TDS Return Filing

What is TDS It is tax deduction at source which is deducted by the Employer and is known as deductor and employee or any other person whose tax is deducted is known as deductee. The amount so deducted is deposited on due dates and Quarterly returns are to be filed.
Types of TDS Return There are following Types of TDS Return
24Q- For Salaried
26Q for all deduction other than salaries such as interest
27 Q - payments other than salary made to Non-Resident Indian (NRI) and foreigners
Advantages TDS deduction is beneficial from government point of view and as per company it is mandatorily required to be complied so that penalties does not arise else company will have to bear noncompliance cost. Following are detailed benefits as per government point of view:
• Deducting TDS at source prevents tax evasion.
• Tax collection is done duly and in a timely manner.
• A large number of people come under ambit of tax.
• Collection of TDS is a steady source of revenue for the government.
Rates of TDS It is prescribed in the Income tax Act and annexure is attached below Click Here
Due dates of TDS return and amount Deposit Amount of TDS deducted needs to be deposited up to 7th of the next month Quarterly returns need to be filled.
Penalty of Return filling According to Section234E, if an assesse fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assesse until the time the default continues. However, the total penalty should not exceed the TDS amount.
Penalty of delayed deposit of tax 1.5% per month or part of the month
Process Process is as detailed below

TDS Rates

SEC DUE date % of tds
192 Salary Due date is 07th of next month and 30 april in case of march
Can be deposited on the same date on which the tax have been deducted
Slab Rate including loss of house property
192A 10%
194A TDS on Ints other than securities 10%
194B Winning from lottery crossword puzzles 30%
194BB Winning from Horse Races 30%
194C TDS on contract 1% for Individual/HUF
2% for company
194D Tax on Insurance commission 5%
194DA Tds on maturity proceeds of LIC 1%
194E TDS on payment of NR sports person 20+cess%
194G TDS on commission on sale of lottery ticket 5%
194H TDS on commission and brokerage 5%
194I TDS on Rent Plant and machinery-2%
Land /Building Furniture-10%
194IA TDS on T/F of immovable property 1%
194IB TDS on rent of immovable property 5%
194IC TDS payment under Development Agreement 10%
194J TDS on professional services 10%
194LA TDS on compensation of compulsory Acquisition 10%
194LB TDS on infrastructure debt fund 5%
195 TDS on any sum payable to NR DTAA Rate or Rate in force

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