TDS Filing

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    Frequently asked questions

    All Entities while making payments to third parties (deductees) are required to deduct Tax at source (TDS) from these payments. An Individual or a Hindu Undivided Family whose total sale, gross receipts, or turnover from business or profession carried on by him exceeds the monetary limits under Clause (a) or (b) of Sec.44AB during the preceding financial year shall also be liable to deduct tax u/s.194A,194C,194H, 194I & 194J. All persons removing or collecting Tax at source must apply for and obtain a Tax Deduction/Collection Account Number (TAN), and a Quarterly return will be filed. Non-Payment leads to Interest@ 1.50% p.m. or 18% p.a.. Such interest is from the date tax is deducted to its payment date. Failure to file quarterly TDS Returns in time late fee @ Rs. 200/- per day maximum of TDS amount) Section 234E.


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    24Q – For salaries

    26Q – Othere than salaries

    27EQ – TCS


    Section 194Q of the Income Tax Act, 1961 has come into effect from 1st July, 2021. Hence, under Section 194Q, TDS will be deducted on purchases that have been made only after 1st July, 2021. However, the upper limit of purchase of ₹50 Lakhs is to be considered from 1st April, 2021.
    Section 194Q applies to sellers in the following cases:
    1.When the buyer’s turnover, gross receipt or sales exceeds ₹10 Crores for the previous financial year.
    2.The buyer is liable for making payments to a resident seller
    3.When the payment is to be made for purchase of goods whose total values exceeds ₹50 Lakhs
    Here’s an example to help you understand the applicability of Sec 194Q a little bit better – let’s suppose that you are a buyer who decides to purchase goods worth ₹25 Lakhs each time and you’ve purchased from the same seller thrice during the financial year. Now, your seller can deduct ₹50 Lakhs from the total value of the goods, which means the TDS will now be 0.1% of ₹25 Lakhs.


    TAN stands for Tax Deduction Account Number. TAN number is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted by the Income Tax Department. Ex: HYDR12345B


    TDS payment has not been paid within due date (7th of following month) then interest will attract 1.5% per month.


    TDS certificates are issued by the deductor to the deductee.
    Form 16: It is issued by the employer to the employee, it indicates details of tax deducted by the employer for the particular financial year.
    Form 16A: It is issued by the deductor in case of other than salary. Example, TDS on rent, TDS on professional charges and TDS on commission etc.


    Yes, they have got to provide a statement in Form No. 15G/15H, to the payer to the impact that the tax on his predicted general income of the preceding 12 months after together with the earnings on which tax is to be deducted may be nil. Form No. 15G is for the man or woman or a person (apart from agency or firm) and Form No. 15H is for the senior citizens.

    A deductor could face the following outcomes:
    a) Disallowance of expenditure
    B) Levy of hobby
    at 1% for each month or a part of a month on the amount of such tax from the date on which such tax become deductible to the date on which such tax is deducted; and
    at 1.5% in keeping with cent for each month or part of a month on the quantity of such tax from the date on which such tax changed into deducted to the date on which such tax is surely paid.
    C) Levy of Penalty
    Penalty of an amount same to tax no longer deducted or paid might be imposed under segment 271C.
    You can file your TDS return after the due date. However, a penalty of INR 200 for every day of delay until the return is filed needs to be paid but it cannot exceed the amount of TDS liability. Furthermore, the department can also levy a penalty u/s 271H which is between INR 10,000 to INR 1 lakh.


    The TDS to be charged under Section 194R is at 10%, which will come into effect from July 1, 2022. It applies only to resident recipients (receiver of a benefit) of benefits or perquisites.


    According to Section 194N, if an individual or HUF withdraws cash from their bank, post office or co-operative bank account, the bank is required to deduct TDS at the rate of 2% if the total cash withdrawal during the financial year exceeds Rs. 1 crore.