TDS/TCS RETURN

  A TDS return is submitted by Tax Deductor in respect of every quarter with the Income Tax Department. The return is a statement that entails the details of the tax collected, source of collection and tax paid to Government for the reporting period. 

 As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS return is optional.  

 If the person fails to file the TCS return on or before the due date prescribed in the income tax law, a fee of Rs.200 per day must be paid, during which the failure continues. However, the amount of late fees shall not exceed the amount of TCS. One should deposit the late filing fees before filing the TCS return. Note that Rs.200 per day is a late filing fee, not a penalty. 

Penalty under Section 271H can also be levied if the tax collector files an incorrect TCS return.  A minimum penalty of Rs.10,000 and a maximum penalty of up to Rs.1,00,000 can be levied if the collector files an incorrect TCS return. 

 You can file your TDS/TCS returns online, either on the income tax department's website or with us.

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