When Tax at source on payment other than salaries is to be deducted?
At the time of paying to the payee, the payer (Deductor) has to deduct TDS on certain transactions. The payment is other than payment of salary, and the Deductor has to file TDS return in Form 26Q. 26Q is to be submitted on a quarterly basis during the financial year under consideration. The total amount paid during the quarter and TDS amount deducted on such payments required to be reported in 26Q.
Tax at source is deducted on certain payments like Interest on securities, payment to contractors, brokerage or Commission, Rent, Royalty, Director Remuneration, Professional or technical fees.
Due Dates for filing of quarterly returns:
1st Quarter (April-June): tds returns to be filed on or before 31st July
2nd Quarter (July-September): tds returns to be filed on or before 31st October
3rd Quarter (October-December): tds returns to be filed on or before 31st January
4th Quarter (January-March): tds returns to be filed on or before 31st May
Documents Required for filing tds returns:
• PAN number of all the deductees and details of payment made to them.
• Tax payment challans if any deposited during each month of every quarter
• Any other detail as required shall also be intimated accordingly.
Taxcellent helps you in filing of quarterly tds returns for payment other than salary.