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TDS Returns

Although regular assessment in respect of any income is to be made in a later assessment year, tax on such income is payable in the previous year itself in the form of TDS/TCS that is to say, in respect of certain incomes and payments, tax is to be deducted at source by the payer at prescribed rate at the time of accrual or payment of such incomes to the payee whichever is earlier. In the same way, on some instances, tax is to be collected at source by the seller from buyer or by a person from licensee/lessee etc. at the time of debiting the amount to the account of the buyer/licensee/lessee or the receipt of payment whichever is earlier. Similarly, in certain cases, it is obligatory on the part of the assessee to pay tax in advance in certain instalments.

The obligation to deduct tax at source is on the person responsible for payment of income/amount which is subject to TDS. So, such person has to deduct tax from the income/payment mentioned in various sections i.e. section 192 to 196D and to deposit the amount so deducted in Challan No. 281 within the requisite time to the credit of Central Government.

In respect of tax deducted/collected on or after April 1, 2010, quarterly TDS/TCS statements shall be submitted on following forms:

Nature of Tax deduction Form No.
Tax deduction from Salary under section 192 24Q
Tax deduction when deductees are non-resident (not being a company), foreign company and persons who are resident but not ordinary resident 27Q
Tax deduction in any other case 26Q
Tax collection 27EQ

Due Date of Submission of Quarterly Returns:In respect of tax deducted or collected on or after April 1, 2010, the above quarterly returns shall be submitted within the time limit as mentioned below:

Quarter Due Date of Submission of Quarterly TDS/TCS Return
For Quarter ending June 30 of Financial Year July 15 of the Financial Year
For Quarter ending September 30 of Financial Year October 15 of the Financial Year
For Quarter ending December 31 of Financial Year January 15 of the Financial Year
For Quarter ending March 31 of Financial Year May 15 of the Financial Year immediately following the FY in which tax is deducted/collected.