Need to deduct a certain percentage before making any such payments and deposite it with income tax department. Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc.
DOCUMENTS REQUIRED FOR TDS / TCS RETURN:-
1. PAN Card Of All Deductee
2. Copy of TDS Challan Payment
3. Copy of TCS Challan Payment
4. Amount Deducted For Each Deductee
5. Bank account details*
6. Address proof**
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PROFESSIONAL FEES:- Rs 1999/- Onwards
PENALTY FOR DELAY IN FILING OF TDS RETURN:-
Late filing of TDS Return
As per Section 234E, in case an assessee fails to submit the TDS Return before the due date, he shall be liable to pay a penalty of Rs. 200 per day till the time the default continues. However, the total penalty computed @ 200/day should not exceed the total amount of tax deducted.
Penalty under Section 271H: A penalty which may range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable in case wrong details have been submitted, such as incorrect PAN, incorrect tax amount, etc.
DUE DATE TO FILE TDS RETURNS FOR F. Y. 2020-21:-
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