Finance
What is TDS Compliance?
- TDS Compliance
- TDS Compliance involves correctly deducting Tax Deducted at Source, depositing it with the government on time, and filing quarterly TDS returns.
TDS Obligations
Businesses must deduct TDS when making payments above specified thresholds for services (10%), rent (10%), salary (as per slab), contractor payments (1–2%), and others.
Key Deadlines
TDS must be deposited by the 7th of the following month. Quarterly returns (Form 26Q for non-salary, Form 24Q for salary) are due by the 31st of the month following the quarter.
Penalties
Late deduction attracts 1% per month interest. Late deposit attracts 1.5% per month. Non-filing attracts a ₹200/day penalty up to the TDS amount.
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