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. In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The dedicator then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion
Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :
Payment of Salary, Income by way of “Income on Securities”, Income by way of winning lottery, puzzles and others, Income from winning horse races, Insurance Commission and Payment in respect of National Saving Scheme and many others.
| 1st Quarter | 2st Quarter | 3st Quarter | 4st Quarter |
|---|---|---|---|
| 1st April to 30th June | 1st July to 30th September | 1st October to 31st December | 1st January to 31st March |
| 31st August 2018 | 31st October 2018 | 31st January 2019 | 31st May 2019 |
According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs.200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.
If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs.10,000 and not more than Rs.1,00,000.
After submitting the return, if any error is detected, such as incorrect challan details or PAN not provided or incorrect PAN provided, the tax amount credited with the government will not reflect in the Form16/ Form 16A/ Form 26AS. To facilitate conformity and make sure that the tax amount is properly credited and reflected in the Form 16/Form 16A/ Form 26AS, a revised TDS return has to be filed.
If the tax deducted at source is more than the actual tax liability, it results in TDS refund
If the income tax department does not pay the TDS refund amount within the specified time period, they will have to pay an interest of 6% p.a. on the refund amount.
Note :
As we required any other data related return we ask in the manner.
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