TDS means the Tax Deducted at source which imposes the responsibility to deduct the same on the businesses making the listed payments. Business who deduct the TDS referred to as deductor and the person whose TDS is deducted generally referred to as deductee. TDS Compliance means the compliance to be done by the deductor as timely payment of deducted amount and filing of requisite returns by the due date.
| Deduction/Payment | Due Date |
|---|---|
| TDS Deduction | TDS needs to be deducted at the time of payment or due whichever is earlier. |
| TDS Payment (April-February) | Due date to deposit TDS is 7th of next month |
| TDS Payment (March) | 30th April. |
| Return Type | Due Date | Details Required |
|---|---|---|
| 24Q (Salary) | 31st of the next month succeeding quarter |
It is the return for TDS deducted on salary i.e. it requires details as follows: ->Name, PAN and salary of employee; ->Date of credit/payment of salary; ->TDS deducted on same and date of payment of TDS; ->Detail of challans depositing the TDS. |
| 26Q (Non Salary) | 31st of the next month succeeding quarter |
It is the return for TDS deducted in case other than salary. i.eProfessional fees, interest, commission, contract amount. It requires the following detail: ->Pan and Name if Vendor ->Amount paid or credited ->Section of Payment i.e 194C, 194J, 194ib ->TDS amount ->TDS deduction and payment date ->Challan details. |
| 27Q (Non Resident) | 31st of the next month succeeding quarter | It is similar to26Q, the only difference is this it is to be filed in case the TDS is deducted of non-resident. It means if a resident is making payment to non-resident and deducting TDS, he shall file form 27Q for TDS return. |
| 27EQ (TCS) | 15th of the next month succeeding quarter |
In case a person is charging TCS i.e. Tax collection at source, he shall file the detail of TCS in form 27EQ. ->Name of person to whom sale is made and his PAN no.; ->Amount of sale excluding taxes charged i.e. GST; ->TCS charged amount and it’s nature i.e. on Scrap, on plywood; ->TCS collection date and payment date; ->Challan detail making deposit of the same. |
The first step is to fill the details required in the prescribed form i.e. 24Q, 26Q, 27Q and 27EQ.
The next step is to match the challan with Oltas, so that there is no error of mismatch challan.
The next step is to create fuv file and 27A.
The last step is to upload the fuv file on the NSDL portal through digital signature and pay the government fees.
No, filing of NIL return under TDS is not compulsory.
Yes, you can revise the return by making a request for conso file and perform steps accordingly.
Yes, TDS is applicable on due or payment. In case making advance payment, it will also attract TDS.
Non deduction of TDS will result in levy of interest and penalty. Also it results in disallowance of expenditure.
Non filing of TDS return attract penalty for non-compliance of the provision and also a late fee for 200 per day for no of days for which default continues with a upper cap of TDS amount.
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