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Individuals whose tax at source on specific income has been deducted and filed with the government are required to file for TDS returns. Typically, such a return is required to be filled within a stipulated period along with essential details related to the tax deduction, the deductor and deductee, among others.

What is TDS Return?

TDS return can be best described as the quarterly statement or summary of all TDS-related transactions made during the specific quarter. Typically, it comprises details of the TDS collected and deposited to the Income Tax Authority by the deductor. The essential details disclosed in a TDS return statement include:

Deductor and deductee’s PAN.

Particulars of TDS paid

Challan details

Notably, all details included in the online TDS return form is also disclosed in the payee’s Form 26AS. It is mandatory for all individuals who come under the purview of tax slabs prescribed by the IT department.

Typically, eligible individuals can file TDS returns through the IT department’s e-filing portal. In case one fails to file TDS returns within 1 year of filing from the due date, he/she must pay at least Rs.10000 as a penalty for delaying the process.

Similarly, the penalty has to be paid in case one furnishes incorrect information. Notably, Section 234 states that if a taxpayer fails to file TDS return within the due date, he/she must pay a penalty of Rs.200 each day until filed. Regardless, the total liability must not exceed the TDS amount at any given point of time.

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FAQ on TDS Filing

  • Who is Eligible for TDS Return?
    Employers and organisations with a valid TAN are qualified for filing TDS returns. Individuals whose accounts are audited under Section 44AB, and hold an office under the government or companies are liable to file online TDS returns every quarter.It means that the deductor can be – an individual, group of individuals, HUFs, limited companies, local authorities, an association of individuals, partnership firms, etc.
  • What is the Rate of TDS Deduction?
    Income generated through – salaries, professional fees, commission, rent, interest earned, etc. are subject to TDS deductions. The rate of TDS levied on the earnings is based on the source of income and the total revenues generated. In simple words, different types of income are subject to a different rate of TDS. It must be noted that tax is paid on the excess amount earned after the maximum threshold level is obtained. Generally, TDS rate ranges between 1% and 30% and relies heavily on the amount of income taxed.
  • What is corporate tax in India?
    Corporation tax is a tax levied on a company's net profits. Companies, both private and public, registered in India under the Companies Act will be required to pay corporate tax.
  • Is corporate tax a direct tax?
    A corporate tax, also known as a corporation tax or a business tax, is a direct tax levied on the profits or capital of corporations or similar legal entities.