Doc Summary
Overview
Tax Deducted at Source (TDS) Return Filing is a quarterly compliance requirement for every entity or individual that deducts tax while making specified payments such as salary, rent, professional fees, or contract payments.
Filing TDS returns ensures that the deducted tax has been correctly deposited with the government and credited to the recipient’s PAN account. It is governed by the Income Tax Act, 1961, and managed through the TRACES portal.
Eligibility / Who Should File
- Any organization or individual required to deduct tax under the Income Tax Act
- Employers deducting TDS from salaries
- Businesses making payments for rent, professional services, interest, or contracts
- Banks and institutions deducting TDS on interest payments
Step-by-Step Process
- Collect Deduction Details: Gather all TDS data including challans, PANs, and payment details
- Prepare TDS Statement: Use approved utility to prepare Form 24Q, 26Q, 27Q, or 27EQ
- Validate File: Verify the statement using File Validation Utility (FVU)
- Upload on TRACES/NSDL Portal: Submit the validated return online
- Acknowledgment: Download the Provisional Receipt confirming successful filing
Documents Required
- TAN Registration Number
- PAN details of deductor and deductees
- Challan Identification Number (CIN)
- Details of payments and tax deducted
- Previous TDS filing receipts (for revisions, if applicable)
Timeline
TDS returns must be filed quarterly, as per the following schedule:
- Q1 (Apr–Jun): 31st July
- Q2 (Jul–Sep): 31st October
- Q3 (Oct–Dec): 31st January
- Q4 (Jan–Mar): 31st May
Post-Filing Requirements
- Issue TDS Certificates (Form 16 / 16A) to deductees on time
- Verify challan and PAN matching through the TRACES portal
- Correct errors or mismatches through revised TDS returns, if needed
- Maintain records of all filings for audit purposes
Penalties for Non-Compliance
- Late filing fee of ₹200 per day until return is filed (under Section 234E)
- Penalty of up to ₹1 lakh for furnishing incorrect information (under Section 271H)
- Interest on late deposit of TDS at 1.5% per month
Kanoons Service
Kanoons Law & Tax Consultants Pvt. Ltd. provides a comprehensive TDS return filing and compliance solution for businesses and employers.
Our services include:
- Preparation and validation of quarterly TDS returns
- Accurate PAN verification and challan reconciliation
- Filing returns on TRACES/NSDL portals with error-free validation
- Assistance in TDS certificate generation and compliance management
- Regular reminders to ensure timely quarterly filing
Kanoons ensures seamless, accurate, and on-time TDS return filing to help maintain compliance and avoid penalties.
Why Choose Kanoons
- End-to-end digital filing with error-free reports
- Quick and reliable processing for all return types
- Affordable quarterly filing packages
- Transparent service with dedicated support
- Trusted by growing businesses and organizations across India
