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TAN |
Payment of TDS |
Return |
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Return
Person liable to furnish TDS statement
Every person responsible for deduction of tax shall furnish quarterly statements in respect thereof.
Form for filing TDS statements
Quarterly TDS statements shall be furnished in the following forms:-
1) Form 24Q - Statement of deduction of tax from salary under section 192.
2) Form 27Q - Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident.
3) Form 26Q - Statement of deduction of tax under section 193 to 196D in any other case.
However in case of tax is deducted under section 194-IA, the deductor shall furnish a challan-cum-statement in Form 26QB within a period of seven days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.
Similarly, in case of tax is deducted under section 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QC within a period of seven days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.
Further, in case of tax is deducted under section 194M, the deductor shall furnish a challan-cum-statement in Form 26QD within a period of seven days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.
The quarter ending of the financial year
The due date for filing of TDS return (Both for Government and other Deductor)
Q1: 31st July of the financial year
Q2: 31st October of the financial year
Q3: 31st January of the financial year
Q4: 31st May of the financial year immediately following the financial year in which deduction is made
Furnishing of TDS statement electronically
The quarterly TDS statement shall be furnished electronically in any of the following modes:
a) Furnishing the statement electronically under digital signature; or
b) Furnishing the statement electronically along with the verification of the statement in Form 27A or verified through an electronic process.
Overview
For a quick and efficient collection of taxes, the Income-tax Act has incorporated a system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source” commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is directly remitted to the Government by the payer on behalf of the payee.
The provisions of tax deducted at source presently apply to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc.
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