TDS & TCS RETURN FILING

TDS & TCS Return Filing

TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc

Delay in payment of TDS deducted or delay in filing of TDS returns will attract heavy interest and Penalties, hence the assesses should take proper guidance and file the appropriate returns with the specified due dates

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Verify TDS Rates and Thresholds Before Filing ReturnsAccess section-wise TDS rates, threshold limits, and due dates in a ready-to-reference Excel utility before filing Forms 24Q, 26Q, and 27Q.Free TDS Rate Chart Excel Utility →

TDS & TCS Return Filing Services in Hyderabad

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are withholding tax mechanisms under the Income-tax Act 1961. Every person responsible for making specified payments — such as salary, professional fees, rent, contractor payments, interest, or dividends — is required to deduct TDS at the prescribed rate, deposit it with the government within the due date, and file quarterly TDS returns. Non-compliance attracts significant interest, penalties and prosecution risk.

Quarterly TDS Return Forms

  • Form 24Q — TDS on salaries (deducted by employer)
  • Form 26Q — TDS on all non-salary payments to residents (professional fees, rent, contractor, dividend, etc.)
  • Form 27Q — TDS on payments to non-residents and foreign companies
  • Form 27EQ — TCS returns (tax collected at source by sellers)

Consequences of Late Filing and Non-Deduction

The Income-tax Act prescribes strict consequences for TDS/TCS compliance failures. Late filing of TDS returns attracts a mandatory fee of ₹200 per day under Section 234E until the return is filed, subject to a maximum of the tax deducted. Additionally, the Assessing Officer can levy a penalty of ₹10,000 to ₹1,00,000 under Section 271H for failure to file returns or for furnishing incorrect information. If TDS is not deducted, 30% of the payment may be disallowed as a business expense under Section 40(a)(ia).

Our TDS/TCS Return Filing Services

  • Assessment of applicability — identifying which transactions attract TDS and at what rate
  • Computation of TDS/TCS for each deductee using the correct section and rate
  • Preparation and filing of quarterly returns on TRACES / TIN-NSDL portal
  • Issuance of TDS certificates — Form 16 (salary), Form 16A (non-salary), Form 27D (TCS)
  • Corrections of short deductions and rectification of TDS statements already filed
  • Resolution of TRACES demands, defaults and justification reports
  • Compliance under Sec 206AA (higher rate for non-PAN deductees) and Sec 206AB/206CCA (higher TDS for non-filers)

Frequently Asked Questions — TDS Returns

When are quarterly TDS returns due?Q1 (Apr-Jun): 31 July | Q2 (Jul-Sep): 31 October | Q3 (Oct-Dec): 31 January | Q4 (Jan-Mar): 31 May. Late filing attracts ₹200/day under Sec 234E.
What if TDS is deducted but not deposited on time?Interest at 1.5% per month is levied from the date of deduction to the date of actual deposit under Sec 201(1A). The deductor is also liable to be treated as an assessee-in-default.
Can errors in a TDS return already filed be corrected?Yes. TDS correction statements can be filed on the TRACES portal. Common corrections include PAN updates, challan mapping, and deductee detail amendments. Our team handles TRACES corrections efficiently.

Ensure error-free, timely TDS & TCS return filing in Hyderabad. Our CA team manages end-to-end TDS compliance for businesses of all sizes.

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