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TDS Computation & Filings

TDS return filing is a statement submission which is done every quarter to the Income Tax Department. TDS return filing is done through online mode. The submitted form will come up in the form 26AS. The return can be filed only after registering yourself on a website called TRACES (TDS Reconciliation Analysis and Correction Enabling System).


Who should file TDS Returns:

  • Employers who have a valid Tax collection or deduction account number.

  • Any person who is making a specified payment under the IT Act.

They need to deposit the TDS before the stipulated time mentioned.

Most Common Sections


The documents required for TDS Challan Payment & TDS Return

  • PAN & TAN of the Deductor

  • Details of Amount Credited & TDS/TCS Amount

  • PAN of Deductee from whom Tax have been deducted

  • Address of the Deductor

  • TDS Challan


Most Common Sections


  • 192 - Salary

  • 194 A - Interest other than 'Interest on Securities'

  • 194 C - Payment to Contractors and Sub- contractors

  • 194 H - Commission or Brokerage

  • 194 IB - Rent

  • 194 JA - Fees for Technical Services

  • 194 JB - Fees for Professional Services or Royalty etc.

  • 194 Q - Deduction of Tax at Source on Payment of certain Sum for purchase of Goods

  • 206 CR- Collection at Source on Sale of Goods

Forms for Filing TDS Returns

Form

24Q - Quarterly TDS statement for tax deducted on salary payments.

27Q - Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company

26Q - Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc.

Due Date

If the deductors (other than office of government) deduct TDS in any month, tax must be paid on or before 7th of the next month

TDS Return to be filed on Quarterly Basis

for Q1 -Apr to June - 31st July

Q2 - July to Sep - 31st October

Q3 - Oct to Dec - 31st January

Q4 - Jan to March - 31st March





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