Furnishing TDS/ TCS Return - Income Tax - Ready Reckoner - Income Tax

Furnishing TDS/ TCS Return Duty of person TDS - As per section 200(3) casts responsibility on the following persons for preparing such statement for such periods as may be prescribed, after paying the tax deducted to the credit of the Central Government within the prescribed time- Any person deducting any sum on or after 01.04.2005 in accordance within the foregoing provisions of this chapter any person being an employer referred to in section 192(1A). [ Section 200(3) read with rule 31A ] TCS - Any person collecting any amount under section 206C shall pay within the prescribed time the amount so collected to the credit of the Central Government or as the Board directs, the person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, Prepare quarterly statements for such period in as may be prescribed and deliver or cause to be delivered to the Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems), such statement in Form No. 27EQ and verified in such manner and setting forth such particulars and within such time as may be prescribed. [ Section 206C(3) Read With Rule 31AA(1) ] Following statement submitted by the every responsible person under section 200(3) [ Rule 31A ] Every person responsible for deduction of tax under Chapter XVII-B, shall, deliver, or cause to be delivered, the following quarterly statements namely:- (a) Statement of deduction of tax under section 192 and section 194P in Form No. 24Q ; (b) Statement of deduction of tax under sections 193 to 196D other than section 194P in- (i) Form No. 27Q in respect of the deductee who is a non-resident not being a company or a foreign company or resident but not ordinarily resident; and (ii) Form No. 26Q in respect of all other deductees. (c) Statement of deduction of tax under section 194S (i.e. transfer of a virtual digital asset) in Form No. 26QF . [ Rule 31A(1) ] ​​​​​​ at the time of preparing the quarterly statement in Form No. 26QF, furnish particulars of amount paid or credited on which tax was not deducted in accordance with guidelines issued u/s 194S(6). [ Rule 31A(4E) ] every specified person referred to in section 194S and responsible for deduction of tax under that section shall furnish to a challan-cum-statement in Form No. 26QE electronically in accordance with the procedures, formats and standards specified under rule 31A(5) within 30 days from the end of the month in which the deduction is made. [ Rule 31A(4D) ] (d) Every person responsible for deduction of tax under section 194-IA shall furnish a challan-cum-statement in Form No.26QB electronically in accordance with the procedures, formats and standards specified under rule 31A(5) within 30 days from the end of the month in which the deduction is made. [ Rule 31A(4A) ] (e) Every person responsible for deduction of tax under section 194-IB shall furnish a challan-cum-statement in Form No.26QC electronically in accordance with the procedures, formats and standards specified under rule 31A(5) within 30 days from the end of the month in which the deduction is made. [ Rule 31A(4B) ] (f) Every person responsible for deduction of tax under section 194M shall furnish a challan-cum-statement in Form No.26QD electronically in accordance with the procedures, formats and standards specified under rule 31A(5) within 30 days from the end of the month in which the deduction is made. [ Rule 31A(4C) ] Time limits for furnishing quarterly returns of TDS/ TCS S.No. Date of ending of the quarter of the financial year TDS Return [ See Rule 31A(2) ] TCS Return [ See Rule 31AA(2) ] 1. 30 th June 31 st July of the financial year 15 th July of the financial year 2. 30 th September 31 st October of the financial year 15 th October of the financial year 3. 31 st December 31 st January of the financial year 15th January of the financial year 4. 31 st March 31st May of the financial year immediately following the financial year in which the deduction is made. 15 th May of the financial year immediately following the financial year in which deduction is made. Further, the person may also deliver to the prescribed authority a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under this sub-section in such form and verified in such manner as may be specified by the authority. Levy Late Fee Penalty (i) Fees of ₹ 200 per day of default u/s 234E applicable if TDS/TCS return after due dates. (ii) Upto 31.03.2025 - If TDS/TCS return filed after 1 year of prescribed date the penalty u/s 271H ranging form min. of ₹ 10,000 to a max. of ₹ 100,000 shall also applicable. (iii) From 31.03.2025 - If TDS/TCS return filed after 1 Month of prescribed date the penalty u/s 271H ranging form min. of ₹ 10,000 to a max. of ₹ 100,000 shall also applicable. Who is required to submit TDS/TCS Statement electronically [ Rule 31A(3) 31AA(3) ] The following person shall submit quarterly TDS/TCS return electronically (a) the deductor is an office of the Government; or (b) the deductor is the principal officer of a company; or (c) the deductor is a person who is required to get his accounts audited under section 44AB in the immediately preceding financial year; or (d) the number of deductee's records in a statement for any quarter of the financial year are 20 or more, The deductor shall furnish the statement in the manner (a) furnishing the statement in paper form; (b) furnishing the statement electronically under digital signature How to obtain refund [ Rule 31A(3A) ] A claim for refund, for sum paid to the credit of the Central Government under Chapter XVII-B, shall be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process in accordance with the procedures, formats and standards specified under rule 31A(5).