Online TDS Return Filing through Online Legal India

TDS Return is a quarterly statement 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 by the deductor to the Income Tax Authority.

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When should TDS be deducted and by whom :- +

Any person making specified payments mentioned under the Income Tax Act, 1961, are required to deduct TDS at the time of making such specified payment. TDS is a type of Advance Tax which the Government of India levies on a periodic basis. The overall deducted TDS is claimed as tax refund after a taxpayer files the Income Tax Return. TDS return is applicable for multiple types of payments including Salary, Commission earned, Rent , Interest Payment by Bank, Professional Fees, etc.

Who can Deduct TDS:- +

The person making the specified payment as per the Act is liable for TDS deduction. That Individual or Organisation is liable to deduct the sum at specified rate and deposit it to the Government within every financial year.

What is the Due Date for Depositing the TDS to the Government:- +

The Tax Deducted at Source must be deposited to the government by 7th of the subsequent month.

How and When the TDS is required to be filed:- +

Filing Tax Deducted at Source returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, Amount of TDS Deducted, Type of Payment, PAN of Deductee, etc. Also, different Forms are prescribed for Filing Returns depending upon the purpose of the deduction of TDS.

Penalties for TDS Non-Compliance +

Below are the applicable penalties for non-compliance with TDS regulations: Late Deduction or Payment Interest at 1% per month for delayed TDS deduction. Interest at 1.5% per month for late remittance of TDS to the government. Late Filing of TDS Return A fee of ₹200 per day until the return is filed, limited to the total TDS amount.

What Types of Documents are required for tds returns? +

Tax Payment Challans
Company TAN Details
PAN Card Details
Date of incorporation of the business
Details of the deductee sheet

File a TDS with the 360° digital assistance of the TDS Expert Panel from Online Legal India. To do so you can avail the filing the following Return Forms:

Types TDS return forms:

Form 24Q - The quarterly statement for tax deducted at source (TDS) from “Salaries.”
Form 26Q - The quarterly statement for tax deducted at source with respect to all payments except ‘salaries.’
Form 27Q - Quarterly statement of deduction of tax from interest, dividend, or other sum payable to non-residents or foreign companies.
Form 27EQ - Quarterly statement of collection of tax at source (TCS)

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Online TDS Return Filing through Online Legal India

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What is TDS Certificate:-

Form 16, Form 16A, Form 16B and Form 16C are the types of TDS certificates as per the Govt. guidelines. TDS certificates have to be issued by a person deducting TDS to the assessee from whose Income TDS was deducted while making payment.

For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee.

Form	Issued For	Frequency	Due date
Form 16	Employer to the employees as proof of deduction of tax	yearly once	June 15 every year
Form 16 A	Payments other than salaries i.e., commission, professional fee, rent, works contract, payments made to Non-Residents, interest, winnings from lottery, Dividends etc.	Quarterly	15th Aug. for April-June, 15th November for July-Sept., 15 Feb. for Oct.-Dec. and 15th June for Jan-March
Form 16 B	Purchase of property by resident buyer to the resident seller of the property	Every transaction	15 days from the due date of filing of Form 26QB
Form 16 C	Resident tenant to the resident Landlord on payments of rent	Every transaction	15 days from the due date of filing of Form 26QC
Form 16 D	Contractual services/professional services to resident contractors and professionals-Payments of Contract or Professional fee	Every transaction	15 days from the due date of filing of Form 26QD
Form 16 E	Buyer of virtual digital asset(VDA) to resident seller of VDA	Every transaction	15 days from the due date of filing of Form 26QE

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Upload the Details as requested and Tax Payment Challan.

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Frequently Asked Questions (FAQs)

When should TDS be Deducted & by Whom?

An Individual making specified payments mentioned under the Income Tax Act, 1961, are required to deduct TDS at the time of making such specified payment. But no TDS has to be deducted if the person is making the payment to an individual or HUF whose books are not required to be audited. TDS Rate & Chart are as follows:

Particulars	"TDS Rate %"	"TDS RATE 01.04.2020-13.05.2020"	"TDS RATE 14.05.2020-31.03.2021"
SALARY (Sec-192)	10%	10%	10%
Interest on Securities (Sec-193)	10%	10%	7.50%
Dividend (Sec-194)	10%	10%	7.50%
"Interest Income otherthan Interest on Securities (Sec-194A)"	10%	10%	7.50%
"Income from Winings lotteries , Card games( Sec-194B) "	30%	30%	30%
"Income from Winings of Rase Horse ( Sec-194BB) "	30%	30%	30%
"Payment of Contrator ( Sec-194C) Individual"	1%	1%	0.75%
"Payment of Contrator ( Sec-194C) Individual"	2%	2%	1.50%
Insurance Commission ( Sec -194D)	5%	5%	3.75%
Payment in respect of LIC ( Sec-194DA)	5%	5%	3.75%
Payment of NSC ( Sec-194EE)	10%	10%	7.50%
Sale of Lottery Commission ( Sec-194G)	5%	5%	3.75%
Commission or Brokerage (Sec 194H)	5%	5%	3.75%
Rent on Plant & Machinery ( Sec-194I)	2%	2%	1.50%
Rent on Building or Furniture or Fitting( Sec-194I)	10%	10%	7.55%
Payment of Professional Service Fees ( Sec-194J)	10%	10%	7.55%
Fee for Technical Services ( Sec-194J)	2%	2%	1.50%
Payment of Certain Cash (20 LAC-Limit 1 Cr.)( Sec-194N)	0%	2%	2%
Payment of Certain Cash (Above Limit 1 Cr.)( Sec-194N)	0%	5%	5%
"E-commerce Operator for sele of goods or provision of services through its digital platform ( Applicable on 01.01.2020 ( Sec-194O)"	1%	0%	0.75%

What happens if I delay in TDS Return Filing?

Penalty For non-deduction of TDS: When a deductor/collector fails to gather the tax at source. The whole of such expenses can be disallowed and not computed by the income tax assessing officer
For late-deduction of TDS: When a tax at source is deducted after a few days of making the payment, 1% tax is levied per month.
For late-payment of TDS: A tax of 1.5 % per month is levied if the deductors fail to deposit TDS on time.
For late-filing of TDS Returns: If a deductor fails to furnish the TDS return before the time, a penalty of INR 200 is levied per day.
For non-filing of TDS Returns: Penalty ranging from INR 10,000 to INR 1,00,000 can be charged when one fails to file a return TDS within the due date.

What to do if the TDS credit is not reflected in Form-26AS?

What are the required documents to file TDS?

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What are Form 24, 26, and 27 in TDS Filing?

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