Is It Mandatory To File TDS Return?

What is TDS and TDS return?

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc.

by the persons making such payments.

Usually, the person receiving income is liable to pay income tax..

How do I file a 24q nil return?

Steps of Nil Return filing of TDS in a summaryStep-1 Login to TRACES Deductor login with the User ID, Password and TAN of the deductor.Step-2 Go to “Declaration for Non – filing of TDS statements”Step-3 Select details from the drop-down menu.Step-4 Then, give the reason for non-filing.More items…•

Can we file TDS return before end of quarter?

As cited above, the TDS should be deducted by the buyer and is then deposited by a challan on or before the 7th of the next month. This deposit should also be done by the payer. After the deposition of TDS, the payer needs to fill form 27Q and submit the TDS return before the due date of filing for that quarter.

Is it compulsory to file TDS return?

Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.

What if TDS return is not filed?

As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS.

What is the last date for TDS file return?

TDS Due Dates of FY 2020-21 for Return FilingQuarterPeriodLast Date of Filing1st Quarter1st April to 30th June31st March 20212nd Quarter1st July to 30th September31st March 20213rd Quarter1st October to 31st December31st Jan 20214th Quarter1st January to 31st March31st May 2021Aug 12, 2020

How is TDS calculated?

Here’s how an individual can calculate TDS on income: Add basic income, allowances and perquisites to calculate gross monthly income. Compute the available exemptions under Section 10 of the Income Tax Act (ITA) … Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income.

How many types of TDS is there?

2 typesIn general, there are 2 types of TDS certificates that are issued by deductors. Form 16: Issued by employers to employees listing down the details of the tax deductions made throughout the year. Form 16A: For all other TDS deductions other than salary.

How can I file TDS return of government?

To Upload TDS, the steps are as below:Step 1: In e-Filing Homepage, Click on “Login Here”Step 2: Enter User ID (TAN), Password, and Captcha. Click Login.Step 3: Post login, go to TDS → Upload TDS.Step 4: In the form provided, select the appropriate statement details from the drop.

What is Form 27a for TDS returns?

Form 27A is a summary of e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ), which contains control totals of ‘Amount Paid’, ‘Income tax deducted at source’& ‘Tax Deposited (Total challan amount)’. The control totals mentioned on Form 27A should match with the corresponding control totals in e-TDS/TCS return file.

Is TDS and income tax same?

Income tax: It is paid on the annual income where taxes are computed for a particular financial year. TDS: It is deducted at source on a periodic basis in the particular year. Income Tax: The taxpayer determines his liability and makes the payment directly to the government.

What is TDS rate?

TDS Rates Applicable for a Domestic CompanyTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.2020TDS Rates from 14.05.2020 to 31.03.20215 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)53.752 102 101.5 7.51 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 100.75 3.75 7.51011 more rows•Sep 29, 2020

Who is liable for TDS return?

As per the Income Tax Act, every payer/deductor who deducts/collects TDS/TCS has to be filing their TDS or TCS return. The following deductors are required to file TDS/TCS return quarterly if they have deducted any TDS from the payment made. It is mandatory to file quarterly TDS/TCS return within prescribed due dates.

Can we file TDS return without Challan?

If you have not deducted any TDS and wants to file TDS return, in this case you can use NIL CHALLAN to file NIL TDS return. NIL TDS Return is with no deductions in deduction details and no challans (NIL CHALLAN Indication).

Can we get TDS back?

You can claim the credit in respect of taxes deducted at source and claim refund in the return of income. Please ensure that the TDS is reflected in your Form 26AS. Once the return of income is processed, you will be entitled to receive the refund of TDS.

What is penalty for not filing TDS return?

Penalties for late filing of TDS returnsParticularsMinimum PenaltyMaximum PenaltyLate filing of Form 24Q (Penalty under Section 234E)Rs 200 per day until TDS return is filedPenalty amount should not exceed tax deductedNon- filing of Form 24Q (Penalty under Section 271H)Rs 10,000Rs 1,00,000Sep 4, 2020

Is there any penalty for revised TDS return?

Penalty under section 271H can also be levied if the deductor/collector files an incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector files an incorrect TDS/TCS return.

What is TDS payment?

TDS stands for ‘Tax Deducted at Source’. … TDS works on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at source and deposit the same into the government’s account.

Can we file first TDS return online?

Step 5: How to upload TDS return online on E-filing portal To file Tax Deducted at Source (TDS), user must visit NSDL website to prepare and generate the file.

What is required for TDS return?

The TDS return filed should contain details of the TAN and PAN number of the deductor, PAN number of the payee, amount of tax paid, details of TDS challan, mode of payment etc. To file TDS return the employer or the organization deducting TDS must have a valid Tax Collection and Deduction Account Number (TAN).

Why TDS return is filed?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.