Question 1

Who is required to deduct TDS?

Accepted Answer

Any business entity (proprietorship, partnership, company, LLP) that pays salary, rent above ₹2.4 lakh/year, contractor payments above ₹30,000 per bill (or ₹1 lakh aggregate per year), professional fees above ₹30,000, or commission must obtain TAN and deduct TDS at applicable rates.

Question 2

What is TAN and is it mandatory?

Accepted Answer

TAN (Tax Deduction and Collection Account Number) is a 10-digit alphanumeric number issued by the Income Tax Department. Anyone required to deduct TDS must obtain TAN. Quoting TAN on TDS challans, returns, and certificates is mandatory — penalty for not quoting is ₹10,000.

Question 3

What are the penalties for late TDS payment and filing?

Accepted Answer

Late deduction: 1% per month under Section 201(1A). Late payment: 1.5% per month. Late filing of return: ₹200 per day under Section 234E (capped at TDS amount). Failure to file at all: ₹10,000–₹1,00,000 under Section 271H. Use our TDS Penalty Calculator for an instant estimate.

Question 4

Which TDS form should I file?

Accepted Answer

Form 24Q for TDS on salary. Form 26Q for TDS on non-salary residents (rent, contractor, professional fees). Form 27Q for TDS on payments to non-residents. Form 27EQ for TCS (Tax Collected at Source).

Question 5

What are the due dates for TDS payment and filing?

Accepted Answer

TDS payment: 7th of next month (30th April for March deductions). Quarterly TDS return filing: 31st July (Q1), 31st October (Q2), 31st January (Q3), 31st May (Q4). Form 16/16A: within 15 days of return filing.

Question 6

Do I need to issue TDS certificates?

Accepted Answer

Yes. Form 16 to employees by 15th June every year for the previous financial year. Form 16A to vendors/contractors quarterly within 15 days of TDS return filing. Failure to issue: ₹100 per day per certificate.

Question 7

What if I deducted excess TDS by mistake?

Accepted Answer

The deductee can claim the excess as refund while filing their ITR. Alternatively, you can file a TDS correction return through the TRACES portal to revise the deduction amount. We assist with TRACES corrections to ensure your ledger and Form 16/16A are accurate.

Quarter	Period	Due Date for Payment	Due Date for Filing
Q1	April - June	7th of following month	31st July
Q2	July - September	7th of following month	31st October
Q3	October - December	7th of following month	31st January
Q4	January - March	30th April (March: 7th May)	31st May

TDS Filing & Compliance in Coimbatore

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