TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of 'pay as you get'. The taxes are deducted at the source of payments such as salary paid to an employee or other payments like commission earned by a broker.

The taxes are deducted by the employer before making the payment to employee and is deposited with the govt. The employer later issue form 16 to its employees and form 16B to other deductees which serves as a proof of tax payment in their hands.

Form 26Q is required to be submitted for TDS details on all payments other than salary on a quarterly basis by the deductor. Form 26Q is applicable for TDS deducted under section 200(3) of the Income Tax Act for TDS under sections 193 & 194 being interest on securities, Dividend securities, professional fees, directors' remuneration etc.

For certain people, it is compulsory to submit the quarterly return online. If the deductor is : A Government office A company’s principal officer Assessee who Is required to have their accounts audited for the prior year under 44AB of the Income Tax Act, 1961. If there are 20 or more records of deductees in a statement for any quarter of a particular financial year. ClearTax Experts will guide you on the same.

In case you have not deposited TDS by the due date, the following penalties are applicable:

• Late filing fee (if you do not file by the deadline)
• Interest (if you do not deposit the TDS amount in time)
• Penalty (if TDS is not filed within one year of the due date)

For more details: https://cleartax.in/tds/guides/tds-not-filed-on-time

Our plan caters to filing TDS returns for up to 100 employees and up to 10 deductees. If your firm has more than 100 employees or 10 deductees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at enquiries@cleartax.in

It is compulsory to quote the PAN for non-Government deductors whereas In the case of Government deductors, "PANNOTREQD" has to be mentioned on the form.

Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.