Who is required to file TDS/TCS Return Form?
As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS statements in electronic form i.e. e-TDS/TCS returns. However, deductors/collectors other than corporate /government can file either in physical or in electronic form.
What is type of TDS/TCS Returns?
- Form 24Q: Statement for tax deducted at source from salaries.
- Form 26Q: Statement for tax deducted at source on all payments other than salaries.
- Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
- Form 27EQ: Statement of collection of tax at source.
- Form 27D: Tax Collection Certificate in respect of deductees, reported in Form 27EQ Statements.
What is Penalty for Late filling TDS/TCS Return?
Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.
