Filing TDS Return
Every assessee whose TDS has been deducted will have to file his/her TDS return. These returns should be filed after particular intervals of time, and the information that must be submitted to the income tax authorities include TAN (Tax Deduction and Collection Account Number), amount deducted, Permanent Account Number (PAN), TDS payment, kind of payment, etc. There are late filing fees for delayed filing of TDS returns so it is important to keep the due dates in mind as well as correct documents required.Learn more on our other articles about Income Tax Return, Income Tax Slabs, Income Tax Refund and efiling Income Tax
Due Date for Filing TDS Returns FY 2020-2021
|Quarter||Quarter Period||Quarter Ending||Due Date|
|1st Quarter||April – June||30 June 2020||31 July 2020|
|2nd Quarter||July – September||30 September 2020||31 October 2020|
|3rd Quarter||October – December||31 December 2020||31 January 2021|
|4th Quarter||January – March||31 March 2020||31 May 2021|
Due Date to File TCS Returns for FY 2020-21
|Quarter||Quarter Period||Quarter Ending||Due Date|
|1st Quarter||April – June||30 June 2020||15 July 2020|
|2nd Quarter||July – September||30 September 2020||15 October 2020|
|3rd Quarter||October – December||31 December 2020||15 January 2021|
|4th Quarter||January – March||31 March 2020||15 May 2021|
In case there are delays in depositing TDS, or errors while filing TDS returns, the following penalties shall become applicable:
- Late filing fees
Late Filing Fees
Failure to file your TDS returns within the due date will mean that you will be subject to a late filing fee of Rs.200 per day. The fee will be charged for every day after the due date, until the date on which your return is filed. However, the maximum fees that you will have to pay will be limited to the TDS amount.
For instance, in case your TDS payable amount is Rs.7,500 on May 14, and the amount is paid on November 19, the total number of days between the aforementioned dates is 190. Therefore, Rs.200 per day for 190 days will be Rs.38,000. However, since your TDS payable amount is Rs.7,500, your late filing fees will be only Rs.7,500 and not Rs.38,000. But, an interest will be charged to you.
Penalty for TDS Return
In case TDS returns are filed after the due date, or there are discrepancies in the return forms, the following penalties shall become applicable:
- Penalty under Section 234E: Under this section of the Income Tax Act, the deductor will be charged Rs.200 per day until TDS is paid, but the penalty amount cannot be more than the TDS amount.
- Penalty under Section 271H: A penalty which may range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable in case wrong details have been submitted, such as incorrect PAN, incorrect tax amount, etc.
A penalty will not be charged under Section 271H of the Income Tax Act in case TDS/TCS returns are not filed within the due date, provided that the following conditions are applicable:
- The TDS/TCS is paid to the government’s credit.
- The filing of the TDS/TCS return is done prior to the expiry of 1 year from the due date.
- The interest and late filing fees (if any) have been paid to the government’s credit.
Interest Rate for TDS Payment
Under Section 201(1A) of the Income Tax Act, 1961, if tax is not deducted at source, either partly or fully, an interest rate of 1% per month will be applicable from the date on which tax was supposed to be subtracted to the date on which it is actually subtracted. In case tax has been deducted, and has not been paid either partly or fully, an interest rate of 1.5% per month will be applicable from the date on which tax was deducted to the date on which it was paid.
For instance, in case the TDS payable amount of an individual is Rs.7,500 and the date on which it was deducted is January 14, and TDS was paid on May 18, the interest charged to the individual shall be Rs.7,500 x 1.5% per month x 5 months = Rs.562.5.
TDS Return Forms
The following are the TDS return forms and the purpose for which they are used:
|Form 24Q||TDS from salaries|
|Form 26Q||TDS on all payments apart from salaries|
|Form 27Q||Subtraction of tax from dividend, interest or any other amount payable to non-residents|
|Form 27EQ||Collection of tax at source|
FAQ's On TDS Returns Due Dates
- Will I have to pay an upload fee for the correction of e-TDS/TCS returns?
- What are the various types of challan statuses in the TDS/TCS statement?
Yes, an upload fee must be paid for the correction of e-TDS/TCS returns. Depending on the number of records, the fee will vary.
The various types of statuses in the TDS/TCS statement are mentioned below:
- Match Pending
- Match Failed (Challan)
- Match Failed (Transfer Voucher)
- Provisionally Booked
Various softwares are available to prepare the TDS/TCS statement. The details of the software providers can be found on https://www.tin-nsdl.com/services/etds-etcs/etds-swproviders-etds.html.
The various types of forms available for filing TDS/TCS returns are mentioned below:
- Form 24
- Form 26
- Form 27
- Form 27E
- Form 24Q
- Form 26Q
- Form 27Q
- Form 27EQ
The Director General of Income Tax (Systems) has been appointed as the e-filing administrator by the CBDT.