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The Experienced Team of Registration Karwalo provides the Tax Deduction at Source (TDS)Return Filing Services to its various clients such proprietors, companies, partnership firms etc.

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TDS RETURNS

 

The Experienced Team of Registration Karwalo provides the Tax Deduction at Source (TDS)Return Filing Services to its various clients such proprietors, companies, partnership firms etc. The Experts helps the clients in the calculation of TDS to be deposited with the government authorities.  Following is the schedule for TDS payment and filing of TDS statements with government authorities:

 

Month of Deduction

Quarter ending

Due date for TDS Payment through Challan

Due Date for filing of Return from the financial year 2016-17 for All Deductors

Due Date for filing of Return for the financial year 2015-16

*For Govt. Deductor

For Other Deductor

For Govt. Deductor

For Other Deductor

April

30th June

7th May

31st July

31st July

15th July

May

7th June

June

7th July

July

30th September

7th August

31st October

31st October

15th October

August

7th September

September

7th October

October

31st December

7th November

31st Jan

31st Jan

15th Jan

November

7th December

December

7th Jan

January

31st March

7th Feb

31st May

15th May

15th May

February

7th March

March

7th April

30th April

 

All sums deducted in accordance with the provisions of Chapter XVII-B by an office of the Government without challan (Treasury Challan) should be deposited on the same day of deduction.

In case you have not deposited TDS by the correct date, the following penalties are applicable:

Late filing fee (if you do not file by the deadline)

Interest (if you do not deposit the TDS amount in time)

Penalty (if TDS is not filed within one year of the due date)

 

LATE FILING FEES

Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.

 

Interest

Section

Nature of Default

Interest subject to TDS/TCS amount

Period for which interest is to be paid

201A

Non-deduction of tax at source, either in whole or in part

1% per month

From the date on which tax deductible to the date on which tax is actually deducted

After deduction of tax, non-payment of tax either in whole or in part

1.5% per month

From the date of deduction to the date of payment

 

Note: The above interest should be paid before filing of TDS return.

Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit. Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month.

 

PENALTY

 

Equals to the amount that was failed to be deducted/collected or remitted may be imposed.

Prosecution (Sec 276B): If a person fails to pay to the credit of the Central Government,—

The Tax deducted at source by him as required by or under the provisions of Chapter XVII-B, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.

 

PENALTY FOR LATE FILING OF TDS RETURN:

 

Penalty (Sec 234E): Deductor will be liable to pay the way of fee Rs.200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which statement was required to be filed.

Penalty (Sec 271H): Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may be extended to Rs.1,00,000.

PENALTY UNDER THIS SECTION IS IN ADDITION TO THE PENALTY U/S 234E.

This section will also cover the cases of incorrect filing of TDS return.

 

No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:

The tax deducted/collected at source is paid to the credit of the Government.

Late filing fees and interest (if any) is paid to the credit of the Government.

The TDS/TCD return is filed before the expiry of a period of one year from the due date specified in this behalf.

 

FAQS

 

Q1. How can I know the quantum of tax deducted from my income by the payer?

Ans. The deductor of the tax is required to issue TDS certificate to the deductee within the specified.

You can also check form 26as from your e-filling account at https://incometaxndiafilinf.gov.in

You can also use the “view your tax credit” facility available at www.incometaxindia.gov.in

 

Q2. What to do if the TDS credit is not reflected in form 26AS?

Ans. Non-reflection of TDS credit in form 26AS can be due to various reason like non-deposit of tax by the payer, non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non- reflection of the TDS credit in Form 26AS.

 

Q3. I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?

Ans. Yes, the tax credit in your case will be reflected in your form 26AS and, hence, you can check form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strictly as per the TDS credit being reflected in form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit is reflected in form 26A, then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the income tax department will be as per form 26AS.

 

Q4. What is the difference between PAN and TAN?

Ans. PAN stands for a permanent account number and TAN stands for the tax deduction account number. TAN is to be obtained by the person responsible to deduct tax. i.e., the deductor. IN all the documents relating to TDS and all the correspondence with the income tax department relating to TDS one has to quote his TAN. PAN cannot be used for TAN; in case of TDS on purchase of land and building (as per section 194-UA) as discussed in the previous FAQ, the deductor is not required to obtain TAN and can use PAN for remitting the TDS.

 

Q5. My employer did not deposit the tax to the government account, although he deducted the tax from my salary. Can I claim a credit of TDS?

Ans. No. you can take the credit of TDS only on production of TDS certificate, however, if you have some proof to show that tax has been deducted at source from your salary, the action can be taken against your employer on your complaint to the jurisdictional ITO (TDS).

 

Q6. We have credited the interest on 31st march and paid the same on the same date. What is the time limit to deposit the tax deducted from such interest?

Ans. As per new rule, you should deposit the tax by 30th April.

 

Q7. The employer has deducted excess TDS from the salary of an employee R. can the company refund the money to him directly?

Ans. No. you are required to deposit tax deducted by you. Any refunds made by you would attract prosecution proceedings. The employee concerned should file the statement of income and claim the refund.

 

Q8.  What are the consequences a deductor would face if he fails to deduct TDS or after deducting the same fails to deposit it to the government’s account?

