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TDS Return Filing:
What is a TDS - An Overview

To ensure quick and efficient collection of taxes, the Income Tax Law has incorporated a deduction system of taxation at the point of generating income. This is known as "Tax Deducted at Source," commonly referred to as TDS. In this system, tax is deducted from the source of income. Payers deduct tax and remit it to the government on behalf of the payee. TDS online enables the deductor to file the returns to the authority within the prescribed time.

The tax deduction provisions at source apply to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, lottery, etc.

What is a TDS Return Filing?

The TDS return summarises all tax deductions at source made by the individual to the income tax department during the quarter.

It contains the entries of TDS deducted by the deductor and deposited with the government. The statement contains various details, including the PAN of the deductor and the deductee, along with details of all TDS paid to the government and the TDS Challan information.

What happens after the TDS deduction?

Deposit TDS with Government

The deductor must deposit TDS with the government within a certain period (7th day of the next month, 30th day of April for March).

File TDS Return

In addition to filing TDS returns (quarterly), the deductor must include the financial details of all deductees for whom TDS was deducted during the quarter.

Updation of 26AS

Once the government receives the TDS amount, the Form 26AS of the deductee is updated with the tax deposited details.

Issue of TDS Certificates & ITR Filing

The deductee (or payee) then considers the Form 26AS and claims the TDS credit therein when he submits his income tax return for the relevant year. This ultimately reduces their total tax liability to be paid via an income tax return (and in some cases result in tax refund/TDS refund).

What are different forms under TDS Return Filing?

Form 24Q

TDS statement for salaries deducted at source (quarterly)

Form 26Q

TDS statement for tax deducted at source in respect of all payments except ‘salaries’ (quarterly)

Form 27Q

Tax deduction statement for interest, dividends, or any other payment to a non-resident. (quarterly)

Form 26QB

Challan summation of a statement of tax deduction under Section 194-IA.

Form 26QC

Challan cum statement of deduction of tax u/s 194-IB.

Form 27EQ

Quarterly statement of collection of tax at source (TCS)

List of Documents Required for
TDS Return Filing

TAN & PAN Details of the individual/entity
Tax Paid Receipts or details (as applicable)
Tax Deduction Details & Certificates (if required)

Last TDS filing details(if applicable)
Details of the entity (Company/LLP/Partnership/Sole proprietor)
Invoice details, including goods and services, received and supplied

NOTE:

*Any other Documents (if) required will be collected before submission of application.

Here Are Some Frequently Asked Questions

A payee can approach the payer for non-deduction of tax at source, but they must furnish a declaration in Form No. 15G/15H, as the case may be, to the payer to the effect that the tax on his estimated total income of the previous year after including the income on which tax is to be deducted will be nil. Form No. 15G is for the individual or a person (other than company or firm), and Form No. 15H is for senior citizens.

As it is not mandatory to file a Nil TDS return. An assessee, however, can file a Nil TDS return if they deduct no TDS during the quarter.

Yes, It’s possible to claim a tax credit if it hasn’t been utilised to pay taxes.

It is the duty and responsibility of the payer to deduct tax at the source. If the payer fails to deduct tax at the source, the payee will not face any adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, the failure of the payer to deduct tax at the source will not relieve the payee from the payment of tax on his income.

Following are the primary duties of the person who is liable to deduct tax at source.

He shall obtain Tax Deduction Account Number and quote the same in all the documents of TDS.
He shall deduct the tax at the source at the applicable rate.
He shall pay the tax deducted by him at source to the government’s credit (by the due date specified in this regard*).
He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
He shall issue the TDS certificate to the payee regarding tax deducted by him (by the due date specified in this regard*).

Deposits of Tax Deducted at Source (TDS) are to be made through banks using Challan 281, referencing the TAN number of the entity. Every month, TDS is due by the 7th of the month.
The tax deducted from a source must be reported on the TDS return. If no tax has been deducted, no TDS return is due.

The source of income is used as the basis for TDS collection, and therefore the frequency of collection is the same as the frequency of transactions. This makes it challenging to keep track of deductions. To facilitate the TDS payment, the deductor issues a certificate on its letterhead to the deductee. If not already provided, individuals are advised to request TDS certificates wherever applicable.

A deductor will face the following consequences if he fails to deduct TDS or, after deducting the same, fails to deposit it to the credit of the Central Government’s account:-
a) Disallowance of expenditure

Similarly, as per section 40(a)(ia), any sum payable to a resident, which is subject to deduction of tax at source, would attract 30% disallowance if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the Central Government till the due date of filing of return.
However, where in respect of any such sum, tax is deducted or deposited in the subsequent year, as the case may be, the expenditure so disallowed shall be allowed as deduction in that year.
As per Section 58(1A) (as amended with effect from the assessment year 2018-19), the provisions of section 40(a)(ia) and 40(a)(iia) shall also apply in computing the income chargeable under the head “Income from other sources.”

b) Levy of interest

As per section 201 of the Income-tax Act, if a deductor fails to deduct tax at source or after the deducting fails to deposit it to the government’s account, he shall be deemed to be an assessee-in-default and liable to pay simple interest.

c) Levy of Penalty

A penalty of an amount equal to tax not deducted or paid could be imposed under section 271C.

A TAN, or Tax Deduction and Collection Number, is a ten digit alpha number that must be obtained by individuals who are responsible for deducting tax at source or collecting tax at source on behalf of the government. TAN is not required for salaried individuals, nor may tax be deducted at the source.

Upon deducting the TDS, the deductor must provide a TDS Certificate. Deductions may be cross-checked by viewing a valid TDS certificate from TRACES along with the 7 digit certificate number and TRACES watermark.
The deductee must preserve certificates of TDS. For payments other than salaries, TDS certificates are issued every quarter, and for salaries, they are issued annually.

The employer issues the certificate 16/16A registering tax deductions at the source on behalf of the employees. Details of TDS / TCS for various transactions between a deductor and deductee are provided in these certificates.

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TDS Return Filing in India