It is very important to file your TDS/TCS return forms. However, there are a lot of different types of TDS/TCS forms and you must choose the one that fits your category. Also, the deductor is liable to deduct the tax and then file the TDS. The different forms can be determined on the basis of nature of income or the type of deductee on which the TDS is imposed.
It is the statement of tax deducted from the source of salaries. The deductor needs to file TDS for employees whose salary is taxable.
It is the statement of tax deducted on source of all the payments apart from salaries. The deductor can deduct TDS on various services like contract, legal, rent, commission, security and more.
It is the statement of tax deducted on income received from interest, dividends and other sum that is payable to non residents. The form is based on payments received from NRIs and foreigners. It is mandatory for non government deductors to mention the PAN in the form.
It is the statement of collection of the tax at source. It is a declaration which contains a quarterly statement of TCS. It is the tax collected by the seller from the buyer. The tax is levied on certain prescribed goods as per the Section 206C (1) for the purpose of business use.
The tax collection certificate with respect to deductees is reported in Form 27EQ Statements. The form is based on tax collection at source. This is the tax that is collected by the seller from the buyer for certain goods. This includes goods prescribed as per the Section 206C (1) where the goods are strictly for business use.
When you are doing late payment, you must pay interest before filing the TDS Return.
In the case of non-deduction of tax at source in whole or in part, you have to pay 1% per month. The interest will be charged from the date on which tax is deductable till the date on which the tax is actually deducted.
In the case of deduction of tax with the nonpayment of tax either in part of whole, you will have to pay 1.5% per month. This will be charged from the date of tax deduction till the date of payment.
You will have to pay a fine of Rs.200 per day under section 234E. This will carry on until you file your return. If you have NIL returns, then you must fill the 26Q Declaration. However, it is not compulsory to fill the declaration form.
Also, if you have submitted the return for 24Q in the fourth quarter and there is no TDS deducted, then you will have to file for the NIL Return. If you delay the filing of NIL return or submitting the declaration form, then there will be no penalty of tax.
