TDS Update: The month of July is special for income tax payers in many ways. There is a rush to file income tax returns this month, so filing of TDS, TCS returns for the first quarter of the current financial year is also necessary this month. If you forget this in the process of filing income tax return, then you may have to face a hefty fine.
In the hustle and bustle of filing income tax return, you have not forgotten to file your tax deducted at source (TDS) return. If you do not file your TDS return before the stipulated time, then you may have to face a hefty fine along with late fees.
If there is a mistake in filing the TDS return, then the Income Tax Department charges a lit fee of Rs 200 per day. Not only this, if you have filed your return late, then the department can also end all your claims. In such a situation, while filing the return, first of all he charges you a lit fee for the delay, after that he imposes a fine. In this case, the Income Tax Officer can impose a fine ranging from a minimum of 10 thousand rupees to a maximum of 1 lakh rupees. You cannot file TDS return without paying late fee and the late fee should not exceed the amount of TDS.
When is the last date
for filing return If you also want to file TDS return and want to avoid late fee and penalty, then do not forget to file it before time. TDS return is filed every quarter and the last date for filing TDS return for the first quarter of the current financial year is 31st July. Since this is also the last date for filing income tax returns, many taxpayers can get confused about it
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You must be aware that the TDS return should be filed by the last date of the month following the end 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.
What Documents
Required To file TDS return, the taxpayer needs to have Form 16 or 16A, which is a certificate of deduction of tax on any type of income. It contains all the details that the employer would have paid the tax in lieu of the employee. Taxpayers can also assess their TDS, TCS and Advance tax through Form 26AS.
