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Tax Deducted at Source (TDS)– Complete Process and Benefits
What is TDS – Tax Deducted at Source?
Tax Deducted at Source (TDS) is a way of collecting income tax in India. It was introduced to curb tax evasion and to ensure a steady flow of revenue to the government. According to the Income Tax Act, 1961, individuals or entities making certain payments, such as salary, rent, interest, and commission, deduct tax at the applicable rate and pay it to the government.
TDS makes sure that taxes are taken out when income is generated. This helps the Income Tax Department track transactions and eases the burden of year-end tax payments for taxpayers.
At MrBrandy, we provide end-to-end TDS filing services to make the process quick, accurate, and stress-free.
TDS Due Date for depositing in India
The Tax Deducted at Source must be paid to the government by the 7th of the following month.
For example, TDS deducted in June must be paid by July 7th.
However, the TDS deducted in March should be paid by May 31st.
For TDS deducted on the purchase of property, the TDS payment due date is 30 days from the end of the month in which TDS is deducted.
Due Date for filing TDS Return
Quarter | Due Date |
April to June – Q1 | 31st July |
July to September – Q2 | 31st October |
October to December – Q3 | 31st January |
January to March – Q4 | 31st May |
Who Needs to File TDS Returns?
- Employers paying salaries above exemption limits
- Businesses making payments to contractors, freelancers, or professionals
- Banks deducting TDS on interest
- Companies paying rent, commission, or brokerage
- Any entity making payments liable for TDS deduction under the Income Tax Act
Benefits of Timely TDS Filing
1. Legal Compliance
Avoid penalties, interest, and scrutiny from tax authorities.
2. Builds Business Credibility
Compliance boosts trust with stakeholders, vendors, and employees.
3. Avoids Double Taxation
Ensures employees and contractors get accurate tax credits in their ITR.
4. Hassle-Free Refunds
Correct filing ensures smooth refund claims for deductees.
5. Saves Penalties
Late filing attracts penalties up to ₹200 per day under Section 234E.
Documents Required for TDS Filing
- TAN (Tax Deduction and Collection Account Number)
- PAN of deductor and deductees
- Details of TDS challans (Challan Identification Number – CIN)
- Salary details (for employers)
- Payment details to vendors, contractors, professionals, etc.
- Form 16 / Form 16A issued to employees/contractors
- Bank details
Types of TDS Forms
Form 24Q – TDS on salaries
Form 26Q – TDS on payments other than salaries (contractors, rent, etc.)
Form 27Q – TDS on payments to NRIs
Form 27EQ – TCS (Tax Collected at Source)
TDS Filing Process with MrBrandy
Step 1 – Collect Data
Provide payment details, challans, and deductee information.
Step 2 – Verification & Calculation
We verify entries, match challans with TRACES, and calculate exact liabilities.
Step 3 – File TDS Return
We file TDS returns online with the Income Tax Department using TAN.
Step 4 – Generate Certificates
Form 16/16A is generated and issued to employees and vendors.
Step 5 – Compliance Monitoring
We track due dates and send reminders for quarterly filings.
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- Quick, accurate and 100% hassle-free proces
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FAQs on Tax Deducted at Source (TDS)
What is the penalty for late TDS filing?
A penalty of ₹200 per day is levied until the return is filed, subject to a maximum equal to the TDS amount.
Is TDS filing mandatory for all businesses?
Yes. Any business or entity making payments subject to TDS must file quarterly TDS returns.
Can individuals be liable to deduct TDS?
Yes. If individuals are audited under tax laws or making specified high-value payments, they must deduct TDS.
What if TDS is deducted but not deposited?
It can attract penalties, prosecution, and disallowance of expenses under the Income Tax Act.
How do employees claim TDS?
Employees can claim TDS as tax credit while filing their ITR using Form 16 and Form 26AS.
File TDS Return Now
Stay compliant and stress-free with MrBrandy’s TDS filing services. From quarterly filing to Form 16 generation, we handle everything so your business never faces penalties.