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TDS Return Filing-24Q

TDS (Tax Deducted at Source) return filing is a mandatory compliance requirement for businesses and individuals who deduct tax at source. Filing TDS returns on time ensures seamless tax credit to deductees and avoids penalties. At Company Mitra, we simplify the process, ensuring accuracy and compliance with all regulatory requirements.

Requirements

PAN & TAN of the deductor
Details of tax deducted and payments made
Challan details for TDS deposit
Details of deductees (PAN, income, and tax deducted)
Digital Signature Certificate (DSC) (if applicable)

Benefits

Avoid penalties and interest on late filing
Ensure seamless tax credit for deductees
Stay compliant with tax regulations
Hassle-free processing with expert assistance
Minimize the risk of errors and notices from the tax department

All About TDS Returns: Demystifying the Process

Tax Deducted at Source (TDS) is a mechanism in India where a part of the income is deducted by the payer (deductor) at the time of payment and deposited with the government on behalf of the payee (deductee). TDS returns are essentially reports filed by the deductor with the Income Tax department, summarizing the TDS deducted and deposited during a specific period.

Types of TDS Returns:

Form 24Q: Quarterly statement for TDS on salary, interest, pension, and annuity income.
Form 26Q: Quarterly statement for TDS on other income, including rent, professional fees, royalty, and commission.
Form 27Q: Quarterly statement for TDS on purchase of property.
Form 27EQ: Quarterly statement for TDS on specified payments under Section 194Q.

Who Needs to File TDS Returns?

Any person or entity responsible for deducting and depositing TDS must file the relevant TDS return. This includes companies, businesses, financial institutions, government agencies, and individuals making specific payments exceeding certain thresholds.

Key Information in TDS Returns:

Details of the deductor and deductees.
Nature and amount of the payment made.
Rate of TDS applicable.
Amount of TDS deducted.
Date of TDS deduction and deposit.
Challan details for TDS deposit.

Filing Process:

TDS returns are filed electronically through the e-filing portal of the Income Tax department. The specific e-filing requirements might vary depending on the type of return.

Due Dates:

The due date for filing TDS returns is the 15th day of the month following the quarter for which the return is being filed. For example, the due date for the TDS return for the quarter ending June 30th is July 15th.

Consequences of Non-compliance:

Failure to file TDS returns or late filing can attract penalties and interest charges.

Benefits of Timely Filing:

Avoids penalties and interest charges.
Ensures accurate credit of TDS in the deductee's tax records.
Provides data for reconciliation of TDS deducted and deposited.

Section	Income Type	Rate (Resident)	Rate (Non-Resident)	Threshold (if applicable)
192	Salaries	Progressive rates based on income slab	30%	-
193	Interest on Debentures (unlisted)	10%	20%	₹5,000 per year
194	Dividend	10%	20%	-
194A	Interest on Deposits (except bonds)	10% (PAN) / 20% (no PAN)	20%	₹10,000 per year
194B	Winnings from Lotteries, Card Games, Crossword Puzzles	30%	30%	₹10,000 per win
194BB	Winnings from Horse Races	30%	30%	₹5,000 per win
194C	Contractual Payments (professional fees, commission)	1% (individuals/HUF) / 2% (others)	20%	₹50 lakh per year
194D	Insurance Commission	10%	20%	₹20,000 per year
194EE	Income from Deposits under NSS	20%	-	₹2,500 per year
194F	Repurchase of units by Mutual Funds/UTI	20%	20%	₹1,000 per transaction
194G	Commission on sale of lottery tickets	10%	20%	₹1,000 per transaction
194H	Commission or Brokerage	10%	20%	₹5,000 per transaction
194I	Rent (Land & building)	10% (PAN) / 20% (no PAN)	30%	₹2,40,000 per year
194I	Rent (Plant & Machinery, Equipment)	2%	30%	₹2,40,000 per year
194IA	Sale of Immovable Property	1%	20%	₹50 lakh per transaction
194IB	Rent paid by Individuals/HUF (not subject to tax audit)	5%	-	₹50,000 per month
194IC	Monetary Consideration in Joint Development Agreements	10%	20%	-
194J	Professional/Technical Charges, Royalty & Non-compete fees	10%	20%	₹30,000 per payment
194J(1)(ba)	Remuneration or Commission to Director	10%	10%	-
194LA	Compensation on Acquisition of Immovable Property	10%	20%	₹2,00,000 per acquisition
194M	Other Payments (excluding salary, contract, interest)	5%	20%	₹50 lakh per year
194N	Cash Withdrawal from Co-operative Societies	5% if exceeds ₹3 crore per year	-	₹3 crore per year
194Q	Specified Payments (e.g., purchase of goods, contractor payments)	5%	20%	₹10 lakh per payment
194R	Perks or Benefits provided to Residents	10%	-	Business or profession income
194S	Virtual Digital Assets (VDAs)	1%	30%	-

