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File TDS Returns the Right Way! Stay Compliant Organized Confident
At Petax Filing, we make TDS return filing quick, accurate, and hassle-free. Whether you’re a business owner or a professional, our experts ensure timely submissions, error-free calculations, and compliance with tax regulations
TDS Return Filing
TDS Return Filing – Simplified & Hassle-Free with Petax Filings
TDS (Tax Deducted at Source) is a mechanism under the Income Tax Act, 1961, where tax is deducted by the payer (deductor) while making specific payments such as salaries, rent, professional fees, contractor payments, and interest. This ensures timely tax collection by the government and reduces the chances of tax evasion.
After TDS deduction, the remaining amount is credited to the payee, who must report the gross income (before TDS deduction) in their tax return. Businesses and individuals responsible for TDS deduction must file TDS returns quarterly.
Who Needs to Deduct TDS?
The following entities must deduct and deposit TDS:
- Companies, firms, and LLPs
- Hindu Undivided Families (HUFs)
- Individuals liable for audit under Section 44AB
- Government bodies
TDS Deposit & Due Dates
After deducting TDS, it must be deposited online within the due dates to avoid penalties.
- For most months: 7th of the next month
- For March: 30th April (31st March for government deductors)
TDS Return Filing Due Dates
Quarter | Period | Due Date |
Q1 | April – June | 31st July |
Q2 | July – September | 31st October |
Q3 | October – December | 31st January |
Q4 | January – March | 31st May |
TDS Rates & Key Thresholds
Common Payments Attracting TDS
Section | Nature of Payment | Threshold Limit | TDS Rate |
192 | Salary | Exceeds Basic Exemption | As per Slab |
194A | Interest (other than securities) | Rs. 40,000 (Rs. 50,000 for senior citizens) | 10% |
194C | Payment to contractors/sub-contractors | Rs. 30,000 (Single) / Rs. 1,00,000 (Annual) | 1% (Individuals) / 2% (Others) |
194I | Rent | Rs. 2,40,000 per year | 2% (Land & Buildings), 10% (Furniture & Fittings) |
194J | Professional/Technical Services | Rs. 30,000 per year | 10% |
Types of TDS Return Forms
Form | Applicable For |
Form 24Q | TDS on Salaries |
Form 26Q | TDS on non-salary payments |
Form 27Q | TDS on payments to NRIs |
Form 27EQ | Tax collected at source (TCS) |
Step-by-Step Process for TDS Return Filing
- Gather Required Documents: TAN, PAN of deductor & deductees, TDS payment challans, and past TDS return details.
- Select the Correct TDS Form: Choose based on payment type (Salary – Form 24Q, Non-salary – Form 26Q, etc.).
- Prepare TDS Return File: Use the Return Preparation Utility (RPU) provided by the Income Tax Department.
- Validate the Return File: Use the File Validation Utility (FVU) to check for errors.
- Upload TDS Return Online: Log in to the Income Tax e-Filing portal, upload the validated .fvu file, and attach a Digital Signature Certificate (DSC) if required.
- Receive Acknowledgment: After submission, an acknowledgment receipt is generated for records.
Revised TDS Returns – Rectify Errors Easily
If errors occur (wrong PAN, incorrect challan details, etc.), a revised TDS return must be filed. Before submitting a revised return:
- Ensure the original TDS return was accepted by the TIN central system.
- Use the latest consolidated TDS statement (downloadable from TRACES).
Penalties for Late TDS Return Filing
- Late Deduction: 1% interest per month (or part thereof).
- Late Payment to Government: 1.5% interest per month (or part thereof).
- Late Filing: Rs. 200 per day (up to TDS amount).
- Failure to Deduct/Deposit TDS: Assessing Officer may impose a penalty equal to the TDS amount.
How to Claim TDS Credit?
To claim TDS credit, ensure TDS details are accurately reported in your income tax return (ITR). Incorrect details can lead to discrepancies in Form 16A / Form 26AS.
Start Your TDS Filing Today with Petax Filings!
Ensure seamless, compliant, and penalty-free TDS return filing with Petax Filings. Contact us now for expert TDS filing services and stay stress-free!
Why Choose Petax Filings for TDS Return Filing?
Filing TDS returns can be complex and time-consuming, but at Petax Filing, we make it simple, accurate, and stress-free. Here’s how we can help:
- Expert Guidance: Our professionals ensure error-free TDS returns.
- Timely Filing: We help you meet due dates and avoid penalties.
- Compliance with Latest Tax Laws: Stay updated with changing TDS rates & regulations.
- End-to-End Assistance: From TDS calculations to submission, we handle everything.
Ready to Simplify TDS Compliance?
Let’s handle your TDS return filings while you focus on growing your business!
Contact Us
Ready to Simplify Your Compliance Journey?
- 90030 22270
- Petaxfilings@gmail.com
- 848 Anna Salai, Saidapet, Chennai
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