Ans. A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails deposit to the credit of central government’s account:

  1. Disallowance of expenditure

As per section 40(a)(i) of the income- tax act, any sum (other than salary) payable outside India or to a no –resident, which is chargeable to tax in India in the hands of the recipient, shall not be allowed to be deducted if it is paid without deduction of tax at source or if tax is deducted but is not deposit with the central government till the due date of filing of return.

 

However, if the tax is deducted or deposited in a subsequent year, as the case may be, the expenditure shall be allowed as a deduction in that year.

Similarly, as per section 40(a)(ia),any sum payable to a resident, which is subject to deduction of tax at source, would attract 30% disallowance if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the central government till the due date of filing of return.

 

However, when in respect of any such sum, a tax is deducted or deposited in the subsequent year, as the case may be, the expenditure so disallowed shall be allowed as the deduction in that year.

 

  1. Levy of interest

As per section 201 of the income-tax act, if a deductor fails to deduct tax at source or after deducting the same fails to deposit it to the government’s account then he shall be deemed to be an assesse-in-default and liable to pay simple interest as follows:-

 

  1. At one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
  2. At one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.

 

  1. Levy of penalty

The penalty of an amount equal to tax not deducted or paid could be imposed under section 271C.

 

Q9. Can the payee request the payer not to deduct tax at source and to pay the amount without deduction of tax at source?

Ans. A payee can approach to the payer for non-deduction of tax at source but for that they have to furnish a declaration in Form No. 15G/15H, as the case may be, to the payer to the effect that the tax on his estimated total income of the previous year after including the income on which tax is to be deducted will be nil.

Form No. 15G is for the individual or a person (other than company or firm) and Form No. 15H is for the senior citizens.

The following assesse who is in receipt of the specific incomes can approach to the payee for non-deduction of tax at source:-

  1. A resident individual who is in receipt of income as referred to in 192A, 194 or 194EE if the amount of such income does not exceed the maximum amount which is not chargeable to income-tax.
  2. Any person (other than a company or a firm) who is in receipt of income as referred to in section 193, 194A, 194D, 194DA or 194-I if the amount of such income does not exceed the maximum amount which is not chargeable to income –tax.
  3. A resident senior citizen (i.e., an individual resident in India who is of the age of sixty years or more at any time during the previous year) who is in receipt of income as referred to in section 192A, 193, 194, 194A, 194D, 194DA, 194EE, or 194-I

 

Alternatively, a payee who is in receipt of income referred to in section 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 194LBB, 194LBC, or 195 can apply in Form No. 13 to the assessing officer to get a certificate authorizing the payer to deduct tax at lower rate or deduct no tax as may be appropriate.

 

On receiving such an application, the AO may issue an appropriate certificate in this regard if he is satisfied that the total income of the payee justifies the deduction of income-tax at any lower rate or nil deduction of income tax.

 

As per income-tax (Ninth Amendment) Rules,2014, a certificate for non-deduction of income-tax shall be issued directly to the person responsible for deducting the tax under an advice to the payee (i.e., who made an application for issue of such certificate). Whereas, certificate of lower deduction of income-tax shall be issued to payee itself.

 

If AO has issued certificate for no deduction of tax or lower deduction of tax, as the case may be, then payer should deduct tax accordingly

Q10. Under what provision should e-TDS/TCS returns be filed?

   Ans. As per section 200(3)/206C, as deductors/collections are required to file quarterly TDS/TCS statement from FY 2005-06 onwards.

Q11. Who is the e-filing Administrator?

CBDT has appointed Director General of Income tax (systems) as E-filing Administrator for the purpose of electronic filing of TDS/TCS returns.

 

Q12. Are the forms used for e- TDS/TCS return same as for physical returns?

Ans. Forms for filing TDS/TCS returns were notified by CBDT. These forms are same for electronic and physical returns. However, e-TDS/TCS return is to be prepared as a clean text ASCII file in accordance with the specified data structure (file format) prescribed by ITD.

Q13. What is the data structure (file format) for preparing e-TDS/TCS returns?

e-TDS/TCS returns should be prepared in accordance with the data structure (file Format) prescribed by the e-filing administrator. The separate data structure has been prescribed for each type of form of quarterly return (FY 2005-06 onwards).

 

Q14. Is it mandatory to mention tax deduction account number (TAN) in e- TDS/TCS return?

Ans. Yes, it is mandatory to mention the 10 digit reformatted (new) TAN in your e- TDS/TCS return.

 

Q15. Is PAN mandatory for deductors and employee/deductees?

Ans. PAN of the deductors has to be given by non- government deductors. It is essential to quote PAN of all deductees failing which credit of tax deducted will not be given.

 

Q16. Where can I file my TDS\TCS statement?

Ans. You can file your TDS\TCS statement at any of the TIN-FCs managed by NSDL. TIN-FCs are set-up at specified locations across the country. Details are given in the NSDL-TIN website. These can also be furnished directly at NSDL-TIN website.

 

Q17. Can the e-TDS//TCS return be filed online?

Ans. Yes, e- TDS/TCS return can be filed online under digital signature.

 

Registration Karwalo will help you to file your TDS returns and for any query go to our live chat and drop the contact number then our executive will call you.

 

 

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