TAN Registration and TDS Return Filing: Full Guide
Let us tell you what is TDS, whether you required TAN registration, also, if you need to do TDS Return Filing or not.
When you offer a ‘prasaad’ in the place of pilgrimage, have you observed, they slice out a piece of it before you can take it with you? Later they also give it back to you.
Same principle! The one making your payment also slices out a part of your payment and credits it into the government’s account. That amount gets credited in your Permanent Account Number, and you can adjust it with your tax payable or claim a refund later. Simple!
It is mandatory for those liable to deduct TDS to credit TDS and file quarterly TDS return before the due date, violating which, invites interests and penalties. The tax shall be paid at the rates prescribed by the government. Click here to know TDS rates.
TDS Payment: Due Date
For non-government assessee:
| S. No | Particulars | Due Date |
| 1. | Tax Deducted every month, except March | 7th of next month |
| 2. | Tax Deducted in March | 30th April |
All the corporate assesses and those covered under Tax Audit under section 44AB of the Income Tax Act should deposit TDS online mandatorily. Others can also deposit the same with banks.
Let Greenwolf Advisors tell you another secret. You can pay TDS quarterly also, if Assessing Officer, with prior approval of the Joint Commissioner, permits the same. In that case, TDS due dates are:
| S. No | Quarter ends on | Due Date |
| 1. | 30th June | 7th July |
| 2. | 30th September | 7th October |
| 3. | 31st December | 7th January |
| 4. | 31st March | 30th April |
What if I don’t pay TDS?
Well, 1.5% interest per month awaits you then. Also, the interest will be calculated from the month of date of deduction till the date amount is deposited with the government. Pay attention! Date from which amount is deducted, and not the due date.
Example: If you deducted TDS on 20th January and instead of depositing before the due date of 7th February, you deposited the same on 15th February, then the interest will be calculated from? The month of January, and not 7th February. Pheww..government is mean if you don’t pay on time.
Ok, I paid TDS every month before due date, now what? File TDS return every quarter. Click here to check due dates for TDS returns and what happens if you don’t file the same.
