Tag Archives: TDS

e-TDS return is a TDS return prepared in form No.24,26 or 27 or quarterly statements in electronic media as per prescribed data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A

As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). Besides, those persons requiring to get their accounts audited u/s 44AB and those deductors in whose records there are twenty or more deductees are also to submit statements electronically. However, for other Deductors, filing of e-TDS return is optional.

An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred.

Following are the returns for TDS and TCS and their periodicity: Form No Particulars Periodicity Form 24 Annual return of “Salaries” under Section 206 of Income Tax Act, 1961 Annual Form 26 Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other than “Salaries” Annual Form 27 Statement of deduction of tax from interest, dividend or any other sum payable to certain persons Quarterly Form 24Q Quarterly statement for tax deducted at source from “Salaries” Quarterly Form 26Q Quarterly statement of tax deducted at source in respect of all payments other than … Click here to continue….. →

Interest earned by a Non Resident Indian (NRI) from the NRO deposits is taxable in India as per the provisions of Sec 9(1)(V) of the Income Tax Act, 1961 and TDS has to be effected as mentioned in the Finance Act. The rate at present is 30% plus surcharge and Education cess. However, deduction of TDS depends upon the country of residence of the depositors and based on DTAA (Double Taxation Avoidance Agreement) entered into by the Government of that country with Government of India. Form No.15G/15H shall not be accepted in the case of NRO a/c holders.

If the interest paid on domestic term deposits exceeds Rs.10000/- p.a., TDS will be deducted @ 10% provided PAN is available. If PAN is not submitted, TDS will be deducted @20% as per section 206AA of Income Tax Act, 1961.

A PAN number has been made mandatory w.e.f. 01.04.2010 as per section 206AA of Income Tax Act, 1961.