Note:

This table is for informational purposes only and may not cover all TDS sections and rates.
Consult a Company Mitra for accurate guidance on TDS applicability and rates in your specific situation.
Rates for non-residents can be further reduced by applicable tax treaties.
Additional thresholds and conditions may apply for specific sections.

Document Required

Documents Required

PAN & TAN of the deductor
TDS challan receipts
Deductee details (name, PAN, and amount paid)
Form 16/16A (if applicable)
DSC for online submission (if present with party)

Professional Fees

~~₹15,000.00~~ ₹5,000.00

Additional Cost

Process time

⏳TDS return filing typically takes 3 to 5 working days, subject to document verification and processing by the tax authorities.

Steps

⏬ Step 1: Submit required documents and details.
⏬ Step 2: Verification of TDS deductions and challans.
⏬ Step 3: Preparation and validation of TDS return.
⏬ Step 4: Uploading of TDS return with the tax department.
⏬ Step 5: Receipt of acknowledgment and confirmation.

FAQ

👉 What is TDS return filing?
TDS return filing is the process of submitting details of tax deducted and deposited with the government in a prescribed format.

👉 Who needs to file a TDS return?
Any entity or individual deducting TDS on payments like salary, rent, professional fees, etc., must file a TDS return.

👉 What is the due date for filing TDS returns?
TDS returns are filed quarterly, with deadlines on 31st July, 31st October, 31st January, and 31st May.

👉 What happens if I don’t file my TDS return on time?
Late filing results in a penalty of ₹200 per day until the return is filed, subject to a maximum of the TDS amount.

👉 Can I revise a TDS return after filing?
Yes, a TDS return can be revised to correct any errors.

👉 What are the different types of TDS returns?
Common TDS returns include 24Q (salary), 26Q (non-salary payments), 27Q (non-resident payments), and 27EQ (TCS).

👉 Is a Digital Signature Certificate (DSC) mandatory for TDS return filing?
A DSC is mandatory for companies and entities required to file TDS returns online.

👉 How is TDS deposited with the government?
TDS is deposited using Challan ITNS-281 through online banking or at authorized banks.

👉 What documents do I need to file a TDS return?
You need PAN & TAN details, challan receipts, deductee details, and Form 16/16A (if applicable).

👉 Can I get a refund of excess TDS paid?
Yes, any excess TDS deducted can be claimed as a refund by filing an income tax return.

👉 How can Company Mitra help in TDS return filing?
We provide end-to-end assistance, ensuring timely and accurate TDS return filing while avoiding penalties.

Compliances

📌 Who Needs to File TDS Returns?

Any individual or entity deducting TDS under the Income Tax Act.
Includes employers, businesses, property buyers (Form 26QB), and others.

📌 Due Dates for TDS Return Filing

Q1 (Apr-Jun): 31st July
Q2 (Jul-Sep): 31st October
Q3 (Oct-Dec): 31st January
Q4 (Jan-Mar): 31st May
Form 26QB (TDS on Property): Within 30 days from the end of the month of deduction.