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Overview

TDS is the amount of tax which is deducted by the employer or deductor from the taxpayer and is deposited to the Income Tax Department on behalf of him/her. The TDS rates are set on the basis of the age bracket and income of different individuals.

What is TDS (Tax Deducted at Source)

According to the Income Tax Act, 1961, all the policies and regulations related to tax deducted at source (TDS) are managed by CBDT (Central Board of Direct Taxes). A person who is liable to deduct the tax is called “deductor” and the person from whose account the relevant TDS is deducted is called “deductee”.

Types of TDS

Here are some of the income sources that qualify for TDS:

  • Salary
  • Amount under LIC
  • Bank Interest
  • Brokerage or Commission
  • Commission payments
  • Compensation on acquiring immovable property
  • Contractor payments
  • Deemed Dividend
  • Insurance Commission
  • Interest apart from interest on securities
  • Interest on securities
  • Payment of rent
  • Remuneration paid to the director of a company, etc
  • Transfer of immovable property
  • Winning from games like a crossword puzzle, card, lottery, etc.

Due Date for TDS Filing

The Tax Deducted at Source must be deposited to the government by 7th of the subsequent month.

What is TDS Return?

Apart from depositing the tax, the deductor should also file a TDS return. TDS return is a quarterly statement to be given to the Income Tax department. It is compulsory for deductors to submit a TDS return on or before above due dates. In case of late or non-filing of the return, a fine or fees of Rs. 200/- per day under section 234E of the Income Tax Act, 1961 until you finally file the return. However, this sum should not exceed the amount of tax to be paid. The details required to file TDS returns are:

  • PAN of the deductor and the deductee
  • Amount of tax paid to the government
  • TDS challan information
  • Others, if any

TDS Return Filing Dates

Quarter

Quarter Period

Due date to file TDS return

1st Quarter

April to June

On 31st of July of the same FY

2nd Quarter

July to September

On 31st of Oct of the same FY

3rd Quarter

October to December

On 31st of Jan of the same FY

4th Quarter

January to March

On 31st of May next financial year

 

TDS Return Form

Different TDS Forms are depending on the income of the deductee or the type of deductee who pays the TDS. The different TDS forms are listed below as follows:

Form

 Periodicity

     Particulars

Form  24Q

Quarterly

The quarterly statement for TDS from "Salaries"

Form 26Q

Quarterly

Quarterly statement of TDS in respect of all payments other than “Salaries”

Form  27Q

Quarterly

Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents

Form  27EQ

Quarterly

Quarterly statement of collection of tax at source

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