Who is required to file e-TDS return?

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.

What are the forms to be used for filing annual/quarterly TDS/TCS returns?

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…..

Whether TDS needs to be deducted on interest on Non-Resident Deposits?

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.