Overview
Every business that deducts TDS on salary, rent, contractor payments, professional fees, commission or interest must deposit the tax and file quarterly returns. Errors in PAN, challan or section codes lead to defaults, while late filing attracts a daily fee and penalty. The move to new form numbers under the Income-tax Act, 2025 makes expert handling more important this year. TaxBucket handles TAN, monthly deposits, quarterly returns, correction returns and TDS certificates.
Which ITR Should You File?
Select the correct Income Tax Return form based on your income sources to avoid notices and penalties.
Salaried Individuals with simple income
- Total income up to ₹50 Lakhs
- Income from Salary/Pension & 1 House Property
- Income from Other Sources (e.g. Interest, Dividends)
Individuals & HUFs with no business income
- All incomes under ITR 1 without the ₹50L limit
- Capital Gains (Property, Stocks, Mutual Funds)
- Multiple house properties & foreign income/assets
Individuals & HUFs with business income
- All incomes covered under ITR 2
- Income from Business or Profession
- Speculative income (Intra-day, Futures & Options)
Presumptive business or profession
- Total income up to ₹50 Lakhs
- Presumptive income (Section 44AD, 44ADA, 44AE)
- Does not include capital gains or foreign assets
For missed ITR filing deadlines
- Filed after the original due date has passed
- Late fee (u/s 234F) and penal interest apply
- Must be filed within the permitted extended timeline
For correcting a filed ITR
- Applicable if you made an error in the original ITR
- Allows updating omitted income or wrong deductions
- The latest revised return replaces the previous one
For voluntary tax compliance
- Can be filed up to 2 years from the end of relevant AY
- Cannot be used to claim a refund or reduce liability
- Additional tax (25% or 50%) and interest apply
Who needs it?
- Companies, LLPs and firms deducting TDS
- Individuals and HUFs liable to tax audit
- Employers deducting TDS on salary
- Sellers liable to collect TCS
Key benefits
- Timely compliance and no late fees
- Deductees get credit in their tax statement
- Accurate certificates (Form 130 / 131)
- Fewer defaults and notices from TRACES
- Correct mapping to the new Act's sections and forms
Documents required
Checklist: keep these ready
- TAN of the deductor
- Details of payments and deductees with PAN
- TDS challans
- Salary details (for Form 138)
- Lower deduction certificates, if any
Step-by-step process
- 1
Step 1
Compute TDS on each payment
- 2
Step 2
Deposit TDS by the 7th of the following month (30 April for March)
- 3
Step 3
Prepare the quarterly statement with challan mapping
- 4
Step 4
Validate and file the return
- 5
Step 5
Download and issue TDS certificates
- 6
Step 6
File correction returns for defaults, if any
Key facts: fees, timelines, due dates and penalties
- 1Quarterly due dates: 31 July (Q1), 31 October (Q2), 31 January (Q3), 31 May (Q4)
- 2Q4 of FY 2025-26 (January to March 2026) is filed in the old forms
- 3Late fee: Rs 200 per day until filing, capped at the TDS amount
- 4Penalty for non-filing or incorrect filing: Rs 10,000 to Rs 1 lakh
Why choose TaxBucket for TDS Return Filing?
- 14+ years of experience in tax, GST, MCA and legal compliance
- ISO 9001:2015 certified company with a team of tax and compliance professionals
- Transparent pricing with no hidden charges
- End-to-end online process with a dedicated expert and regular status updates
- Office in South West Delhi; serving clients across India
Frequently asked questions
What are the new TDS return form numbers?
Form 138 replaces 24Q, Form 140 replaces 26Q, Form 144 replaces 27Q and Form 143 replaces 27EQ for transactions on or after 1 April 2026.
What is the due date for depositing TDS?
The 7th of the following month, and 30 April for deductions made in March.
What is the penalty for late TDS return filing?
A fee of Rs 200 per day applies until the return is filed, up to the amount of TDS, and a penalty may also be imposed.
What is Form 130?
It is the salary TDS certificate under the Income-tax Act, 2025, replacing Form 16; Form 131 replaces Form 16A for non-salary TDS.
Get expert help with TDS Return Filing today
Call +91 7838-000-475 or send your enquiry and our expert will get back to you.