TDS Return Filing
Expert TDS Return Filing Services by Casela Advisors
Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department of India to collect tax directly at the source of income. At Casela Advisors, we provide professional TDS Return Filing services designed to ensure your business remains fully compliant with Indian tax regulations, avoids penalties, and maintains accurate records.
What Is TDS Return Filing?
TDS Return Filing refers to the electronic submission of TDS data to the Income Tax Department. It involves reporting details of TDS deductions made during a specific period, such as quarter-wise filings (Form 24Q, 26Q, 27Q, etc.). Proper filing ensures timely credit of TDS to deductees’ accounts and helps you avoid interest or penalties for non-compliance.
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Who Needs to File TDS Returns?
- Employers: Deduct TDS on employee salaries (Form 24Q).
- Business Owners: Deduct TDS on payments to contractors, professionals, or consultants (Form 26Q).
- Banks & Financial Institutions: TDS on interest payments (Form 26Q/27Q).
- Companies & Entities: Deduct TDS on rent, professional fees, and other specified payments.
- Individuals/Organizations: Engaged in TDS-deducting transactions under various sections of the Income Tax Act.
Ensuring timely TDS return filing is critical for all deductors to maintain compliance, claim TDS credits, and avoid penalties.
Why Choose Casela Advisors for TDS Return Filing?
- Comprehensive Filing Services
- End-to-end management: From document collection to e-filing, we handle every step.
- Accurate form selection: Forms 24Q, 26Q, 27Q, or 27EQ—filled correctly every time.
- Timely TDS Return Filing
- Adherence to deadlines: Quarterly due dates (July 31, October 31, January 31, and May 31) are strictly followed.
- Penalty avoidance: Early filing prevents interest and late-filing fees.
- Expert TDS Consultants
- Skilled tax professionals: Years of experience in TDS compliance and TDS return filing.
- Query resolution: We address any TDS-related issues, including rectification requests (TDS correction statements).
- Compliance Assurance
- Up-to-date knowledge: Regular updates on changes to TDS rates, thresholds, and legislation.
- Error-free filing: Thorough cross-checks ensure every TDS amount, PAN detail, and challan entry is accurate.
- Accurate & Efficient TDS Calculations
- Precise deduction: We calculate TDS amounts based on current slab rates and payment types.
- Detailed reconciliation: TDS certificates (Form 16/16A) are matched with deposited challans.
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Documents Required for TDS Return Filing
To file your TDS return accurately, gather the following:
- TDS Certificates (Form 16 / Form 16A): Proof of TDS deducted and deposited by the deductor.
- Challan Details: Bank challan receipts (Challan 281) demonstrating TDS payments to the government.
- PAN of Deductor & Deductee: Valid PAN cards for both payer and payee.
- Details of Transactions: Nature of payments (salary, rent, professional fees, interest, etc.) and amounts.
- TDS Statements: Form 24Q, 26Q, 27Q, or 27EQ data files reflecting TDS deductions.
Having these documents ready speeds up the TDS return filing process and minimizes discrepancies.
Benefits of Timely TDS Return Filing
- Penalty Avoidance: Late filing attracts interest (1.5% per month) and a late fee of ₹200 per day under Section 234E.
- Maintained Compliance: Enhances your credibility with stakeholders and the tax department.
- Smooth Credit to Deductees: Ensures deductees can accurately claim TDS credits in their income tax returns.
- Error Rectification: Early detection and correction of mismatches in Form 26AS.
TDS Return Filing Due Date
The TDS return due date is crucial for ensuring compliance with tax obligations. For each financial quarter, the TDS return quarterly due dates are as follows:
| Quarter | Period | TDS Return Due Date |
|---|---|---|
| Quarter 1 | April to June | 31st July |
| Quarter 2 | July to September | 31st October |
| Quarter 3 | October to December | 31st January |
| Quarter 4 | January to March | 31st May |
TDS Rates & Key Sections
TDS rates vary based on the type of income, including salaries, professional services, commissions, rent payments, and interest from investments. The applicable rate depends on the nature and total income level. Remember, The TDS Rates may be subject to change
| Section | Nature of Payment | Basic Rate* |
| 192 | Salary | As per Slab |
| 194A | Interest (other than on securities) | 10% |
| 194C | Payment to contractors/sub-contractors | 1% (Individual/HUF), 2% (Others) |
| 194I | Rent (Land/Building/Machinery) | 2% / 10% |
| 194J | Professional/Technical Services | 10% |
Penalty for Non-Compliance
Below, we have outlines the penalties for TDS non-compliance,
Late Deduction/Payment
- Interest @ 1% per month (or part thereof) for late deduction.
- Interest @ 1.5% per month (or part thereof) for late remittance of TDS to the government.
Late Filing of TDS Return
- Fee @ Rs. 200 per day up to the amount of TDS until the return is filed.
Penalty
Assessing Officer may impose penalty up to the amount of TDS if not deducted or remitted, in addition to interest and late fees.
TDS Return Forms
TDS forms depend on the income of the deductee or the type of deductee paying taxes. The TDS return filing forms are mentioned below:
| 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 |
TDS Return Filing Process
Document Collection & Verification
Form Selection & Data Entry
e-Filing with Income Tax Department
TDS Certificate Issuance
Follow-Up & Rectification
Faqs
FREQUENTLY ASKED QUESTIONS
Tax deduction at source (TDS) means deduction of tax on specified payments by the payer while crediting/paying to the payee and depositing the same to the government on behalf of payee. This mechanism was introduced to reduce tax evasion by the payee.
TAN stands for Tax Deduction Account Number and it is a 10-digit alphanumeric number alloted to Tax Deductor by IT department. TDS details in respect of deductee are available in Form 26AS.
A TDS return is a quarterly statement submitted by the deductor to the Income Tax Department, summarizing all TDS-related transactions during the quarter. It includes details such as TDS paid, challan details, and PAN of both the deductor and deductee. This statement filled with TDS related details refers to what is TDS return means.
There are different forms prescribed for different payments:
- Form 24Q: For TDS on salaries
- Form 26Q: For TDS on all payments other than salaries
- Form 27Q: For TDS on payments made to non-residents
- (i) For Tax deducted in April to February, due date for remittance is 7th of succeeding month.
- (ii) For Tax deducted in March, due date for remittance is 30th April.
TDS returns must be filed quarterly. The last TDS return filing date as follows:
- April to June (Q1): 31st July
- July to September (Q2): 31st October
- October to December (Q3): 31st January
- January to March (Q4): 31st May
As per Section 234E, a Fee at Rs 200 per day shall be levied for the period of delay in filing TDS Return but shall not exceed the amount of tax deductible.
