TDS Returns Filing

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Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified. Each assessee, liable to deduct TDS, shall quote the TAN in all TDS Returns, TDS payments and other communications regarding TDS with Income Tax Department. Non quoting of TAN would attracts a penalty of Rs. 10000. TDS Returns and Payments would not be received by the banks if TAN No. is not quoted. TDS must be deducted while making certain payment like salary, payments to contractor or sub-contractors, payment of rent, etc. AuditNeeds can help obtain TAN Registration.

Those entities having TAN Registration must then file TDS returns. TDS returns are due every quarterly. No filing or late filing of TDS returns or TDS statement shall invite 2 penal consequences

• Fee for late filing U/s 234E and
• Penalty for Non filing of TDS statement U/s 271H.

In case of late filing, the Assessee, under Section 234E, will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed. In case of non filing, the Assessee, under section 271H, will be liable to pay a penalty of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement.

AuditNeeds can help you file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations.