In order to know what is TDS return filing. Firstly, we should know …………...
What is TDS?
It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as salary, commission, professional fees, interest, rent, etc.
Now the assessee needs to TDS return file quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments.
Mode of filing of TDS Return
Online filing
The return can be furnished online at NSDL TIN website after registering to NSDL
Offline filing
TDS return can be furnished at any of the TIN- FC’s managed by NSDL. The details and addresses of TIN- FC’s are provided.
Charges paid at time of filing
NO OF DEDUCTEE RECORDS IN TDS RETURN CHARGES
Returns upto 100 records RS. 31.15
Returns having 101 to 1000 records RS. 178
Returns more than 1000 records RS. 578.50
Due dates for TDS Return filing
QUARTER DUE DATE
Apr-June 31ST July 2017
July-Sept 31ST Oct
Oct- Dec 31ST Jan 2018
Jan- March 31ST may 2018
Penalty for delay in filing of TDS Return
LATE FILING
If the assessee makes delay in TDS Return filing as per the due dates, penalty of Rs. 200 is applicable till the time default continues.
**Note:
· Total amount of penalty calculated as above cannot exceed amount of tax.
· Late filing fees shall be deposited before filing the TDS return.
· Rs. 200 per day is not penalty but it is a late filing fee.
NON FILING
If the assessee fails to file the TDS return till 1 year from due date of filing, penalty of min 10,000 and max 1,00,000 is applicable
**Note: Penalty is in addition to late filing fees
However, it was proposed in Budget 2018 to waive the fees for delay in filing of TDS return. But unfortunately this recommendation was not taken into consideration
No penalty in case of delay in filing the TDS Return in case of the following:
1. TDS is paid to credit of Government
2. Late filing fees is paid to the credit of Government
3. TDS return filed before expiry of 1 year from due date
**Note: Apart from above relaxation, the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce he penalty for non filing in genuine case.
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