File TDS Through Experts

1. About TDS /TCS
2. Rate of TDS/TCS
3. Payment and return of TDS/TCS

1. About TDS/TCS

TDS/TCS was introduced with an objective to deduct / collect tax from source of income.

TDS – A person who is liable to make specified payment to other person shall deduct tax at source and pay the tax with due dates. The deductee would be entitled to get credit of the amount on the basis of TDS certificate or Form 26AS.

TCS – Tax Collected at Source (TCS) is tax that is collected from the buyer and payable/deposited by the collector /seller.

2. Rate of Tds/Tcs

Rate of TDS/ TCS varies based on the source of your income or nature of transaction and it ranges between1% to 30%.

3. Payment and return of TDS/TCS

TDS & TCS Payment Deposit Due Dates for Govt & Non-government

• The due date for depositing TCS is 7th of next month.
• Due dates for depositing TDS as under:
  • non-government Deductors- 7th of next month (for month of March where the due date is 30th of April)
  • For Government Deductors-
    1. If paid through challan- 7th of next month
    2. If paid through book-entry- Same day i.e. the day on which TDS deducted.

The due dates for filing quarterly TDS/TCS returns, both electronic and paper are as under:

Period	Due date for TDS statement	Due date for TDS statement
April to June	31st  July	15th July
July to Sep.	31st August	15th August
Oct. to Dec	31 January	15th January
Jan to March	31 May	15th May