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TDS Return
Get your TDS Returns filed today
Fastrack Filing can assist you with TDS return filing according to your needs. With our help, you can file your TDS returns from the convenience of your own home at the lowest possible rates!
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What is TDS Return Filing?
Regardless of its size or scale, every firm, whether a startup or an established corporation, will incur some expenses or make payments to its stakeholders. As a result, TDS provisions apply to enterprises of all types and sizes. It applies in the same or similar ways to a sole trader, partnership, limited liability company, or corporation registered under the Companies Act of 2013. In the hands of the recipient, a person’s payment of an expense represents income. As a result, the payer is obligated to deduct the tax at the applicable rate while making payment to the party. The provision of TDS does not apply to minor payments unless they exceed a set threshold level. It is important to note that the TDS is only applied to the specified payment once it reaches the threshold limit. The most typical types of expenses that are subject to TDS are listed below.[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content_no_spaces” content_placement=”middle” css_animation=”fadeInDown” row_space=”remove_padding_top” custom_background=”bg-theme” el_class=”bg”][vc_column][vc_empty_space height=”70px”][vc_column_text]
TDS Deduction and Payment: Key Points
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Payment of TDS Deducted
The tax deducted at source (TDS) that is deducted when paying parties for qualified expenses must be deposited by the 7th of the following month. TDS deducted in November 2017 is, for example, due on or before December 7, 2017. The challan number for depositing TDS is 281. When selecting the right section/nature of the payment when making a TDS payment, caution must be exercised.
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The Consequence of Non-Compliance
Non-compliance with TDS rules is a serious infraction punishable under Section 271 (C) of the Income Tax Act 1961, with a minimum penalty of 10,000 rupees and a maximum penalty of Rs. 1,00,000 rupees. In addition, section 276B applies to all cases in which a willful default is established; in all of these cases, the penalty is three years of harsh imprisonment, with a maximum sentence of seven years.
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Interest on Non Payment of TDS
A person’s TDS must be deposited by the 7th day of the next month. Sections 271 C and 276 B both penalize failure or delay in depositing TDS. In addition, the defaulter is responsible for the interest on late payments of 1.5 percent each month or part thereof. There is no provision in the legislation that allows the assessee to waive the interest; as a result, the assessee must use extreme caution.
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Filing of TDS Return
The taxpayer is required to file a quarterly return after paying TDS to the income tax, where the TDS deposited is mapped against the PAN of the individual from whom TDS was deducted. The TDS Return is due by the 30th of the month following the end of the quarter. The first quarter, for example, concludes on June 30th, so the TDS Return must be submitted by July 30th.
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Interest on Non-Deduction of TDS
When a person fails to deduct TDS or deducts less than the appropriate amount while making a payment for which TDS should have been deducted. In any of these circumstances, the deductor is required to pay interest at the rate of 1% each month (or part of a month) until TDS is deducted. As a result, while making payments to third parties, a businessperson must be cautious and guarantee that TDS is deducted.
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Other Consequences of Default on TDS
When calculating total taxable income, the expenses on which TDS was needed to be deducted are disregarded as an expense under section 40(a). Let’s look at an example of a firm where the income is ten thousand dollars and the expense is ten thousand dollars. In this case, there will be no income tax. However, if the TDS is not deducted, the tax will be three thousand dollars (30 percent of 10 lakh).
