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At the time of paying to the payee, the payer has to deduct TDS on certain occasions. This payment is other than payment of salary, and the payer has to file TDS return in Form 26Q. 26Q is to be submitted on a quarterly basis.
Total amount paid during the quarter and TDS amount deducted on such payments have to be reported in 26Q.
As against 24Q which contains 2 annexures, Form 26Q contains only one annexure. Challan details (BSR code, date of payment, total amount etc.), details of deductor and deductees are to be mentioned. Along with this, if the deductor hasn’t either deducted TDS or deducted it at a lower rate, reasons are also to be mentioned in the form.
Quarter | Due Date |
April to June | 31st July |
July to September | 31st Oct |
October to December | 31st Jan |
January to March | 31st May |
If TDS is not deducted – 1% per month, from due date of deduction to actual date of deduction,
Late Filing Fees – under section 234E, a fine of Rs. 200 per day is to be paid until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount.
The penalty under 271H – In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000.
No penalty will be charged under 271H if –
TDS deductions for payments other than salary, filed in 26Q quarterly. Details and due dates listed. Interest and penalties for non-compliance discussed. Verification steps and efficient filing emphasized.