TDS return is filed after every quarter till the last date of the following month. The returns for the April-June quarter are to be filed by July 31. For this, Form 16 or 16A is required.
If you are late in filing income tax returns, then every day you will be fined Rs 200. The Income Tax Department has made some changes in the rules under section 234-E of Income Tax. As per this rule, forgetting to file your return of tax deducted at source (TDS) can attract fees and penalty. telling about it
“Chartered Accountant Puneet Sharma”.
Earlier the penalty was only Rs 100
Under the amended section 234-E of Income Tax, a late fee of Rs 200 will be charged for one day for filing the return of TDS. It can also be equal to the maximum TDS return amount. Earlier, under section 270-1 of Income Tax, there was a penalty of Rs 100 per day for late submission of quarterly return of TDS, but in most cases employers did not have to pay this penalty.
In this case, the Income Tax Officer can impose a fine ranging from a minimum of 10 thousand rupees to a maximum of 1 lakh rupees. The return of TDS is filed by the last date of the following month after every quarter. The return for the April-June quarter is to be filed by July 31. Form 16 or 16A is required for this.
Tax is deducted within the range of 1% to 10%
TDS is a tax charged by the Government of India. Tax is deducted when the money is credited to the recipient’s account or at the time of transaction, whichever is earlier. In case of payment of salary or life insurance policy, tax is deducted at the time of transaction and payment. After that the tax deductor (individual/company) deposits this TDS amount in the Income Tax Department. Through TDS, some part of your tax is automatically paid to the Income Tax Department. Hence, TDS is considered an important measure to reduce tax evasion. Taxes are often deducted within the range of 1% to 10%.
Who is eligible to file TDS return?
Apart from depositing tax, the deductor must also file TDS return. TDS return is the statement which is given to the Income Tax Department every three months. Timely submission of TDS return is essential for the tax deductor. To file TDS return, the company, organization which has deposited tax and has Deduction Account Number (TAN) is eligible.
TDS Refund
TDS is the tax deducted at the time of transaction. At the end of the year, while calculating the total tax to be paid, there may be a difference between the total tax deducted and the actual tax to be paid. Will have. On the other hand, if the TDS deducted is more than what was to be paid, then it will be included in your TDS refund.
Let us know about such important documents, which are required to file TDS.
1. Form-16
2. Bank and post office interest certificate
3. Form-16A/Form-16B/Form-16C
4. Form 26AS
5. Proof of tax-saving investment
6. Can claim u/s 80D to 80U Deduction
7. Home Loan Statement of Bank/NBFC
8. Capital Gains
9. Pre-verification of Bank Account for ECS Refund
10. Aadhar Card
