A1:

• TDS/TCS Deposit: Generally, the 7th of the succeeding month for taxes deducted/collected in the previous month. For TDS deducted in March, the due date is extended to April 30th.
• TDS Return Filing (Forms 24Q, 26Q, 27Q): Quarterly returns are due by the last day of the month succeeding the quarter.
  • Q1 (Apr-Jun): July 31st
  • Q2 (Jul-Sep): October 31st
  • Q3 (Oct-Dec): January 31st
  • Q4 (Jan-Mar): May 31st
• TCS Return Filing (Form 27EQ): Quarterly returns are generally due by the 15th of the month succeeding the quarter.
  • Q1 (Apr-Jun): July 15th
  • Q2 (Jul-Sep): October 15th
  • Q3 (Oct-Dec): January 15th
  • Q4 (Jan-Mar): April 15th (Note: for FY 2025-26, it is May 15th)

Please note: These dates are for the Financial Year 2025-26. Always check the latest notifications from the Income Tax Department for any changes or extensions.

A2: TAN stands for Tax Deduction and Collection Account Number. It is a 10-digit alphanumeric number issued by the Income Tax Department. Yes, it is mandatory for all persons who are required to deduct or collect tax at source. You must quote your TAN in all TDS/TCS related challans, certificates, and returns. There are limited exceptions for certain one-time transactions (e.g., TDS on property sale under Section 194-IA) where PAN can be used instead of TAN.

A3:

• Late Filing Fee (Section 234E): A fee of ₹200 per day is charged for late filing of TDS/TCS statements, from the due date until the date of filing. However, the total fee cannot exceed the actual amount of TDS/TCS deductible/collectible for that quarter.
• Interest for Late Deduction/Collection (Section 201(1A)(i)): Interest at 1% per month (or part thereof) is levied from the date tax was deductible/collectible until the date it was actually deducted/collected.
• Interest for Late Deposit (Section 201(1A)(ii)): Interest at 1.5% per month (or part thereof) is levied from the date tax was deducted/collected until the date it was actually deposited with the government.

Penalty for Non-filing or Incorrect Filing (Section 271H): If a TDS/TCS statement is not filed within one year from the due date, or if incorrect information (like PAN, challan details) is furnished, a penalty ranging from ₹10,000 to ₹1,00,000 can be imposed. This penalty is in addition to the late filing fee and interest.

A4: When TDS/TCS is deducted/collected from a payment made to you, it gets linked to your Permanent Account Number (PAN) and is reflected in your Form 26AS (Annual Information Statement) on the income tax portal. This reflected amount acts as a tax credit that you can claim against your total income tax liability when you file your annual Income Tax Return (ITR). It's crucial to ensure that the TDS/TCS deducted/collected on your behalf is correctly reflected in your 26AS to claim the credit.

A5: To file TDS/TCS returns, you would typically need to provide:

• Your TAN (Tax Deduction and Collection Account Number).
• PAN details of all deductees/collectees.
• Nature of payment/collection (e.g., salary, professional fees, rent, sale of goods).
• Date and amount of payment/collection.
• TDS/TCS deducted/collected amount.
• Details of challan payments made (BSR code, challan serial number, date of deposit, amount).
• In case of corrections, details of the original return filed.

Our team will guide you on the specific documentation required based on your particular transactions and the type of return to be filed.