Quick TDS FAQs

1.What is TDS?

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source, and remit the same into the account of the Central Government.

A TDS Return is a quarterly statement, which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.

An eg., Mr. Kapoor rented an apartment and paying more than Rs.50,000/-, then he must deduct 5% of the rent and pay the remaining to the landlord. The deducted 5% is the TDS, that he must file under his TDS return.

2.How to file TDS Returns?

Login through your register ID at EZTDS.in
In the form provided, select the details from the drop down boxes for Assessment Year, Form Name and Quarter respectively and add the Deductor and authorised person details.
Enter Challan details.
Enter the Deductee details.

And verify your return (if you have any errors to clear).
Generate the FVU file.

3.What are the features using EZTDS.in?

Automatic calculation and error detection.
Fast and Simple eFiling.
Excel Import Utility to work offline.
Best TDS Software for Chartered Accountant, companies, Individual as they can add unlimited deductors, deductees and file TDS return.
No limits in number of Challans, Deductors.
Multiple people can work on single return simultaneously to fill a large TDS Return.
Generate and Print TDS Certificates in Form 16/16A.
Latest FVU Version 5.5 Generation.

4.Which type of TDS form should i choose?

Form 24Q Statement - for tax deducted at source from salaries.
Form 26Q Statement - for tax deducted at source on all payments except salaries.
Form 27Q statement - for deduction of tax from interest, dividend, or any other sum payable to non-residents.
Form 27EQ Statement - for the Collection of tax at source (TCS)

5.What are the TDS filing Due Dates?

Quarter	Quarter Period	Last Date of Filing
1st Quarter	1st April to 30th June	31st July, 2018
2nd Quarter	1st July to 30th September	31st Oct, 2018
3rd Quarter	1st October to 31st December	31st Jan, 2019
4th Quarter	1st January to 31st March	31st May, 2019

6.What are Section-wise TDS Slab Rates ?

For assesse other than Companies

TDS will be deducted as follows...

Section 192: Payment of salary	Normal Slab Rate
Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee (with effect from 01.06.2015).	10
Section 193: Interest on securities any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; any security of the Central or State Government; interest on any other security	10 10 10 10
Section 194: Dividend other than the dividend as referred to in Section 115-O	10
Section 194A: Income by way of interest other than "Interest on securities"	10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort	30
Section 194BB: Income by way of winnings from horse races	30
Section 194C: Payment to contractor/sub-contractor HUF/Individuals Others	1 2
Section 194D: Insurance commission	5(10% till Assessment year 2016-17)
Section 194DA: Payment in respect of life insurance policy	1(2% till 31-5-2016)
Section 194EE: Payment in respect of deposit under National Savings scheme	10(20% till 31-5-2016)
Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of India	20
Section 194G: Commission, etc., on sale of lottery tickets	5(10% till 31-5-2016)
Section 194H: Commission or brokerage	5(10% till 31-5-2016)
Section 194-I: Rent Plant & Machinery Land or building or furniture or fitting	2 10
Section 194-IA: Payment on transfer of certain immovable property other than agricultural land	1
Section 194J: Any sum paid by way of Fee for professional services, Fee for technical services Royalty, Remuneration / fee / commission to a director or For not carrying out any activity in relation to any business For not sharing any know-how, patent, copyright etc.	10
Section 194LA: Payment of compensation on acquisition of certain immovable property	10
Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders.	10
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]	10
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA)	25% in case of Individual or HUF; 30% in case of Other person
Any Other Income	10

7.How much penalty i have to pay, if I failed to file TDS on-time ?

Person fails to file the statement of tax deducted/collect at source i.e. TDS/TCS return on or before the due dates, Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000.
Penalty can also be levied if the deductor/collector files an incorrect TDS/TCS return.
No penalty will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:

The tax deducted/collected at source is paid to the credit of the Government.
Late filing fees and interest (if any) is paid to the credit of the Government..
The TDS/TCS return is filed before the expiry of a period of one year from the due date specified in this behalf.

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