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    The concept of TDS was introduced with an aim to collect tax from the very source of income. According to this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Taxes shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, the withholding tax rates specified under the Double Taxation Avoidance Agreements shall also be considered.

    TDS Payments and Due Dates

    1.Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes:

    Electronic mode: E-Payment is mandatory for

    • All corporate assesses; and
    • All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.

    Physical Mode: By furnishing the Challan 281 in the authorized bank branch

    2.Every employer or deductor, who deducts the TDS from any employee or individual providing any professional service, is required to credit the tax deducted at source to the Central Government’s account before the specified due date. The monthly due date for TDS payment is as below:

     

    Month Due Date
    Every Month 7th of Subsequent Month
    March On or before 30th of April

    In case of delay deposit of TDS, interest @ 1.5% shall be levied from the date on which TDS was deducted till the actual date of deposit. Interest shall be chargeable on monthly basis.

    TDS Return

    TDS returns need to be filed every quarter. In case of late or non-filing of the return, a fine or fees of Rs. 200/- per day under section 234E of the Income Tax Act, 1961 until you finally file the return. However, this sum should not exceed the amount of tax to be paid. The due dates of filing TDS returns are as under:

     

    Quarter Period Due Dates for filing
    Q1 April to June 31st July
    Q2 July to September 31st October
    Q3 October to December 31st January
    Q4 January to March 31st May

    We at Taxcellent provides helps you to file TDS returns timely and also provided advisory for tax deduction at source.

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