TDS/TCS Return Filling
TDS Return Filing Rules and Due Dates in India
Simplify Your TDS Compliance with Expert Assistance
Tax Deducted at Source (TDS) is a mechanism through which taxes are collected at the point of income generation. Filing accurate TDS returns on time is crucial for compliance with the Income Tax Act, 1961, and avoiding penalties. Here’s everything you need to know about TDS return filing rules and due dates.
What is TDS Return Filing?
TDS return filing involves submitting details of tax deducted and deposited by the deductor. This includes:
- Details of deductor and deductee.
- TDS challan information.
- Income against which TDS was deducted.
Who Needs to File TDS Returns?
Any person or entity responsible for deducting TDS must file TDS returns, including:
- Employers deducting TDS on salaries.
- Banks deducting TDS on interest payments.
- Entities deducting TDS on professional fees, rent, or contractual payments.
TDS Return Forms
Different forms are prescribed based on the nature of the payment:
- Form 24Q: TDS on salaries.
- Form 26Q: TDS on non-salary payments.
- Form 27Q: TDS on payments to non-residents.
- Form 27EQ: TCS (Tax Collected at Source).
TDS Return Filing Due Dates
| Quarter | Period | Due Date |
|---|---|---|
| Q1 | 1st April - 30th June | 31st July |
| Q2 | 1st July - 30th September | 31st October |
| Q3 | 1st October - 31st December | 31st January |
| Q4 | 1st January - 31st March | 31st May |
Penalties for Late Filing
- Late Filing Fee (Section 234E): ?200 per day of delay (subject to TDS amount).
- Penalty (Section 271H): ?10,000 to ?1,00,000 for failure to file or incorrect filing.
-
Interest:
- 1% per month for delay in deduction.
- 1.5% per month for delay in payment to the government.
Benefits of Timely Filing
- Avoid penalties and interest.
- Ensure seamless processing of deductee tax credits.
- Maintain compliance and reputation.
Why Choose Our TDS Filing Services?
- Accuracy Guaranteed: Error-free preparation and filing.
- End-to-End Support: From challan preparation to acknowledgment receipt.
- Timely Reminders: Never miss a due date with our proactive alerts.
- Expert Assistance: Guidance on complex TDS scenarios.
TCS Return Filing Rules and Compliance in India
Streamline Your Tax Compliance with Expert TCS Return Filing Services
Tax Collected at Source (TCS) is a tax collected by the seller from the buyer at the time of specific transactions, as per Section 206C of the Income Tax Act, 1961. Filing TCS returns accurately and on time is essential to ensure compliance and avoid penalties.
What is TCS Return Filing?
TCS return filing involves submitting details of tax collected at source and deposited with the government. This return contains:
- Details of the seller and buyer.
- TCS challan details.
- Amount of TCS collected and deposited.
Who Needs to File TCS Returns?
- Sellers of goods such as liquor, scrap, minerals, etc., as per Section 206C.
- E-commerce operators collecting TCS under Section 206C(1H) and 206C(1G).
Applicable TCS Rates (Examples)
| Nature of Transaction | TCS Rate | Threshold |
|---|---|---|
| Sale of Scrap | 1% | No threshold |
| Sale of Minerals | 1% | No threshold |
| Sale of Goods (Sec 206C(1H)) | 0.1% | Exceeds ?50 lakh |
| Foreign Remittance under LRS (Sec 206C(1G)) | 5% | Above ?7 lakh annually |
Forms for TCS Return Filing
- Form 27EQ: The prescribed form for filing TCS returns for all quarters.
Due Dates for Filing TCS Returns
| Quarter | Period | TCS Return Due Date | TCS Deposit Due Date |
|---|---|---|---|
| Q1 | April - June | 15th July | 7th of the following month |
| Q2 | July - September | 15th October | 7th of the following month |
Start Your TCS Compliance Journey Today!
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Benefits of Income Tax Assessments & Appeals Services:
- Expert Representation – Professional handling of tax disputes and notices.
- Legal Compliance – Ensure accurate tax filings and assessments.
- Avoid Penalties – Minimize fines and incorrect tax liabilities.
- Quick Resolution – Speed up the assessment or appeal process.
- Peace of Mind – Tax professionals manage the entire process efficiently.
Documents Required for Assessments & Appeals:
- PAN Card and Aadhaar Card
- Income Tax Return (ITR) copies
- Tax demand notice (if applicable)
- Financial statements (Balance Sheet, Profit & Loss Account)
- Supporting documents for deductions and exemptions
- Any previous appeal or assessment records