Filing of TDS Return
Introduction
Any person responsible for deducting tax at source (TDS) must file a quarterly statement in the prescribed format by the due date. However, for TDS deducted under Sections 194-IA, 194-IB, 194M, and 194S (for specified persons), the statement is filed monthly.
Forms for Filing TDS Returns
- Form 24Q– For salary income (Sections 192 and 194P).
- Form 26Q– For TDS on payments to residents (Sections 192A to 194T, excluding 194P).
- Form 27Q– For TDS on payments to non-residents (Sections 192A to 196D, excluding 194P).
- Form 26QB– For TDS on immovable property purchase (Section 194-IA).
- Form 26QC– For TDS on rent payments by individuals/HUFs (Section 194-IB).
- Form 26QD– For TDS on payments to contractors/professionals (Section 194M).
- Form 26QE– For TDS on virtual digital asset transactions by specified persons (Section 194S).
- Form 26QF– For TDS on virtual digital assets through an Exchange.
- Form 24G– For Government deductors depositing TDS without a challan.
Due Dates for Filing TDS Returns
|
Quarter |
Period |
Due Date |
|
Q1 |
April – June |
31st July |
|
Q2 |
July – September |
31st October |
|
Q3 |
October – December |
31st January |
|
Q4 |
January – March |
31st May |
Monthly Filing (Within 30 Days from Month-End) for:
- Form 26QB(Section 194-IA)
- Form 26QC(Section 194-IB)
- Form 26QD(Section 194M)
- Form 26QE(Section 194S for specified persons)
Due date for Form 24G:
- For march month– on or before April 30
- For other months– on or before 15 days from the end of the relevant month.
Filing Process
TDS returns can be filed:
- In Paper Form (only for eligible deductors).
- Electronically under Digital Signature.
- Electronically with Form 27A verification or verification through EVC.
- ForForms 26QB, 26QC, 26QD, 26QE – Electronically only.
Government offices, companies, tax audit cases, and deductors with 20 or more deductees are required to file electronically.
Required Details in TDS Return
- TAN and PAN details.
- Challan details (BSR code, date, and serial number).
- Salary breakup (if applicable).
- Lower/Nil deduction details underSections 197/197A.
- Exemptions underSection 10(e.g., trusts, political parties).
Processing of TDS Returns
The Income-tax Department processes TDS statements to check for errors, interest liability, and defaults. Adjustments may be made for:
- Arithmetical errors.
- Incorrect claims.
- Interest for late deduction/payment.
- Late filing fees underSection 234E(Rs. 200/day).
TDS Correction Statements
- From 01-04-2025, a correction statement cannot be filed after 6 years from the due date of the original statement. Earlier there was no time limit.
Penalty for Defaults
- Late filing fees underSection 234E(Rs. 200 per day, up to the TDS amount).
- Penalty underSection 271Hfor failure to file or filing incorrect returns.