TDS Return

EVERY PERSON (CORPORATE OR NON-CORPORATE) SHALL REQUIRED TO DEDUCT TDS WHILE MAKING PAYMENT TO OTHER PARTIES AT SUCH RATES IF THE AMOUNT OF PAYMENT EXCEEDING THE MONETARY LIMITED SPECIFIED IN THE DIFFERENT SECTIONS OF INCOME TAX ACT.

EVERY PERSON SHALL REQUIRE TO OBTAIN TAX DEDUCTION ACCOUNT NUMBER FOR DEDUCTIONG TAX AT SOURCE.

FREQUENCYOF FILING OF TDS RETURN:-
  1. TDS RETURN IS TO BE FILED ON QUARTERLY BASIS.

DUE DATE OF FILING OF TDS RETURN

  1. FOR 1ST QUARTER – 30TH JULY
  2. FOR 2ND QUARTER – 30TH OCTOBER
  3. FOR 3RD QUARTER – 30TH JANUARY
  4. FOR 4TH QUARTER – 31ST MAY

DUE DATE OF PAYMENT:-

  1. TDS SO DEDUCTED SHALL REQUIRED TO BE PAID UPTO 7TH DAY OF NEXT MONTH PRECEDING THE MONTH IN WHICH TDS WAS DEDUCTED.

INTEREST AND PENALTY:-

  1. NON-PAYMENT OF TDS ATTRACTS INTEREST OF 1.5% P.M. FORM THE DATE AT WHICH TDS WAS DEDUCTED TO THE ACTUAL DATE OF PAYMENT
  2. NON- DEDUCTION OF TDS ATTRACTS INTEREST OF 1 % P.M. FROM THE DATE IT WAS REQUIRED TO BE DEDUCTED TO THE DATE OF ACTUAL DEDUCTION.
  3. FAILURE TO FILE TDS RETURN ON TIME ATTRACTS LATE FEE OF RS. 200 PER DAY (MAXIMUM OF TDS AMOUNT).