A Complete Guide to TDS Return Filing for Businesses

Deducted tax from your employees or vendors? Here is what you need to know about filing your TDS returns on time.

The Discussion

Sameer (Startup Founder)

We deducted TDS from our office rent and employee salaries. Do we just pay it to the government and we're done?

CA Expert (Aftab & Associates)

Paying the tax is only the first step! After payment, you must file a TDS Return (like Form 24Q for salaries or 26Q for others) quarterly. This links the tax you paid to the PAN of the person you deducted it from.

Sameer (Startup Founder)

What happens if we miss the quarterly deadline?

CA Expert (Aftab & Associates)

There is a late filing fee of ₹200 per day under Section 234E, up to the amount of TDS. Plus, your employees won't see the TDS credit in their Form 26AS, which will cause them problems when filing their own returns.

Quick Knowledge Check

What is the late filing fee penalty for missing a TDS return deadline under Section 234E?

Glossary of Terms

Form 24Q
The quarterly TDS return filed for tax deducted from salary payments.
Form 26AS
A consolidated annual tax statement that shows details of tax deducted on your behalf.
TAN
Tax Deduction and Collection Account Number, a 10-digit alphanumeric number required for those deducting tax.

Related Tags

TDS Return Filing Form 24Q Form 26AS Tax Compliance

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