About TDS Return Filing
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Person liable to File TDS Return
Every person responsible for deduction of tax shall furnish quarterly statements in respect thereof.
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Monthly Payment
TDS needs to be paid for each month by the 7th day of the next month into banks authorised by the central government. You would need to use Challan 281 and quote your TAN.
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Quarterly Filings
Filings must be done on the 15th day of July, October, January and May. If you don't filing TDS returns within the due date, you will have to pay a penalty of Rs.200 per day.
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TDS Refund
If tax is deducted but the ultimate tax liability of the payee is nil or lower than the amount of TDS the payee can claim the refund of entire/excess amount of TDS (as the case may be) by filing the return of income.
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What to do if the TDS credit is not reflected in Form 26AS?
Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS.
Form for filing TDS statements
Quarterly TDS statements shall be furnished in following forms:
- Form 24Q - Statement of deduction of tax from salary under section 192.
- Form 27Q - Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident.
- Form 26Q - Statement of deduction of tax under Section 193 to 196D in any other case.
However in case tax is deducted under section 194-IA, the deductor shall furnish a challan-cum-statement in Form 26QB within a period of seven days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.
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