TDS (Tax Deducted at Source) is one of the modes of collecting income tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.
In simple terms, TDS is the amount of tax getting deducted from the person (Employee / Deductee) by the person paying (Employer/Deductor).
It is very important to file TDS returns on time because late filing can result in paying late filing fees according to Section 234E
Mandatory Fees and Penal provisions:
Therefore, file your TDS returns properly and on time to avoid penalty for late filing of TDS returns.
TDS/TCS Compliances for 3rd Quarter of F.Y. 2012-13
- Last date for payment of tax deductions/collections for December 2012 – 7th January, 2013
- Last date of filing of TDS/TCS returns for Q3 of F.Y. 2012-13 – 15th January, 2013
- Last date for issuance of the TDS/TCS certificates for Q3 – 30th January, 2013
It is recommended to use TDSMAN software for filing TDS and TCS returns as per TIN Nsdl format. This TDS software enables eTDS & eTCS return generation of all types of forms – 24Q, 26Q, 27Q, 27EQ & also prints TDS certificate – form 16, form 16A.
Some of its features are:
- Supports unlimited deductors / companies, deductees, employees
- Preparation of eTDS & eTCS returns for Forms 24Q, 26Q, 27Q, 27EQ
- Auto-generation of Form 16, 16A, 27A, 27B, 27D
- Printing of TDS, TCS certificates – 16, 16A, 27D
- Interface for online requests to TIN
- In-built utility for Import / Export of data from MS-Excel
- Option of importing / retrieving data from Consolidated files
- Data backup and restore facility
- integrated File Validation Utility (FVU)
- Generation & printing of various types of customized utility reports
- Report generation in PDF formats
- Online updates
- Challan verification
Use the TDSMAN Software (FY: 2012-13) for easy filing of your fourth quarter eTDS / eTCS returns. TDSMAN (FY: 2012-13) is priced at Rs. 2500/– only and covers the financial year 2012-13 and all earlier years till 2005-06. During the course of the year, all statutory updates & changes in the software will be provided to you for free. Click here to order now
To download free trial of TDSMAN software click here
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To place an order for TDSMAN software click here
TDS return filed on time, but delay in payment for 2 days. default notice received for late payment interest. paid the demand and filed correction statement. On processing correction statement once again demand received for the same amount for late payment interest (plus)int u/s.220(2). Why second time late payment interest? cant understand.
Can a trust submit 15G/15H? If yes then details please? If not what they will submit for non deduction of TDS?
More than the form you have to trust your Bank for this as they are the person who is going to deduct the TDS. Please consult your bank for more details on this.
we have filed tds return on dt. 29.1.2013 for 3rd qtr. 2012-13 i got one demand notice for 2800/- no reduce this demand for late filing
The penalty on late filing cannot be levied as per the latest announcement by the Income Tax Department.
TDS for the financial years 2011-12 and 2012-13 (till 31.01.2013)