Specified entities are required to deduct or collect tax at source under various provisions of Income Tax Act. The deducted or collected tax need to be paid to Central Government within specified due dates. The deductor i.e. the person having TAN need to submit TDS/TCS returns providing details of various payments and tax deposits.
Tax deducted/collected need to be paid for each month by the 7th of the next month. Correct code need to be mentioned of payment type while making such payment.
Every person/entity having TAN need to file quarterly TDS/TCS return by 15th Jul, Oct, Jan, May.
Non submission or late submission of TDS/TCS returns results into Late Fees, Interest and also Penalty. This all taken together could be substantial amount if returns are not filed or filed late or filed incorrectly on incomplete. Hence, it is advisable to submit the correct and complete TDS/TCS returns on time.
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