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TDS/TCS Return

Tax Deducted At Source (TDS)

Tax deduction at source is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account.

Tax Collection at Source (TCS)

Tax collection at source is one of the modes of collection of taxes, by which a certain percentage of amounts are collected by a seller or collector from the buyers of the goods at the time of specific nature of goods sold and collected amount is remitted to the Government account.

TDS/TCS Return Due Date

 

  • Quarter – 1
  • Quarter – 2
  • Quarter – 3
  • Quarter – 4
Period

 

  • April to June
  • July to Sep
  • October to Dec
  • Jan to March
TDS Form – Salary (24Q), Other (26Q)

 

  • 31st July
  • 31st October
  • 31st January
  • 31st May
TDS Form – Interest, dividend other sum payable to non-residents (27Q)

 

  • 31st July
  • 31st October
  • 21st January
  • 31st May
TCS Form
(27EQ)

 

  • 31st July
  • 31st October
  • 31st January
  • 31st May

TDS Form 26QB TDS Return cum TDS Deposit on Sale of Property

  • Due date on or before 7th of the following month from the month of TDS deducted (upto 31st May 2016)
  • Due date will be 30th the following month (From 1st June 2016 onwards)

Due Date of TDS Deposit

For the month of April to February On or before 7th day of the follwing month (E.g-April month, date of deposit tax will be 7th May and so on)

For the month of March

On or before 30th April

TDS/TCS Rate Chart
F.Y. 2014-15 (AY 2015-16) – Kindly click for download
TDS/TCS Rate Chart
F.Y. 2015-16 (AY 2016-17) – Kindly click for download 

Interest for Delay of deposit of TDS

1.5 % per month or part thereof. The period for delay is taken from date of deduction to date of deposit.
(E.g. if deducted date is 28th June & due date is 7th July, but deposit tax on 10th July, interest will charged for 2 month.)

Penalty for faliure to file TDS Return

U/S 234 E

Rs. 200/- per day after due date to till date of filling , limited to not more than tax due.
(E.g. if due date is 15th July & return filed on 25th July, 10 days delay, penalty will be charged of Rs. 200 x 10 days = Rs.2000/- or If, tax is only Rs, 1500/- than penalty will not be over Rs. 1500/-)

U/S 271H

Min Rs 10,000 to Max Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement.