In
order to know what is TDS return filing.
Firstly, we should know …………...
What is TDS?
It’s an indirect tax collected by
the government where individual is liable to deduct a certain percentage from
the payment such as salary, commission,
professional fees, interest, rent, etc.
Now the assessee needs to TDS return file quarterly to the Income
tax authorities in order to intimate the amount of TDS deducted from the
various payments.
Mode of filing
of TDS Return
Online
filing
The return can be furnished online at NSDL TIN
website after registering to NSDL
Offline
filing
TDS return can be furnished at any of the TIN- FC’s
managed by NSDL. The details and addresses of TIN- FC’s are provided.
Charges paid at
time of filing
|
NO
OF DEDUCTEE RECORDS IN TDS RETURN
|
CHARGES
|
|
Returns upto 100 records
|
RS. 31.15
|
|
Returns having 101 to 1000
records
|
178
|
|
Returns more than 1000 records
|
578.50
|
Due dates for
TDS Return filing
|
QUARTER
|
DUE
DATE
|
|
Apr-June
|
31ST July 2017
|
|
July-Sept
|
31ST Oct
|
|
Oct- Dec
|
31ST jan 2018
|
|
Jan- March
|
31ST may 2018
|
Penalty for
delay in filing of TDS Return
LATE FILING
If
the assessee makes delay in TDS Return filing as per the
due dates, penalty of Rs. 200 is applicable till the time default continues.
**Note:
·
Total
amount of penalty calculated as above cannot exceed amount of tax.
· Late filing fees shall be deposited
before filing the TDS return.
· Rs. 200 per day is not penalty but
it is a late filing fee.
NON FILING
If
the assessee fails to file the TDS return till 1 year from due date of filing,
penalty of min 10,000 and max 1,00,000 is applicable
**Note: Penalty is in addition to late filing
fees
However,
it was proposed in Budget 2018 to waive the fees for delay in filing of TDS
return. But unfortunately this recommendation was not taken into consideration
No penalty in case
of delay in filing the TDS Return in case of the following:
1. TDS is paid to credit of Government
2. Late
filing fees is paid to the credit of Government
3. TDS
return filed before expiry of 1 year from due date
**Note: Apart from
above relaxation, the Principal Commissioner of Income-tax or Commissioner of
Income-tax has power to waive or reduce he penalty for non filing in genuine
case.
Source
url - http://entersliceindia.webstarts.com/blog/post/about-tds-return-and-penalties-for-delay
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