TDS RETURN

ABOUT TDS RETURN

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

 

BENEFITS

  • It helps in regular collection of taxes
  • Ensures a flow of regular income to the government
  • Reduces the burden of lump-sum tax payment. It helps in spreading the entire tax payment over a number of months which makes it easier for the taxpayer
  • Offers an easy mode of tax payment to the payer.

DUE DATES

 

 Amount paid/creditedDue date of TDS depositedeposit
Government OfficeWithout ChallanSame Day
With Challan7th of next month
On perquisites opt to be deposited by employer7th of next month
OthersIn month of March30th April
In other months7th of next month

DOCUMENTS REQUIRED

  • PAN of the deductor and the deductee
  • Amount of tax paid to the government
  • TDS challan information
  • Others, if any.
 

DUE DATES

ParticularsForm No.
TDS on SalaryForm 24Q
TDS where deductee is a non-resident, foreign companyForm 27Q
TDS on payment for transfer of immovable propertyForm 26QB
TDS in any other caseForm 26Q

PENALTY

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

 Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.

 As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

 Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.

 As per latest update, late fees for GSTR-5A earlier reduced stands withdrawn. So, the Late fee of Rs 200 per day (or Rs. 100 per day in case of NIL return filing) shall apply with effect from 7th March 2018.

 Late Fee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 & GSTR-6 after the due date has been reduced to Rs. 50 per day of delay.

 Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers (i.e having Nil tax liability for the month) for GSTR-1, GSTR-3B and GSTR-4 & GSTR-5.