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TDS Filing In India


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What is TDS (Tax Deduction at Source) ?

Description: Know in depth about Tax deduction at source, TDS filing, key dates, compliances, consequence of non- compliances. TDS
stands for Tax deduction at source, the concept of TDS was introduced by Income tax department, which makes it
mandatory for specified class of people who are making specified expenses or payments like rent, salary, commissions
etc. to deduct certain amount (known as TDS) from amount to be paid. In simple terms, suppose Mr. A has to clear
an invoice for professional fees, of INR 40000 raised by Mr. B, Mr. A will deduct 10 percent over this amount
in advance before making the payment to Mr. B. This amount so deducted by Mr. A is to be directly deposited to
central government and is known as TDS i.e. TAX DEDUCTED AT SOURCE. TDS is generally deducted on all kinds of
invoices be it professional fees invoices raised by freelancers or payments to be made in terms of rent or salary
etc. TDS deducted is deposited with reference to TAN i.e Tax Deduction Account Number.


When TDS is to be deposited: TDS dues dates

TDS is required to be deducted on payments to be made and TDS return is required to file on quarterly basis. Due dates
for TDS payment and returns are as follows :

MonthQuarter endingDue date of TDS PaymentDue Date of TDS return
April30th June7th May31st July
May30th June7th June31st July
June30th June7th July31st July
July30th September7th August31st October
Aug30th September7th September31st October
Sep30th September7th October31st October
October31st December7th November31st January
November31st December7th December31st January
December31st December7th January31st January
January31st March7th February31st May
February31st March7th March31st May
March31st March30th April31st May


Consequences of non- compliance or non-filing of TDS returns:


  1. Consequence of Non – deduction or Late deposit of TDS
    In case TDS is deducted and not deposited before the due date, 1.5% interest per month is required to be paid from date
    of deduction till date of payment. In case TDS is not deducted wholly or partly, 1% per month is required to
    be paid from date on which tax is deductible to date on which tax is actually deducted.
  2. Consequence of Late filing of TDS return
    Deductor is liable to file the TDS return and is liable to pay INR 200 per day in case of any late filing from next day of due
    date for the filing of TDS return to actual date of filing TDS return. Further, in case of non-compliance, person
    may face penalty of INR 10,000/- to INR 1,00,000/- as may be directed by the Assessing Officer.


When TDS shall be deducted?

Tax deduction at source is mandatory whenever a prescribed threshold limit of prescribed expenses cross. This tax deduction
is applicable on service providers, salaried persons, interest earned on Fixed deposits etc. TDS deduction rates
are different for different sources and types of expenses.


Do all companies have to file for TDS returns?

Companies registered in India must file for TDS returns, Company360 provides monthly TDS return filing services for start-ups,
small medium enterprises and other body corporates. The fees for TDS Filing depends on number of TDS applicable

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