WHAT IS TDS Return Filing?
TDS is simply Tax Deducted at Source. As per the Income Tax Act – persons responsible for making payments are required to deduct tax at source at prescribed rates. Instead of receiving tax on your income from you at a later date, the govt wants the payers to deduct tax before hand and deposit it with the govt.
Besides depositing tax, as a Deductor, you must also file a TDS Return. A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.
Due dates of TDS Return filing is mentioned below:
| Period | TDS Return Due Date |
|---|---|
| April 21- June 21 | 31st July 2021 |
| July 21 -Sept 21 | 31st October 2021 |
| Oct 21 -Dec 21 | 31st January 2022 |
| Jan 22 -March 22 | 31st May 2022 |
TDS Return Filing
TDS return filing is mandatory in all cases of assessees who has deducted any TDS.
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Late filing fee of Rs. 200/day will be charged in case of delay in filing of TDS return.
Due dates of TDS deposit is mentioned below:
| Period | TDS Payment Due Date |
|---|---|
| For the month April 21- Feb 22 | 7th of the following month |
| For the month March 22 | 30th April 2022 |
Late deposit of TDS will attract an interest @1.5% per month in case of TDS deducted and not deposited and @1% per month in case of late deduction of TDS.
Note: For delay in payment of TDS made between 20th Mar 2020 and 30th June 2020. The reduced rate of interest of 0.75% per month will be charged instead of 1/1.5 percent per month amid COVID-19 pandemic in the country (Refer above Ordinance).
Documents Required for TDS Return Filing
- Scanned PAN Card of Partners/Directors/Proprietor
- Scanned copy of Voter’s ID/Passport/Driver’s License
- other details if any
- TAN of Company or Partnership
- TDS Deduction Details
- TDS Deposit challans
TDS Return Filing Process
| 2 Working Hours | You need to send us the above mentioned documents. |
| 4-5 Working Days | We will prepare your TDS Return and send it to you for the approval. |
| 1 Working Day | After your approval your TDS Return will be filed. |