- Any person making any specified payment as per various provisions of the income tax act is required to deduct TDS at the time of payment or credit of such payment.
- No TDS is required to deduct If payment is paid by any individual or HUF whose account is not required to audit under income tax.
- But in case of payment of Rent in excess of Rs 50000 TDS at the rate of 5% is required to deduct TDS by any person even by Individual or HUF whose accounts is not required to audit under Income Tax Act.
- Rate of TDS is specified in various sections of the Income Tax Act as like 192B, 194A, 194B, 194C, etc.
- PAN card/Pan Number
- Tax payment challans (Self-assessment, advance tax, if you have deposited the same
- TDS Deduction Sheet with all deductee details as like PAN, Name, Date of Payment, Amount Credited, etc.
- All Bank account information
Late for TDS Return filing:
According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.
- For TDS deducted in Apri to February: 7the Day of Next Month of deduction of month
- For TDS deducted in March: 30th April
Non Filing of TDS Return:
If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for the penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.
Due dates for TDS Return filing:
Quarter Period Due Date
1st Quarter: 1st April to 30th June 31st July 2021
2nd Quarter: 1st July to 30th September 31st October 2021
3rd Quarter: 1st October to 31st December 31st January 2022
4th Quarter: 1st January to 31st March 31st May 2022