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Tax Deducted at Source (TDS) is a kind of tax deduction subtracted at the time of specific payments made to the seller (deductee) by purchaser (deductor), such as, rent, commission, professional fees, interest, etc. when the amount is more than the minimum threshold limit exempted from deduction.
TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.
The due date of TDS return filing is seventh day of the succeeding month.
| Quarter | Period | Last date of Filing |
| 1st Quarter |
1st April - 30th June |
31st July |
| 2nd Quarter |
1st July - 30th September |
31st October |
| 3rd Quarter |
1st October- 31st December |
31st January |
| 4th Quarter |
1st January - 31st March |
31st May |
TDS forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:
| Forms | Periodicity | Particulars |
| Form 24Q | Quarterly | The quarterly statement for TDS from "Salaries" |
| Form 26Q | Quarterly | Quarterly statement of TDS in respect of all payments other than "Salaries" |
| Form 27Q | Quarterly | Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents |
| Form 27EQ | Quarterly | Quarterly statement of collection of tax at source |
TDS FORM 24Q:
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.
TDS FORM 26Q:
When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26Q every quarter.
TDS FORM 27Q:
Form 27Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Non-resident Indian and foreigners. Form 27Q is to be furnished every quarter or before the due date. Form 27Q contains the details of the payments that are made and the TDS deducted on payments is made to the NRI by the deductor.
TDS FORM 27EQ:
Form 27EQ contains all details about tax that is collected at the source. According to Section 206C of the Income Tax Act 1961, this form has to be filed every quarter. The Form has to be submitted by both corporate and the government collectors and the deductors.
If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234E per day by the assessee until the time the default is continuing.
Penalty (Sec 271H), where the Assessment Officer penalizes the defaulter with penalty payment of minimum INR 10,000 till INR 1 lakh for not making TDS Return on time. This penalty is additional with the fine of Section 234E of IT Act.
Interest (On failing to deduct TDS payment on time): 1% per month starting from the date when TDS was liable to be deducted either in full or part.
Interest (On failing to deposit TDS payment on time): 1.5% per month starting from the date when TDS was liable to be deducted.
| Form | Certificate | Frequency | Due Date |
| Form 16 | TDS on Salary Payment | Yearly | 31st May |
| Form 16A | TDS on Non-Salary Payment | Quarterly | 15 Days from Due Date of filing Return |
| Form 16B | TDS on Sale of Property | Every Transaction | 15 Days from Due Date of filing Return |
| Form 16C | TDS on Rent | Every Transaction | 15 Days from Due Date of filing Return |
Note: In case, excess TDS is deduced from deductee's income, he/she can claim for Refund from the Income Tax Department.
As per Section 206AA of the Income Tax Act, if you do not furnish your Permanent Account Number to the deductor, then the deductor shall deduct TDS at the higher of the rate prescribed in the relevant provisions of the Act or at 20%.
A payee can approach to the payer for non-deduction of tax at source but for that they have to furnish a declaration in Form No. 15G/15H, as the case may be, to the payer to the effect that the tax on his estimated total income of the previous year after including the income on which tax is to be deducted will be nil.
Form No. 15G is for the individual or a person (other than company or firm) and Form No. 15H is for the senior citizens.
Yes, it is mandatory to mention the 10 digit reformatted (new) TAN in your e-TDS/TCS return
Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS.
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