It is time for all TDS deductors / TCS collectors to prepare themselves to file their TDS / TCS returns for the first quarter of the financial year 2013-14. This quarter is ending on 30th June 2013 and the returns for the same can only be filed on or after 1st July 2013. The last date of filing returns for the first quarter is 15th July 2013.
As per the newly inserted Section 243E, if a person (deductor) fails to deliver the TDS statement or TDS return in the time prescribed, then the person shall be liable to pay a fine of Rs. 200 for everyday till the default continues subject to a maximum of the total amount of tax deductible. Moreover, there are penalty provisions as defined in Section 271H.
If you are still in the process of setting up the system for preparing TDS returns for financial year 2013-14, we strongly recommend the software TDSMAN which is one of the best in the market and is reasonably priced at Rs. 3,000. Apart from being good and having user friendly features to prepare regular TDS returns and correction statements, TDSMAN is very nicely integrated with the TRACES and NSDL website. The online PAN verification system in TDSMAN is really very useful.
TDSMAN covers all four quarters of financial year 2013-14 and all previous years up to 2005-06. There is no limitation and / or restriction on the number of deductors, deductees or employees.