Why should you timely file your TDS Returns?
#1. To avoid the penalty: Late filing of the TDS/TCS return attracts a heavy penalty of INR 200 per day until the default continues.
#2. To prevent additional penalty: In addition to the minimum penalty of INR 200, the tax deductor may face an additional penalty ranging from INR 10,000 to INR 1 lakh for failure to file TDS return within one year.
#3. To facilitate reconciliation of the ITR: TDS return filing helps reconcile the income earned with income declared in the income tax return.
#4. To avoid cancellation of the expenditure: Failure to file TDS return on time may lead to the nullification of the impact of expenditure on which TDS was required to be deducted but not deducted, resulting in incremental tax incidence.
#5. Facilitating filling of Form 26AS: Form 26AS is an annual consolidated tax statement specifying the details of taxes deducted during the year. Timely TDS return filing ensures accurate entries in Form 26AS, enabling individuals to claim TDS credit.
Why should you timely file your TDS Returns?
#1. To avoid the penalty: Late filing of the TDS/TCS return attracts a heavy penalty of INR 200 per day until the default continues.
#2. To prevent additional penalty: In addition to the minimum penalty of INR 200, the tax deductor may face an additional penalty ranging from INR 10,000 to INR 1 lakh for failure to file TDS return within one year.
#3. To facilitate reconciliation of the ITR: TDS return filing helps reconcile the income earned with income declared in the income tax return.
#4. To avoid cancellation of the expenditure: Failure to file TDS return on time may lead to the nullification of the impact of expenditure on which TDS was required to be deducted but not deducted, resulting in incremental tax incidence.
#5. Facilitating filling of Form 26AS: Form 26AS is an annual consolidated tax statement specifying the details of taxes deducted during the year. Timely TDS return filing ensures accurate entries in Form 26AS, enabling individuals to claim TDS credit.