Every deductor with a TAN must deposit TDS by the 7th of the following month (30 April for March) and file quarterly TDS returns: 24Q for salaries, 26Q for other resident payments, 27Q for non-residents and 27EQ for TCS. Returns are due 31 July, 31 October, 31 January and 31 May. Late filing costs Rs 200 per day under Section 234E.
Who must file TDS returns
Any person required to deduct tax at source, such as companies, firms and individuals liable to audit, must obtain a TAN, deduct TDS on specified payments, deposit it and file quarterly returns.
Quarterly due dates
| Quarter | Return due |
|---|---|
| April to June | 31 July |
| July to September | 31 October |
| October to December | 31 January |
| January to March | 31 May |
Filing process
- Collect PANs of deductees and challan details.
- Prepare the return using the utility and validate it with the file validation utility.
- Upload on the income tax portal or through a TIN facilitation centre.
- Issue Form 16 (salary, annually) and Form 16A (non-salary, quarterly) from TRACES.
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Get expert help →Penalties
- Late filing fee of Rs 200 per day under Section 234E, up to the TDS amount
- Penalty of Rs 10,000 to Rs 1 lakh under Section 271H for non-filing or incorrect filing
- Interest on late deduction and late payment
- Disallowance of expense in the deductor's books
Frequently asked questions
Is a nil TDS return required?
A nil return is not strictly mandatory for quarters with no deduction, but filing a declaration on the portal that no return is due helps avoid notices for non-filing.
What happens if PAN of the deductee is wrong?
The credit will not reach the deductee, and the deductor may face higher rate demands. Correct it through a correction return on TRACES as soon as possible.
Can I revise a TDS return?
Yes. Correction statements can be filed on TRACES to fix PAN errors, challan mismatches or deductee details after the original return is processed.
What is the difference between TDS and TCS returns?
TDS returns report tax deducted by the payer on payments made. TCS returns in Form 27EQ report tax collected by the seller on specified sales.
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