TDS Return Filing
In short
Anyone who deducts tax at source (TDS) must deposit it with the government and file a quarterly TDS statement: Form 24Q for salaries, 26Q for other payments to residents and 27Q for payments to non-residents (27EQ for TCS). The due dates are 31 July, 31 October, 31 January and 31 May for the four quarters. Late filing attracts a fee of ₹200 per day.
Overview
Your TDS return is how your vendors and employees get credit for tax deducted from their payments. Errors or late filing lead to mismatches for them and fees, interest and notices for you.
We compute TDS on each payment, prepare challans, file the quarterly statements, issue Form 16 and 16A, and handle correction statements and defaults raised by the TRACES system.
Key requirements
- A valid TAN (Tax Deduction Account Number)
- TDS deducted and deposited by the due date for each month
- PAN of each deductee
Documents required
- TAN and PAN of the deductor
- Payment details for the quarter: deductee, amount, date and nature of payment
- Challan details of TDS deposited
- PAN of deductees, and lower-deduction certificates if any
We share an exact checklist for your case before you start, since requirements vary with the structure and the people involved.
Process
Compute
TDS is computed on payments and challans are prepared.
Prepare
The quarterly statement is prepared and validated.
File
The return is filed and the acknowledgement is shared with you.
Certificates
Form 16 and 16A are generated from TRACES and issued.
What KNAP Advisory handles
- TDS computation and challan preparation
- Quarterly TDS and TCS returns
- Form 16 and 16A
- Correction statements and resolution of TRACES defaults
- Lower-deduction certificate applications
Frequently asked questions
What is the penalty for late filing of a TDS return?
A late fee of ₹200 per day applies until the return is filed, capped at the amount of TDS. A separate penalty may apply if the return is not filed within one year of the due date.
What happens if I deduct TDS but deposit it late?
Interest is payable for the period of delay, in addition to any late fee on the return.