A TDS Return is a quarterly statement which has to be submitted by the assessee to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor.

TDS & TCS Deposit Due Dates for Government & Non-government

• Due date for depositing TCS is 7th of next month.
• Due dates for depositing TDS as under:
  • For Non-Government Deductors- 7th of next month (except for the month of March
    where due date is 30th of April)
  • For Government Deductors-
    i) If paid through challan- 7th of next month
    ii) If paid through book-entry- Same day i.e. day on which TDS deducted.

Penalty (Sec 234E): Deductor will be liable to pay way of fee Rs.200 per day till the failure to pay TDS continues. However penalty should not exceed the amount of TDS for which statement was required to be filed.

Penalty (Sec 271H): Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may extended to Rs.1,00,000.

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

Employers have to issue Form 16 within 15 days of filing their fourth quarter TDS returns.

Deductors have to issue Form 16A within 15 days of filing their quarterly TDS returns.

If the Employer is not able to provide the certificate within due date, then a penalty of Rs. 100 per day of delay per certificate has to be paid. Remember that penalty cannot exceed the TDS amount deducted for the quarter.