TDS PAYMENT, FILLING AND INTEREST

A.  DUE DATES FOR PAYMENT OF TAX

Sr. No.	Particulars	Due date
1.	April to February	7th of next month
2.	Month of March	30th of April

         

B.  PROCEDURE FOR PAYMENT OF TAX

1.          Visit https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp

2.          Select challan number 281

3.          On duly filling the challan 281, site will direct to net banking facitlity.

4.          Pay amount by logging to the net banking facility.

5.          On successfully paying the amount counterfoil containing the payment details will be generated. This counterfoil is the proof of the payment being made.

C.  INTEREST PAYABLE BY THE ASSESSEE

INTEREST u/s 201(1A)

PARTICULARS	RATE
-      Non deduction of TDS Period starting from the date on which tax was deductible upto date on which tax is deducted	1% for every month or part of the month
-      Deduction of tax but default in payment of Tax to the credit of government. Period starting from the date on which tax is deducted upto the date of actual payment of tax to the government.	1.5% for every month or part of the month.

D.  DUE DATE FOR FILLING OF TDS RETURN

Form 24Q      -        Quarterly statement of deduction of tax under sub

-section (3) of section

200 of the Income-tax Act, 1961 in respect of salary for the quarter

Ended

From 26Q      -        Quarterly statement of deduction of tax under sub-

                             section (3) of section

 200 of the Income-tax Act, 1961 in respect of all

payments other than

Salary for the quarter ended.        

Form 27Q      -        Quarterly statement of deduction of tax under sub-

section (3) of section 200 of I.T. Act, 1961 in respect of

payments other than Salary made to non-residents for

the quarter

Quarter	Frequency
April – June	15th of July
July – September	15th of October
October – December	15th of January
January – March	15th of May

Note   :-       In case there is delay in filling of Quarterly Statement

penalty of Rs.100/- per day is payable by the assessee.

E       PROCEDURE FOR FILLING TDS RETURN

          Following steps should be followed while filling TDS return.

1.    Collection of information for preparation of return-

Following information should be collected-

a)    Name, TAN number, Address, PAN, E-mail type of the deductor,

b)    All the counterfoils of the payment made to the credit of government with respect to TDS,

c)    Non deduction or lower deduction of tax certificate, if any,

d)    In case of TDS return with respect to salary, form 16, period of employment of the employee and name of the person responsible for paying the salary.

e)    In case of TDS return with the respect to persons other than salary, name of the deductee, PAN, Address, date of payment or credit of amount to the deductee, Rate of TDS, Amount of TDS.

2.    Choose the format or data structure for preparing e-TDS return
Income tax department and NSDL have made different format according to nature of payments.  These formats are available at the following link(https://www.tin-nsdl.com/etds-etcs/eTDS-steps.php)

3.    E-TDS return for successful acceptance
Following are the steps that needs to be followed-
 1.     E-TDS clean text ASCII format: You can use any software like ms excel, compu tax or Tally.ERP or NSDL’s software Return Preparation Utility (e-TDS RPU-Light) for making e-TDS return but E-TDS file formats must be in clean text ASCII format with 'txt' as filename extension.
2.      Correct Tax deduction Account Number (TAN) of the Deductor is clearly mentioned in Form No.27A as also in the e-TDS return, as required by sub-section (2) of section 203A of the Income-tax Act.
3.      The particulars relating to deposit of tax deducted at source in the bank are correctly and properly filled in the table at item No.6 of Form No.24 or item No.4 of Form No.26 or item No.4 of Form No.27, as the case may be.
4.      The data structure of the e-TDS return is as per the structure prescribed by the e-FilingAdministrator.
5.      The Control Chart in Form 27A is duly filled in all columns and verified and as enclosed in paper form with the e-TDS return on computer media.
6.      The Control totals of the amount paid and the tax deducted at source as mentioned at item No.4 of Form No.27A tally with the corresponding totals in the e-TDS return in Form No. 24 or Form No. 26 or Form No.27, as the case may be.
7.      Bank Branch code or BSR code is a 7 digit code allotted to banks by RBI. This is different from the branch code which is used for bank drafts etc. This no. is given in the OLTAS challan or can be obtained from the bank branch or from www.tin-nsdl.com. It is mandatory to quote BST code both in challan details and deductee details. Hence, this field cannot be left blank. Government deductors transfer tax by book entry, in which case the BSR code can be left blank.

4.    Validate or verify your prepared e-TDS return
After the file has been set as per the file format, it should be verified using the File Validation Utility(FVU) (download here ) provided by NSDL.

5.    Rectify the errors and verify the file
In case file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU.

6.    Filling of e-TDS Return
A ) Go to TIN – FC ( center) near to your office
e-TDS returns can be filed at any of the TIN-FC opened by the e-TDS Intermediary for this purpose. Addresses of these TIN-FCs are available at the website on http://www.incometaxindia.gov.in/  or at http://www.tin-nsdl.com/ .
B) Filling of e-TDS Return Online
Now, you have also facility to file your e-TDS return online for this you have to register to NSDL.