Tedious Returns (contd)…
- April to June Quarter (Q1) – 15th July
- July to September Quarter (Q2) – 15th October
- October to December Quarter (Q3) – 15th January
- January to March Quarter (Q4) – 15th May of Next year
Vikram’s friend further stated that if he does not file the TDS returns for any quarter within the due date, then he shall be liable for a penalty of Rs 200 per day of default (up to the amount of TDS paid).
On hearing this, Vikram’s face went pale. He asked his friend about the mode through which the TDS returns are filed. His friend outlined the categories for which e-filing of these returns were mandatory:
- All corporate entities
- All government entities
- Where the entity is subject to tax audit
- Where the number of deductees (persons on whose behalf TDS is deducted) >
Further, the government has released its own Return Preparation Utilities to facilitate the preparation of the TDS returns (the same can be downloaded for free from TIN.NSDL). The file generated from the utilities is to be taken to the designated TIN Facilitation Centres (like Karvy, Integrated Enterprises, etc.) who will charge a nominal filing fee for uploading the files to the government servers. If the file is complete in all respects, then a provisional receipt shall be generated. Else, a non-acceptance memo would be generated stating the reason for rejection. Also, in case any errors are identified post filing then the same could be revised.
Post filing of the returns, Vikram would be required to login in to TRACES website. After logging in, he should place his cursor on the “Downloads” tab and click on Form 16 or Form 16A (as applicable). Then he would be required to fill in the details asked for (it’s always better to fill details under ‘Bulk PAN Download’ Section). After filling the details and clicking of submit button, the request for downloading the same would be generated. Few days later, he can download the zip file from the requested downloads section. In order to generate the pdf files of Form 16/ 16A, the TRACES pdf converter utility would have to be downloaded and used. A printout of the pdf files so generated should be taken and given to the parties on whose behalf TDS was deducted.
After patiently listening to all this, Vikram thanked his friend and started calculating the amount of penalty that he would be required to pay while also making arrangements to file the returns post-haste.