- What is TDS and TDS return?
- Who can file TDS return?
- Can TDS return be revised?
- Can we file TDS return before due date?
- What is a TDS return?
- Is it compulsory to file TDS return?
- What is the TDS rate?
- What are types of TDS?
- Is TDS paid monthly?
- Is TDS and income tax same?
- What if TDS return is not filed?
- What is TDS limit?
- How is TDS calculated?
- On what amount TDS is deducted?
- What is required for TDS return?
What is TDS and TDS return?
TDS or Tax Deducted at Source is income tax reduced 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..
Who can file TDS return?
TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). 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.
Can TDS return be revised?
Points to Ponder While Filing a Revised TDS Return Online changes can be done only in the PAN and challan. For any other revision in the return, one needs to make changes through TIN-FC. Only those TDS returns can be revised, the statements for which is issued after the fiscal year 2007-08.
Can we file TDS return before due date?
No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India, the due date for filing of TDS/TCS return for Q1 & Q 2 of FY 2020-21 is 31st March 2021….TDS Due Dates of FY 2020-21 for Return Filing.QuarterPeriodLast Date of Filing2nd Quarter1st July to 30th September31st March 20213 more rows•Aug 12, 2020
What is a TDS return?
TDS Return is a quarterly statement submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid by the deductor to the Income Tax Authority.
Is it compulsory to file TDS return?
Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.
What is the TDS rate?
TDS Rates Applicable for a Domestic CompanyTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.2020TDS Rates from 14.05.2020 to 31.03.20215 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)53.752 102 101.5 7.51 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 100.75 3.75 7.51011 more rows•Sep 29, 2020
What are types of TDS?
Types of Payments and Applicable TDSTDS according to sectionNature of payment madeSection 194CTDS on payments made towards contractorsSection 194DTDS on insurance commissionSection 194DATDS on payment made towards life insurance policySection 194ETDS on payments made towards non-residential sportsperson or association23 more rows
Is TDS paid monthly?
It means, if the deductor has deducted tax from payments in the month of November, then he has to pay the TDS on or before the 7th of December….8) What are the due dates for TDS?MonthThe due date for payment of TDSDecember7th of JanuaryJanuary7th of FebruaryFebruary7th of MarchMarch30th of April8 more rows
Is TDS and income tax same?
Income tax: It is paid on the annual income where taxes are computed for a particular financial year. TDS: It is deducted at source on a periodic basis in the particular year. Income Tax: The taxpayer determines his liability and makes the payment directly to the government.
What if TDS return is not filed?
As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS.
What is TDS limit?
TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)SectionNature of paymentThreshold Limit194AInterest (Any other person)5000194BWinning from lotteries10000194BBWinning from Horse race10000194CContractor-Single transaction-Individual/HUF -Others3000049 more rows
How is TDS calculated?
Here’s how an individual can calculate TDS on income: Add basic income, allowances and perquisites to calculate gross monthly income. Compute the available exemptions under Section 10 of the Income Tax Act (ITA) … Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income.
On what amount TDS is deducted?
How to calculate TDS on Salary?Income Tax SlabTDS DeductionsTax PayableUp to Rs.2.5 lakhsNILNILRs.2.5 lakhs to Rs.5 lakhs5% of (Rs.5,00,000-Rs.2,50,000)Rs.12,500Rs.5 lakhs to Rs. 6.33 lakhs20% of (Rs.6,33,000-Rs.5,00,000)Rs.26,600
What is required for TDS return?
The TDS return filed should contain details of the TAN and PAN number of the deductor, PAN number of the payee, amount of tax paid, details of TDS challan, mode of payment etc. To file TDS return the employer or the organization deducting TDS must have a valid Tax Collection and Deduction Account Number (TAN).