Filing TSD and TCS Return
TDS AND TCS RETURN
Tax Deduction at Source (TDS) is collection of tax amount by a person (acting as deductor) who is liable to make payment of specified nature to another person (acting as deductee) and remit the same to the government through TDS return.
Tax Collection at Source (TCS) is collection of tax amount by the seller from the buyer at the time of receiving consideration amount on transactions relating to specified goods or entering into specified agreements.
Whenever a taxpayer is liable to pay TDS and TCS to the government, it has to obtain a unique TAN number which is to be quoted at all challans, returns and certificates furnished by it.
TDS Applicability
Corporates (including firms, societies, etc.)
Individuals and HUFs having-
• business with gross turnover > Rs. 1 crore in preceding financial year (F.Y.); or
• profession with gross receipts > Rs. 50 lakhs in preceding F.Y.
However, when TDS has to be deducted by such individuals on salary of the employees, the said limits are irrelevant. The deduction depends upon the income of the salaried person.
| Situation | Time Limit for Deposit of Tax | |
|---|---|---|
|
Where the payer is the government or when payment is made on behalf of the government
|
When TDS is deposited without challan
|
Same day of deduction
|
|
Where the payer is the government or when payment is made on behalf of the government
|
When TDS is deposited with challan
|
On or before 7th day from the end of the month in which deduction is made |
|
When the payer is other than government |
When the amount is paid in the month of March |
On or before 30th April of the immediately following F.Y.
|
|
When the payer is other than government
|
For other months
|
On or before 7th day from the end of the month in which deduction is made
|
|
When payer is other than government and paying under Section 194IA
|
|
On or before 30th of the next month |
TCS Applicability
Government and Local Authority
Corporates (including firms, societies, etc.)
Individuals and HUFs subject to Tax Audit
| Situation | Time Limit for Deposit of Tax | |
|---|---|---|
|
Where the payer is the government or when payment is made on behalf of the government
|
When TCS is deposited without challan
|
Same day of collection
|
|
Where the payer is the government or when payment is made on behalf of the government
|
When TCS is deposited with challan
|
On or before 7th day from the end of the month in which collection is done
|
|
When the payer is other than government |
|
Within one week from the last day of the month in which collection is done
|
Requisite Documents
- Financial Statements
- Invoices against which TDS deducted and TCS collected
- Challans, wherever applicable
- Details of deductee and collectee (including PAN number)
- Declaration for non-deduction of TDS, if any