TDS/TCS returns is required to be filed by the assessee who has deducted the TDS and collected TCS. TDS/TCS returns are required to be filed every Quarter
TDS and TCS returns are required to be filed by the Assessee who has deducted TDS or collected the TDS. Returns are required to be submitted every quarter.
| Form No. | Particulars |
|---|---|
| Form 24Q | Statement of tax deducted source from salary |
| Form 26Q | Statement of tax deducted source from other than salary |
| Form 27Q | Statement of Tax deducted from amount payable to non-resident |
| Form 27EQ | Statement of collection of tax at source |
| Quarter | Quarter Period | Last Date of Filing TDS Returns |
|---|---|---|
| 1st Quarter | From 1st April to 30th June | 31st July |
| 2nd Quarter | From 1st July to 30th September | 31st October |
| 3rd Quarter | From 1st October to 31st December | 31st January |
| 4th Quarter | From 1st January to 31st March | 31st May |
TDS/ TCS Filing
Late filing of TDS Returns attracts a penalty as per current tax rules. If there is a delay in filing the TDS returns within the stipulated due dates mentioned above, then a penalty or a fine is imposed. As per current rules, a fine of Rs. 200 per day is imposed until the TDS Returns are filed. The fine is imposed every day and it is imposed till the day the amount of fine imposed is equal to the TDS amount that is to be paid out. If the taxpayer furnishes wrong information like incorrect PAN number or wrong TDS amount or if there is a default in payment of TDS exceeding one year, then the penalty in such cases is a minimum of Rs. 10,000 to maximum of Rs. 1 lakh TDS Rate chart for Financial year 2018-19.
| Section | Nature of Payment | Threshold Rs | Indv / HUF TDS Rate (%) | Others TDS Rate (%) |
|---|---|---|---|---|
| 192 | Salaries | – | Basis on Slab | – |
| 192A | Premature withdrawal from EPF | 50000 | 10 | – |
| 193 | Interest on Securities | 10000 | 10 | 10 |
| 194 | Dividends | 2500 | 10 | 10 |
| 194A | Interest (Banks) | 10000 | 10 | 10 |
| 194A | Interest (Others) | 5000 | 10 | 10 |
| 194B | Winning from Lotteries | 10000 | 30 | 30 |
| 194BB | Winning from Horse Race | 10000 | 30 | 30 |
| 194C | Contractor – Single Transaction | 30000 | 1 | 2 |
| 194C | Contractor – During the F.Y. | 100000 | 1 | 2 |
| 194C | Transporter (44AE) declaration with PAN | |||
| 194D | Insurance Commission (15G – 15H allowed) | 15000 | 5 | 10 |
| 194DA | Life insurance Policy | 100000 | 1 | 1 |
| 194E | Non-Resident Sportsmen or Sports Association | 20 | 20 | |
| 194EE | NSS | 2500 | 10 | 10 |
| 194F | Repurchase Units by MFs | 20 | 20 | |
| 194G | Commission – Lottery | 15000 | 5 | 5 |
| 194H | Commission / Brokerage | 15000 | 5 | 5 |
| 194I | Rent of Land and Building – F&F | 1,80,000 | 10 | 10 |
| 194I | Rent of Plant / Machinery / Equipment | 1,80,000 | 2 | 2 |
| 194IB | Rent by Individual / HUF (wef 01.06.2017) | 50000/PM | 5 | – |
| 194IA | Transfer of certain immovable property other than agriculture land | 5000000 | 1 | 1 |
| 194J | Professional Fees / Technical Fees / etc. | 30000 | 10 | 10 |
| 194J | Payment to Call Centre Operator | 30000 | 2 | 2 |
| 194LA | Compensation on transfer of certain immovable property other than agricultural land | 250000 | 10 | 10 |
| 194LB | Income by way of interest from from infrastructure debt fund | 5 | 5 |
CIN - U74999KA2018PTC110598
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