In case of any delay in filing of tax deducted at source (TDS) return on or before the specified date, you have to pay a late filing fee of Rs 200 per day. According to Archit Gupta, Founder and CEO, Clear, this action is taken under section 234E of the Income Tax Act. Gupta told CNBC TV18, “Delay in TDS attracts penalty every day.

Fine may be imposed up to 1 lakh

In such a situation, while filing the return, you are first charged a late fee for being late and after that a fine is imposed. In this case, the Income Tax Officer can impose a fine ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. You cannot file TDS return without paying late fee and the late fee should not exceed the amount of TDS.

Returns submitted quarterly

So, if you want to avoid late fee and penalty while filing TDS return, don’t forget to file it ahead of time. The first scheduled date for filing quarterly TDS is July 31, 2022. Since this is also the last date for filing income tax returns, many taxpayers can get confused about it.

You must be aware that the TDS return should be filed by the last date of the month following the close of every quarter. This means that the return for the April-June quarter should be filed by July 31, the return for the July-September quarter by October 31, the return for the October-December quarter by January 31 and the return for the January-March quarter by May 31.

Why is Form 16 or 16A necessary?

To file TDS return, a taxpayer will need Form 16 or 16A, which is a certificate of deduction of tax on any type of income. It contains the details of the tax paid by the employer in lieu of the employee. Taxpayer can also calculate his TDS, TCS and Advance tax through Form 26AS.

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Those whose TDS has been deducted from their payment get credit on the basis of Form 26AS or TDS certificate given by the person making the payment. Taxpayers can verify TDS, TCS and Advance Tax information under 26AS. Form 26QB is there to verify TDS in property related matters.

Who files TDS return?

If a person buys some goods, then he deducts TDS on the payment made to the seller. This TDS should be deposited within 30 days from the end of the month in which it is deducted. The tax deduction account number should be there before filing the TDS return on the website of the Income Tax Department. This number should be mentioned in every document related to TDS. Apart from this, the taxpayer should also have a registered DSC (Digital Signature Certificate) for e-filing.

How to upload TDS details on Income Tax Portal

• First of all go to http://incometaxindiaefiling.gov.in/ and click on Login.
• After that fill the login related information. Here your TAN will be used as the User ID.
• After that click on Upload TDS.
• You will get a form in which you have to fill the correct information. After filling the details, verify it.
• You can verify this through DSC or electronic verification code.

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