Step-by-Step TDS Returns Filing: Forms 24Q, 26Q, 27Q & Penalties Explained

Tax Deducted at Source (TDS) is a system under the Income Tax Act, 1961, where tax is deducted at the time of making specified payments such as salary, interest, rent, or professional fees. After deducting TDS, it is mandatory for the deductor to TDS Returns Filing, providing details of tax deducted and deposited with the government.

Filing of TDS returns ensures proper credit of tax to the deductee and helps the Income Tax Department track tax collections.

Meaning of TDS Return

A TDS return is a quarterly statement submitted to the Income Tax Department that contains:

It is filed electronically in prescribed forms.

Who is Required to File TDS Returns?

The following persons are required to file TDS returns:

Any person who has deducted TDS must file a TDS return, even if the TDS amount is small.

Types of TDS Return Forms

Form Nature of Payment
Form 24Q TDS on Salary
Form 26Q TDS on payments other than salary
Form 27Q TDS on payments to non-residents
Form 27EQ TCS (Tax Collected at Source)

Due Dates for Filing TDS Returns

Quarter Period Due Date
Q1 April – June 31st July
Q2 July – September 31st October
Q3 October – December 31st January
Q4 January – March 31st May

Procedure for Filing TDS Returns

  1. Deduct TDS at applicable rates
  2. Deposit the deducted TDS with the government
  3. Prepare the TDS return in the prescribed format
  4. File the return online on the Income Tax portal
  5. Verify and submit the return
  6. Issue TDS certificates (Form 16 / 16A) to deductees

Importance of Filing TDS Returns

Penalty for Late Filing

Taxcellent assist you in filing TDS returns such as Form TDS on Salary, TDS other than Salary, TDS on Foreign Payments, TDS on purchase of property etc.

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