Vivek Tiwari & Co.

TDS Compliances & Return (TAN Based)

Tax Deducted At Sources (TDS) is income tax reduced from money paid at the time of making payment like rent, commission, professional fees, salary, interest etc. Usually person who received income liable to pay income tax but government with the help of TDS provision make sure that income tax is deducted in advance from payment being made by you. Recipient of income received the net amount (after reducing TDS).

Here are some income sources that qualify for TDS

Salary
Professional Fees
Rent payment
Online Game
Interest on Securities
Interest other than Interest on Securities
Winning from games like: lottery, crossword, puzzle, card etc.

TDS Return

The deductor is required to file TDS return periodically, typically quarterly, providing details of TDS deducted and deposited.
Due date for filing TDS return are as follows:

Quarter 1 (April - June)due by july 31st
Quarter 2 (July - September) due by October 31st
Quarter 3 (October - December) due by January 31st
Quarter 4 (January - March) due by may 31st

Deductor needs to provide details such as TAN, PAN of deductee, amount of TDS deducted , amount of TDS deposited etc. in TDS return.
Late filing can attract penalty and range of penalty minimum Rs 200 per day to maximum of total TDS amount.