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

TDS return is necessary for maintaining the financial record. Also, a person must file TDS return to receive TDS refunds. TDS return can be filed through the government website. Make sure that you file TDS return within the due date. You should fill the form based on the income category you fall in and then furnish the documents for kick-starting the refund process. After registration and subsequent submission of the return, you will have to authenticate the TDS Return File.

TDS Return Form:

Form Particulars
Form 24Q Statement for tax deducted at source from salaries
Form 26Q Statement for tax deducted at source on all payments except salaries

TDS Return Due Date:

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

Quarter Quarter Period TDS Return Due Date
1st Quarter 1st April to 30th June 31st July 2017
2nd Quarter 1st July to 30th September 31st Oct 2017
3rd Quarter 1st October to 31st December 31st Jan 2018
4th Quarter 1st January to 31st March 31st May 2018

Penalty for 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.

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.

  • Founder and Editor at "Knowledge"

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