TDS Payment & Return Filing
Online TDS return is a statement given to the IT department every quarter. It is essential for every deductor to deposit income tax and file for TDS return on time.
OnlineFiling assists and guides you on online TDS return in 3 easy steps:
- Information Collection - Our agents will set up a seamless process for data collection
- Return Preparation - Your return will be prepared as required
- Return Filing
TDS Return for individuals and businesses
An employer or company that has valid TAN - Tax Collection and Deduction Account Number can file for online TDS return. Any individual or business who makes a particular payment which is stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
- Salary
- Insurance commission
- Income from winning horse races
- Income by way of “Income on Securities”
- Income by way of winning the lottery, puzzles, and others
- Payment in respect of National Saving Scheme and many others
Benefits of TDS Return Filing Online
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying tax lump sum as the payment is done every three months for the whole year
TDS & TCS Payment Deposit Due Dates for Govt & Non-government
- The due date for depositing TCS is the 7th of next month.
- Due dates for depositing TDS as under:
- For non-government Deductors- 7th of next month (except for the month of March where the due date is 30th of April)
- For Government Deductors-
- If paid through challan- 7th of next month
- If paid through book-entry- Same day i.e. the day on which TDS deducted.
TDS Due Dates for Return Filing:
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July |
| 2nd Quarter | 1st July to 30th September | 31st October |
| 3rd Quarter | 1st October to 31st December | 31st Jan |
| 4th Quarter | 1st January to 31st March | 31st May |
TCS Last Dates for Return Filing
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 15th July |
| 2nd Quarter | 1st July to 30th September | 15th October |
| 3rd Quarter | 1st October to 31st December | 15th Jan |
| 4th Quarter | 1st January to 31st March | 15th May |
Interest on Non-Payment of TDS/TCS
In addition to the penalty, the interest will also be charged alongside. The interest is payable by the taxpayers before the filing of the TDS return. The details about interest rates are given in Section 201 A.
- For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, the reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period. However, none or short payments of TDS/TCS made after 30th June will attract following interest liability:-
- When a part or whole amount of tax is Non-deducted at source then 1% per month interest is subject to TDS/TCS amount when the Interest period starts from the date on which the tax was deductible and lasts till the actual date of deduction.
- When a part or whole amount of TDS is not paid then 1.5% per month interest is subject to TDS/TCS amount when the Interest period starts from the deduction date and lasts till the actual date of payment.
- Interest at the rate of 1.5% per month ( from the date when it was deducted to the actual date of deposit) has to pay for late payment of TDS after deduction.
- Note: The interest is calculated on the basis of a number of months and not on the basis of a number of days so a part of a month will be taken as a whole month.