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 file the TDS return quarterly to the Income tax
authorities in order to intimate the amount of TDS deducted from the various
payments
WHEN
TDS NEEDS TO BE DEDUCTED
1. SALARY
INCOME: On the
individual salary income, TDS is deducted
2.
INTEREST INCOME: If the interest on FD and RD
exceeds 10,000 per year, then TDS is deducted
@10%
if PAN otherwise @20%
3.
EPF WITHDRAWLS: If
the employee withdraws min 50,000 before 5 years of service , then TDS is
deducted
FORMS OF TDS
RETURN
1.
FORM
24Q- Statement of TDS from salaries
2.
FORM
26Q-Statement of TDS from payments other than salaries
3.
FORM
27Q- Statement of TDS from interest, dividend or amount payable to non
residents
4.
FORM
27EQ- Statement of collection of tax at source
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 at the link https://www.incometaxindia.gov.in/Pages/default.aspx
DUE DATES FOR TDS RETURN FILING
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.
WHO
ARE REQUIRED TO FILE ELECTRONIC TDS RETURN
The following assesses are mandatorily required to
file E- TDS return :
1. Corporate deductors
2. Government deductors
3. If the account of deductor is required to get
tax audited
4. If the number of deductees in the preceding FY
exceeds 20 as per the records in quarterly statement
REVISION OF TDS RETURNS
If any errors are noticed after
the submission of the return, a correction statement can be filed by the
deductor. Following corrections can be made :
1.
Deductor’s
personal details such as name and address can be updated under this category
2.
Details
such as serial no. amount, tender date and BSR code in challan
3.
Deductee
details can be added/deleted or updated
4.
Salary
detail records can be added/deleted
5.
Updating
PAN of deductee
The charges would also be required to be again
paid in case a Revised Return is filed by the deductor and it can be filed
multiple times to incorporate no. of changes.
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