TDS Filing

Tax Deducted at Source (TDS) involves withholding a portion of tax on income at the time of payment. Entities and individuals responsible for TDS must file quarterly TDS returns, detailing each deduction. Filing TDS returns can be complex, but gsttaxwala provides expert guidance to simplify the process. Our team supports you at every step, ensuring your TDS returns are accurate, compliant, and filed on time to meet all tax obligations smoothly.

Who Should File TDS Returns?

Businesses and entities with a TAN (Tax Deduction and Collection Account Number) are required to file TDS returns. This includes individuals subject to audit under Section 44AB and those in government or corporate roles, all of whom must submit TDS returns online on a quarterly basis.

Entities responsible for TDS deductions include individuals, Hindu Undivided Families (HUFs), companies, local authorities, partnerships, and other organizations.

TDS Return Filing Requirements

Under the Income Tax Act, TDS returns are required for certain types of payments, including:

  • Salaries
  • Income from securities
  • Winnings from lotteries, puzzles, and similar games
  • Income from horse race winnings
  • Insurance commissions
  • Payments under the National Savings Scheme, among others

TDS Return Due Dates

TDS returns are due on a quarterly basis, and all entities or individuals who have deducted TDS must file these returns within the specified deadlines. Each return contains essential information, such as the Tax Deduction Account Number (TAN), the amount of tax deducted, the nature of the payment, and the Permanent Account Number (PAN) of the individual from whom the tax was deducted. Different forms are used for TDS returns depending on the type of income.

Penalty for Late Filing of TDS Returns

If TDS returns are not filed by the due date, a penalty of Rs. 200 per day is imposed under Section 234E until the delay is corrected.

By using gsttaxwala, you can ensure your TDS returns are filed accurately and on time, avoiding penalties and simplifying your tax obligations.

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