What do you mean by TDS?

TDS or Tax Deducted at Source is income tax deducted from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.

What is TDS Return?

TDS Return is the quarterly statement relating to TDS deducted and deposited to authority during the relevant quarter.

What are the different TDS return form and respective TDS Certificate?

Following are the different TDS Return depending upon nature of TDS Forms:-

Forms	Nature of TDS	TDS Certificate
Form 24Q	The quarterly statement for tax deducted at source (TDS) from “Salaries.”	Form 16
Form 26Q	The quarterly statement for tax deducted at source in respect of all payments except ‘salaries.’	Form 16A
Form 27Q	Quarterly statement of deduction of tax from interest, dividend, or other sum payable to non-residents or foreign companies	Form 16A
Form 26QB	Statement of TDS deducted against the payment made for immovable property.	Form 16B
Form 26QC	It is a challan cum statement of deduction of tax u/s 194-IB against the tax deducted on the rent of the property.	Form 16C
Form 27EQ	Quarterly statement of collection of tax at source (TCS)	Form 27D

What are the due dates of filing of TDS return?

1. Form 24Q, 26Q & 27Q

Quarter	Due Date
April – June	31st July
July - September	31st October
October - December	1st January
Jauary - March	1st May

2. Form 26QB
It is a challan cum statement. The purchaser of property i.e. deductor has to file online 26QB within 30 days from end of month in which payments or deduction has been made.

3.Form 26QC
It is a challan cum statement. The tenant of property i.e. deductor has to file online 26QC within 30 days from end of month in which payments or deduction has been made.

4. Form 27EQ

Quarter	Due Date
April – June	15th July
July - September	15th October
October - December	15th January
January - March	15th May

What are the steps to file TDS return online?

• Login to the income tax india website.
• Enter your login credentials and click on ‘login’. Your user ID will be your TAN.
• After being logged in, click the ‘Upload TDS’ under the TDS tab.
• Then ‘Enter statement details’ and then click ‘validate’.
• Then upload the TDS zip file and attach the signature file generated using the DSC management utility for upload of the TDS zip file. Next, click on the upload button.
• When the TDS is uploaded the screen will display a successful message. Also, a confirmation mail will be sent to your registered email id.
• The next step will have to validate, i.e., e- verify TDS return using 8.EVC, Aadhaar OTP, i.e., electronic verification code.
• Next to select the relevant option, enter the EVC and then click on submit.

What are the fees for late filing of TDS Return?

If assessee fails to file TDS Return on due date then penalty of Rs.200 per day will be leviable maximum upto TDS amount.

What are the TDS rates and applicable threshold limit for FY 2023-24?

Section	Nature of Payment	Threshold Limit(Rs.)	For individual/Huf	For others
192	Payment made as salaries	2,50,000	Slab Rate	Slab Rate
192A	Early withdrawal of EPF (Employee Provident Fund)	50,000	10%	10%
193	Tax deduction at source on interest earned on securities	10,000	10%	10%
194	Distribution of dividends	5,000	10%	10%
194A	Interest from banks or post offices on deposits	40,000 (50,000 in case of senior citizen)	10%	10%
194A	Interest from sources other than securities	5,000	10%	10%
194B	Winnings of lotteries, puzzles, or games	10,000	30%	30%
194BA	Winnings from online Games	-	30%	30%
194BB	Winnings of horse races	10,000	30%	30%
194C	Payments made to contractors or sub-contractors one time	30,000	1%	2%
194C	Payments made to contractors or sub-contractors on an aggregate basis	1,00,000	1%	2%
194D	Commission paid on insurance sales to domestic companies	15,000	NA	10%
194D	Commission paid on insurance sales to non-domestic companies	15,000	5%	NA
194DA	Maturity of life insurance policy	1,00,000	5%	5%
194G	Payments or commission made on the sale of lottery tickets	15,000	5%	5%
194H	Commission or brokerage fees	15,000	5%	5%
194I	Rent paid for land, building, or furniture	2,40,000	10%	10%
194I	Rent paid for plant and machinery	2,40,000	2%	2%
194IA	Payment for the transfer of immovable property excluding agricultural land	50,00,000	1%	1%
194IB	Rent payment made by an individual or HUF not covered under section 194I	50,000 pm	5%	NA
194J	Fees paid for professional and technical services	30,000	10%	10%
194J	Royalty paid for the sale, distribution, or exhibition of cinematographic films	30,000	2%	2%
194K	Income received from units of a mutual fund, such as dividends	5,000	10%	10%
194N	Cash withdrawal exceeding a specified amount from the bank, with filed ITR	1,00,00,000	2%	2%
194N	Cash withdrawal from a bank without filing ITR	20,00,000	2%	2%
194O	Amount received for the sale of products/services by e-commerce service providers through digital platforms	5,00,000	1%	1%
194Q	Payments made for the purchase of goods	50,00,000	0.10%	0.10%
194S	TDS on the payment of cryptocurrencies or other virtual assets	NA	1%	1%
206AA	TDS applicable in case of non-availability of PAN	NA	20%	20%