Individuals whose tax at source on specific income has been deducted and filed with the government are required to file for TDS returns. Typically, such a return must be filed within a stipulated period along with essential details related to the tax deduction, the deductor, and the deductee.
TDS return can be best described as the quarterly statement or summary of all TDS-related transactions made during the specific quarter. It comprises details of the TDS collected and deposited to the Income Tax Authority by the deductor.
The essential components disclosed in a TDS return statement include:
All the information submitted in the online TDS return form is also reflected in the payee’s Form 26AS. Filing TDS returns is mandatory for individuals falling under tax slabs defined by the Income Tax Department.
TDS returns can be filed via the IT department’s e-filing portal. If a TDS return is not filed within 1 year from the due date, a minimum penalty of ₹10,000 may apply.
Additionally, under Section 234, a penalty of ₹200 per day is imposed for each day the return is delayed beyond the due date, not exceeding the TDS amount.
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