Filing your TDS and TCS returns is crucial to meet the compliance to the Income Tax Department of India. These returns ensure that you are tax compliant and meet the liabilities, too. Various sections of the Income Tax Act deal with the TDS (tax deducted at source), for example, section 192 for TDS on salary payment, section 195 for TDS on NRIs, etc. Similarly, section 206C of the IT Act deals with the TCS (tax collected at source). The payee or the supplier of goods or services deducts TDS from the buyer’s payments when it exceeds a specific limit and reports it to the government. While TCS is collected by the seller from the buyer on the sale of certain goods, such as timber, scrap, mineral wood, and more. TDS/TCS payments play a significant role in boosting the revenue for the government. Learn how to file your TDS/TCS returns and why it is important for you. File your returns with TaxDunia, and have a seamless experience with our seasoned experts.
Types of TDS/TCS forms
| Forms | Importance |
| 24Q | TDS form to be filed on the salary payments |
| 26Q | This TDS form serves as a statement of tax on non-salaried payments |
| 26QB | To be filed on the payment of the immovable property |
| 27Q | TDS certificate for interest, dividend payable to NRIs and foreign companies |
| 27EQ | TCS statement |
| 27D | A TCS certificate issued by a seller to the buyer as proof of TCS collection |
Due Dates to File TDS/TCS Returns
In a financial year, the TDS returns are to be filed quarterly on the following dates
| Q1 | 31st of July |
| Q2 | 31st of October |
| Q3 | 31st of January |
| Q4 | 31st of May |
The Form 27EQ is a TCS statement filed by the seller and based on the receipts reported in it, Form 27D is generated as proof of TCS collection and issued to the buyer before the following dates in a financial year
| Quarter | Due date to file 27EQ | Due date to generate 27D |
| Q1 | 15th July | 30th July |
| Q2 | 15th October | 30th October |
| Q3 | 15th January | 30th January |
| Q4 | 15th May | 30th May |
How to File TDS/TCS Returns
Step 1
Collect all the required documents such as PAN, Aadhaar of both seller and buyer, TAN, TDS payment challan details, and previous TDS return details. After gathering all the documents, select the TDS/TCS Ratesform based on the nature of the payment on which TDS is deducted. For example, form 24Q for salary payments, 26Q for non-salaried payments
Step 2
Now go to the Traces portal and download the free TDS Return Preparation Utility (RPU) to prepare the TDS returns. Submit all data into the software, and once you are done with entering details, use the File Validation Utility (FVU) provided by the Income Tax Department to validate the TDS return file. The FVU automatically checks for errors and ensures compliance with the tax department’s requirements.
Step 3
Log in to the e-filing portal of the Income Tax Department using the TAN and upload the FVU file with the DSC. After successful submission, the IT department sends an acknowledgement message.
Why Choose TaxDunia for TDS/TCS Return Filing
Begin with TaxDunia today and stay informed with the latest tax laws and rules. Our expert guidance ascertains that you navigate the complex taxation and finance domain with ease. The experts ensure that you submit proper documents and have reconciled all the data before final submission to the tax authorities. Delegate your worries so that you can mainly focus on the core of the business and growth.