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TDS Rate Chart for FY 2021-22 (AY 2022-23) – Most Used Sections
| Section | For Payment of | Threshold limit | TDS Rate % |
|---|---|---|---|
| 192 | Salary Income | Income Tax Slab | Slab rates (Based on old or new tax regimes) |
| 192 A | EPF – Premature withdrawal | Rs 50,000 | 10% If no Pan, TDS @ 30% |
| 193 | Interest on Securites | Rs. 10,000 | 10% |
| 193 | Interest on Debentures | Rs 5,000 | 10% |
| 194 | Dividend (Dividend other than listed companies) |
Rs 5,000 | 10% (No TDS on Div Payouts by REITs / InvITs) |
| 194 A | Interest other than on securities by banks / post office | Rs. 40,000 (Rs 50,000 for Senior Citzens) |
10% |
| 194 A | Interest other than on securities by others | Rs. 5,000 | 10% |
| 194 B | Winnings from Lotteries / Puzzle / Game | Rs. 10,000 | 30% |
| 194 BB | Winnings from Horse Race | Rs. 10,000 | 30% |
| 194 D | Payment of Insurance Commission (Form 15G/H can be submitted) |
Rs. 15,000 | 5% (Individuals) 10% (Companies) |
| 194DA | Payment in respect of Life Insurance Policy | Rs 1,00,000 | 5% |
| 194E | Payment to non-resident sportsmen/sports association | – | 20% |
| 194 EE | Payment of NSS Deposits | Rs 2,500 | 10% |
| 194 G | Commission on Sale of Lottery tickets | Rs 15,000 | 5% |
| 194 H | Commission or Brokerage | Rs 15,000 | 5% |
| 194 I | Rent of Land, Building or Furniture | Rs. 2,40,000 | 10% |
| 194I | Rent of Plant & Machinery | Rs. 2,40,000 | 2% |
| 194 IB | Rent (Tenant has to deduct TDS) (Individuals who are not liable to Tax Audit) |
Rs 50,000 (per month) | 5% |
| 194 IA | Transfer of Immovable Property , other than Agricultural land | Rs. 50 lakh | 1% |
| 194IC | Payment of monetary consideration under Joint Development Agreements | – | 10% |
| 194J | Fees for professional or technical services | Rs 30,000 | 2% (or) 10% |
| 194LA | Payment of compensation on acquisition of certain immovable property | Rs 2,50,000 | 10% |
| 194 LB | Interest from Infrastructure Bond to NRI | NA | 5% |
| 194 LD | Interest on certain bonds and govt. Securities | NA | 5% |
| 194N | Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office: | > Rs 1cr | 2% |
| 194Q | Purchase of goods (applicable w.e.f 01.07.2021) | Rs 50 lakh | 0.10% |
| 206AB | TDS on non-filers of ITR at higher rates (applicable w.e.f 01.07.2021) |
– | 5% or Twice the rates in force |
| 194P | TDS on Senior Citizen above 75 Years (No ITR filing cases) | – | Slab Rates |
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| SL. NO. | PARTICULAR | DUE DATE | TYPE OF EVENT |
|---|---|---|---|
| 1 | Payment of TDS deducted under various sections of the income tax act | Before 7th day of Next Month | Monthly |
| 2 | 1st Quarter TDS Return (1st April to 30th June) | 31st July | Quarterly |
| 3 | 2nd Quarter TDS Return(1st July to 30th September) | 31st Oct | Quarterly |
| 4 | 3rd Quarter TDS Return(1st October to 31st December) | 31st Jan | Quarterly |
| 5 | 4th Quarter TDS Return(1st January to 31st March) | 31st May | Quarterly |
Note: TDS deducted in a month is required to be paid before the 7th day of next month. While making TDS mention correct section in the challan number 281. For TDS payment use a separate challan while making payment for a specific type (section). Interest on Late Payment is- 1.5% per month or part thereof, The penalty on Late filing of TDS Return is Rs. 200 per day, however, it is limited to the TDS amount.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_empty_space][vc_empty_space][gva_call_to_action title=”Need any further assistance with business compliances and filings?” button_align=”button-center” style_button=”btn-white” text_link=”Contact us” link=”/contact-us/”][/gva_call_to_action][/vc_column][/vc_row][vc_row css=”.vc_custom_1631949249915{background-color: #ededed !important;}” el_id=”price”][vc_column][vc_column_text]
The cost of forming a proprietorship
Pay as you go to get better pricing.
No Hidden Fees – All-Inclusive Pricing
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- Form 26 Q
- Up to 10 deducted
- For 1 Quarter
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- Form 26 QC
- For 1 Quarter
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- Up to 10 deducted
- For 1 Quarter
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- Up to 10 deducted
- For 1 Quarter
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- Up to 100 employees
- For 1 Quarter
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- For 1 Quarter
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