TDS Return

July 31, 2018 all-day

Quarterly Return of TDS deposited for each quarter for tax deducted at the source on certain types of payments shall be filed by the assessee who has deducted the taxes at source, by producing TDS/TCS statements along with details such as TAN, PAN, deduction amount, payment type etc.

In Form 24Q: TDS statement for salaries
Form 26Q: TDS on all payments except salaries
Form 27Q: Tax collected from dividend/interest paid to non-resident Indians (NRIs)
Form 27EQ: Collection of taxes at source


Sec 234E: Deductor will be liable to pay way of fee Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the amount of TDS for which statement was required to be filed.

Sec 271H: Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may extended to Rs.1,00,000.Penalty under this section is in addition to the penalty u/s 234E.This section will also cover the cases of incorrect filing of TDS return.

No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:
(1) The tax deducted/collected at source is paid to the credit of the Government.
(2) Late filing fees and interest (if any) is paid to the credit of the Government.
(3) The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.

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