At Four Plus Legal Compliance, we offer comprehensive TDS Return Filing services to help businesses and individuals ensure compliance with the provisions of the Income Tax Act. Tax Deducted at Source (TDS) is an essential part of the Indian tax system, and timely filing of TDS returns is crucial for maintaining proper records and avoiding penalties.
What is TDS Return?
TDS (Tax Deducted at Source) is the tax deducted by a person (the deductor) from the payments made to another person (the deductee) for certain types of income, such as salary, interest, professional fees, and rent. The deductor is required to deposit the tax with the government and file a TDS return to report the deducted tax.
TDS Return is a quarterly statement filed by the deductor that provides details of the TDS deducted, the TDS challan details, and the TDS deposited with the government. These returns are necessary for ensuring compliance with tax laws and for the deductee to claim the tax credit while filing their income tax returns.
Why is TDS Return Filing Important?
- Compliance with Tax Laws: Filing TDS returns ensures that the tax deducted is properly reported to the Income Tax Department.
- Avoid Penalties: Delayed or non-filing of TDS returns can attract penalties and interest charges, which can be avoided by timely filing.
- Claim TDS Credit: TDS returns allow the deductees to claim the tax credit on the amounts deducted from their income when filing their ITR.
- Government Monitoring: TDS returns provide the government with a comprehensive record of income, ensuring transparency and reducing tax evasion.
TDS Return Due Dates
The due date for filing TDS returns depends on the type of taxpayer and the quarter in which the tax was deducted. Below are the general due dates for TDS return filing:
| Quarter | Due Date for Filing TDS Return |
|---|---|
| Q1 (April – June) | 31st July |
| Q2 (July – September) | 31st October |
| Q3 (October – December) | 31st January |
| Q4 (January – March) | 31st May |
Delayed filing of TDS returns beyond the due date may attract penalties under section 234E of the Income Tax Act.