Section: TDS returns for partnership firms are governed by Section 200(3) and Section 206 of the Income Tax Act, 1961.
Purpose: The purpose of TDS returns is to report the tax deducted at source from the payments made to suppliers or vendors on behalf of the government. This helps the government to keep a track of the taxes deducted and paid by the businesses.
Applicability: Partnership firms that are liable to deduct TDS on payments made to suppliers or vendors are required to file TDS returns.
Timeline: The due date for filing TDS returns is quarterly, and it is as follows:
31st July for the first quarter (April to June)
31st October for the second quarter (July to September)
31st January for the third quarter (October to December)
31st May for the fourth quarter (January to March)
Exemption: There is no exemption from filing TDS returns for partnership firms.
Penalty for not doing (specify amount): If a partnership firm fails to file TDS returns within the due date, a penalty of Rs. 200 per day is levied until the returns are filed. The penalty amount cannot exceed the total amount of tax deducted at source.
Forms: The following forms are used for filing TDS returns:
Form 24Q: For TDS on salaries
Form 26Q: For TDS on payments other than salaries
Form 27EQ: For TDS on non-residents or foreign companies
Reporting authority: The reporting authority for TDS returns is the Income Tax Department, which is responsible for monitoring and enforcing TDS compliance. The Centralized Processing Cell for TDS (CPC-TDS) is responsible for processing TDS returns and issuing TDS certificates to the deductees.
TDS Payment
Section: TDS payment for partnership firms is governed by Section 200 of the Income Tax Act, 1961.
Purpose: The purpose of TDS payment is to collect tax at the source from the payments made to suppliers or vendors on behalf of the government. This helps the government to collect taxes from the businesses in a timely and efficient manner.
Applicability: Partnership firms that are liable to deduct TDS on payments made to suppliers or vendors are required to make TDS payments.
Timeline: The due date for TDS payment is as follows: 7th of every month for the TDS deducted in the previous month (except for March, for which the due date is 30th April)
Exemption: There is no exemption from TDS payment for partnership firms.
Penalty for not doing (specify amount): If a partnership firm fails to make TDS payment within the due date, a penalty of 1.5% per month or part thereof is levied until the payment is made. The penalty amount cannot exceed the total amount of TDS deducted.
Due date: The due date for TDS payment is as follows: 7th of every month for the TDS deducted in the previous month (except for March, for which the due date is 30th April)
Forms: The TDS payment can be made using Challan 281, which is available on the website of the Income Tax Department.
Reporting authority: The reporting authority for TDS payment is the Income Tax Department, which is responsible for monitoring and enforcing TDS compliance. The Centralized Processing Cell for TDS (CPC-TDS) is responsible for processing TDS returns and issuing TDS certificates to the deductees.
