Tax Duducted at Source [TDS]

TDS is income tax reduced from the money paid at the time of making specified payments such as salary, rent, commission, professional fees, Interest on securities, Mutual Fund & Fixed Deposit etc. by the persons making such payments i.e., deductor. Deducted will be refunded to the assessee when the tax return is filed.

Due Date for Depositing the TDS to the Government

TDS amount must be deposited to the government by the 7th of the subsequent month. ( 24Q for salary and 26Q for non salary)

Quarter	Due Date for Filing
April to June (Q1)	31st July
July to September (Q2)	31st Oct
October to December (Q3)	31st Jan
January to March (Q4)	31st May

Tax Collected at Source [TCS]

TCS, or Tax Collected at Source, is a tax payable by the seller but collected from the buyer. The Income Tax Act, 1961 lists down all the provisions for TCS, let's discover here.

What is Tax Collected at Source

TCS full form stands for Tax Collected at Source. The purchaser is responsible for paying the TCS bill, which is collected from the lessee or buyer. Although it is the responsibility of the buyer to pay TCS, the seller is equally liable to collect the TCS duly.

TCS Return Due Dates

Here are the due dates to submit Tax Collected at Source :

Quarter Ending	Due date to file TCS return in Form 27EQ	Date for Generating Form 27D
30th June	15th July	30th July
30th September	15th October	30th October
31st December	15th January	30th January
31st March	15th May	30th May

TDS on Sale of Property [Form 26QB]

Form 26QB is a tax form used under Section 194-IA of the Income Tax Act, 1961, to report and pay Tax Deducted at Source (TDS) on the purchase of immovable property. When an individual buys property valued at ₹50 lakh or more, they are required to deduct 1% TDS from the sale price and remit it to the government. Form 26QB serves as the official record of this deduction. It must be filed within 30 days from the end of the month in which the TDS was deducted. The form collects essential information, including the buyer's and seller's PAN details, the transaction amount, and the TDS paid. This ensures compliance with tax laws and prevents penalties for non-compliance. It is a key component of property transactions above ₹50 lakh in India.

Income Tax e Filing

Filing income tax returns (ITR) is a crucial duty of every taxpayer in India, ensuring adherence to the nation's tax regulations. It involves detailing all sources of income, deductions, and tax liabilities for a comprehensive report to the Income Tax Department. Early ITR e-filing helps avoid errors and last-minute technical glitches, ensuring a smoother submission process. .

An income tax return is a form that a person is required to submit to the Income Tax Department. It contains information related to individual’s income and taxes paid, starting from 1st April to 31st March of the financial year. There are seven ITR forms prescribed by the Income Tax Department according to the amount of income, income source and the category to which the taxpayer belongs.

Eligibility for Income Tax e filing

In India, the obligation to do ITR e filing arises under certain conditions. Primarily, if your gross total income exceeds the basic exemption limits, you're required to e-file your return and the limits vary based on your age and the tax regime chosen.

A tax regime refers to the structure under which your income is taxed. As of the latest updates, taxpayers can opt for either the Old Tax Regime, which allows various deductions and exemptions, or the New Tax Regime, which offers reduced slab rates but restricts most deductions.

Old Tax Regime

The following criteria apply to the old tax regime:

• Individuals under 60 years: Rs 2.5 lakh
• Individuals between 60 and 80 years: Rs 3.0 lakh
• Individuals over 80 years: Rs 5.0 lakh

In the table below, we have provided the income tax slab under the old tax regime:

Income Range	Income Tax Slab Rates
Up to Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

New Tax Regime (as per Union Budget 2025)

The Union Budget 2025 introduced significant changes to the income tax slabs under the New Tax Regime. Below, we have provided the updated income tax slabs:

Income Range (Rs.)	Tax Rate (%)
Up to 4,00,000	NIL
4,00,001 - 8,00,000	5
8,00,001 - 12,00,000	10
12,00,001 - 16,00,000	15
16,00,001 - 20,00,000	20
20,00,001 - 24,00,000	25
Above 24,00,000	30

However, there are other specific circumstances that require for an income tax filing, even if your income is below these thresholds:

High-value Transactions: You are required to do Income tax filing if you have:

• Deposited Rs 1 crore or more in one or more current bank accounts.
• Deposited Rs 50 lakh or more in one or more savings bank accounts.
• Spent over Rs 2 lakh on foreign travel.
• Incurred electricity expenses exceeding Rs 1 lakh during the financial year.
• Had TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) exceeding Rs 25,000 (or Rs 50,000 for senior citizens).

Business and Professional Income:

• Businesses: Mandatory if your total sales, turnover, or gross receipts exceed Rs 60 lakh during the financial year.
• Professionals: Mandatory if gross receipts exceed Rs 10 lakh during the financial year.

For more information pls visit below site

income tax india e-filing