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Tax Deducted at Source

TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. Tax is deducted usually over a range of 1% to 10%.

Who has to deduct TDS and when?

Every Company, partnership firm or any other person liable to audit has to deduct TDS when making following payments.

Following is the list of some common payments on which TDS is applicable:

Due Dates for Payment of TDS

Due Dates for Payment of TDS

Apart from depositing the tax, the deductor should also file a TDS return.

TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. 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

Due dates of TDS Return FY 2020-21 :

Penalty for delay in filing TDS Return

According to Section 234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount

Non-filing of TDS Return

If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.

TDS Return Forms

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