All corporate and non-corporate tax deduction entities making payments specified under the Income Tax Act, to third parties are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit them with any designated bank branches authorized with the collection of taxes on behalf of the Government of India. They are also required to furnish TDS returns with third parties’ details and challan details on the tax deposit to the IT Department.
Due date of quarterly filing of TDS return are as follows-
- April-June – 31st July
- July-September-31st October
- October – December-31st January
- January-March-31st May
Form 26Q is return form which is filled in to provide details of Non-Salary TDS. Form 24Q is return form, used to provide details of Salary TDS, while Form 27Q is used for details of Non-resident payments.
Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.
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TDS is to be paid by the person who is liable to deduct/Collect tax at a prescribed rate of income tax act known as deductor from the income of another person called deductee. Deductor has valid TAN which is used to quote at the time of making payment using challan 281 of TDS/TCS to central government thru both online as a well offline mode. Online payment of TDS/TCS can be made from internet net banking facility using traces online facility while offline payment can be deposited to a designated bank over their counters.
A TAN registration can be obtained within 10 to 15 days.
You don’t have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.