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TDS Filing FAQs and Guidelines

The document discusses TDS filing frequently asked questions. It explains what a TDS certificate is, penalties for delay or non-filing of TDS returns, the difference between a TAN and PAN number, how to deposit TDS payments in a central bank, and the TDS amount if a property belongs to an NRI.

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50 views1 page

TDS Filing FAQs and Guidelines

The document discusses TDS filing frequently asked questions. It explains what a TDS certificate is, penalties for delay or non-filing of TDS returns, the difference between a TAN and PAN number, how to deposit TDS payments in a central bank, and the TDS amount if a property belongs to an NRI.

Uploaded by

Ripgod Gaming
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

TDS Filing FaQs :

What is a TDS Certificate?

As the name says, TDS is collected on source of income and therefore the frequency of collection is as
frequent as the transactions are. This makes track of deduction difficult. Therefore, a certificate on the
letterhead of the deductor is issued to deductee for the TDS payment. Individuals are advised to request
for TDS certificate wherever applicable, if not already provided.

What is the penalty for delay or non-filing?

The taxpayer failed to file TDS return before due date has to pay ₹ 200 per day of delay in filing as an
additional fee. Apart from an additional fee, the penalty can be levied u/s 271H of Income Tax Act. The
minimum penalty prescribed is ₹ 10,000 which may extend to One Lakh Rupees.

What is the difference between TAN and PAN?

TAN is given to a person who is liable to deduct or collect tax at source. Whereas, PAN is issued to a
person who is involved in the financial transaction exceeding a particular threshold limit. (Basically, the
one from the whose income tax is being deducted).

How do I deposit TDS in the central bank?

Payment can be done using net banking online on NSDL by selecting Challan 281. The TDS payments
should be made before filing the TDS return. e-payment is compulsory for all Corporate assesses and
non-corporate assessees who are liable for audit u/s 44AB. Physical payment can be made using Challan
281 in an authorized bank branch.

What is the amount of TDS if property belongs to NRI?

Yes, as per the rates prescribed u/s 195. TDS is to be deducted on capital gain income. In case you have
any doubt regarding the amount on which TDS is to be made, you may file an application with the officer
handling non-resident taxation who will pass an order determining the TDS to be made. Alternatively, if
the recipient feels that the TDS is more he may file an application with his Assessing Officer for non-
deduction.

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