TDS Return Filing

TDS Return

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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.

    TDS Deduction and Payment: Key Points

    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.

    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.

    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.

    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.

    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.

    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).

    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

    Due Date for TDS Return Filing and Payment of TDS

    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.

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    No Hidden Fees – All-Inclusive Pricing

    TDS Return – TDS Return on payment other than salary
    1,299.00 /

    • Form 26 Q
    • Up to 10 deducted
    • For 1 Quarter

    TDS Return – TDS on Rent
    1,299.00 /

    • Form 26 QC
    • For 1 Quarter

    TDS Return – TDS Return from 27EQ
    1,299.00 /

    • Up to 10 deducted
    • For 1 Quarter

    TDS Return – TDS Return payment outside India (27Q)
    1,299.00 /

    • Up to 10 deducted
    • For 1 Quarter

    TDS Return – TDS Return on salary payment
    1,499.00 /

    • Up to 100 employees
    • For 1 Quarter

    TDS Return – TDS Return on salary and other payments
    2,499.00 /

    • For 1 Quarter

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