Why TDS/TCS return required to file?
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.
Advantages of Filing TDS return
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 for such class of taxpayer, prescribed limit & nature of payment as per law. If you filing TDS return on time, hence no need to pay interest, penalty & disallowance of income.
Disadvantages of a Non Filling TDS return
Fees for late-filing of TDS under section 234E
Penalty for late-filing or non-filing TDS under section 271H:
Interest shall be levied on late deduction & late payment of TDS
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Documents Required For TDS Returns