TDS Return

File your TDS return on time and avoid paying late fees and interest.

Tax Deduction at Source

Tax Deducted at Source (TDS) is a mechanism under Direct tax regime to check tax evasion by collecting tax at the source point. It relieves the tax payer from the burden of paying a huge lump sum amount of tax at the end of the year. It also ensures continuous inflow of tax collections to the government funds throughout the year.

A person liable to deduct tax is termed as the “Deductor” and the person from whose account tax is being deducted is termed as the “Deductee”.

Some of the common incomes from which tax is deducted at source are:

Salary – Payment from employer to employee
Interest on securities
Interest excluding interest on securities
Prize money from winning games like a crossword puzzle, card, lottery, etc.
Contractor payments
Insurance Commission
LIC maturity amount
Brokerage or commission
Transfer of immovable property
Compensation on acquiring immovable property
Payment of rent
Commission payments
Interest on bank deposits
Remuneration paid to director of the company, etc.

However there are certain limits and conditions only above which are taxes required to be deducted at source.

Due date for filing TDS returns are:

Quarter	Period	Due Date
1st Quarter	April- June	31ST July
2nd Quarter	July-September	31st October
3rd Quarter	October- December	31st January
4th Quarter	January-March	31st May

Is there any late fee for missing the due date?

Yes, a late fee of Rs.200 per day is charged for every day starting from the next day after the due date of filing the TDS return till the date of making actual payment. However, the maximum late fee imposed cannot exceed the TDS amount payable for that quarter.

Due date for payment and deposit of TDS:

The due date for depositing TDS is the 7th of the following month except for the month of March where it is the 30th of April. For Government deductors, if payment made through book entry, the due date of depositing TDS is the same date on which TDS is deducted.

Who can claim exemption from TDS being deducted from their income?

The persons filing Form 15G / 15H with their deductor on or before the due date for filing the same is exempted from deduction of TDS.

Who is eligible for filing 15G ?

Resident individual/HUF/trust who are less than 60 years of age
Tax calculated on Total Income is NIL
Total interest income is less than the basic exemption limit of Rs. 250,000

Who is eligible for filing 15H ?

Resident individual of age 60 years or more
Tax calculated on Total Income is NIL

What are the different types of TDS Return Forms to be filed?

Form Name	Purpose
Form 24Q	TDS on salaries
Form 26Q	TDS on payments other than salaries
Form 27Q	TDS from dividends, interest or any other amount payable to non residents