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TDS Return Filling

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What is TDS return filing?

Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS. While filing the TDS returns the various details to be mentioned are:

  • PAN of the deductor and the deductee.
  • Amount of tax that is paid to the government
  • TDS challan information
  • Others, if any.
Useful Links
  • GST Registration for New Business
  • Documents Required for GST Registration
  • GST Registration Online: A Guide

What is TDS?

  • Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee’s account or at the time of payment whichever happens earlier.

    In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.

  • TAN or the Tax Deduction and Collection Number is a mandatory 10 digit alpha number that is to be obtained by all the people who are responsible for deducting tax at source or tax collection at source on behalf of the government. Salaried individuals are not required to obtain TAN or to deduct the tax at the source.

    In the case of the proprietorships businesses and other entities are required to deduct tax at the source while making certain payments like the salary, payments to the contractor, payment of rent that is exceeding Rs.2,40,000 per year. IndiaFilings can help in obtaining the TAN registrations.

    The entities that have a valid TAN registration have to file the TDS returns quarterly. Our TDS experts can help in computing the TDS payments and file the TDS returns while complying with the TDS regulations.

Eligibility Criteria

  • TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.

    • Salary Payment
    • Income on securities
    • Income by winning the lotteries, puzzles, and others.
    • Income from winning horseraces
    • Insurance commissions.
    • Payment concerning the National saving scheme and many others.

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What are the due dates for TDS return filing?

  • The due date for the payment of the TDS deducted is the seventh of the next month.

    QuarterPeriodLast Date of Filing
    1st Quarter1st April to 30th June31st July 2022
    2nd Quarter1st July to 30th September31st October 2022
    3rd Quarter1st October to 31st December31st Jan 2023
    4th Quarter1st January to 31st March31st May 2023

How to file TDS returns online?

Here is the step-by-step procedure to file the TDS returns online.

Step 1: Firstly, Form 27 A containing multiple columns has to be filled and in case of the hard copy of the Form, it has to be verified along with the E-TDS return that has been filed electronically.

Step 2: In the next step, the tax that is deducted at the source and the total amount that has been paid needs to be correctly filled as well as tallied.

Step 3: The TAN of the organizations is to be mentioned on Form 27 A. There will be difficulties in the process of verification if the mentioned TAN is incorrect.

Step 4: While filing the TDS returns the appropriate challan number, the mode of the payment, and the tax details have to be mentioned. In case of the incorrect challan number or the incorrect date of the payment, there will be a mismatch and the TDS returns also need to be filed again.

Step 5: To bring consistency the basic Form used for Filing the e-TDS must be used. The 7 Digit BSR has to be entered for easing the tallying process.

Step 6: Physical TDS returns are to be submitted at the TIN FC, which is managed by NSDL. In case of the online filing, they can be submitted on the official website of the NSDL TIN.

Step 7: If the provided information is correct then a token number or a provisional receipt is received. This is a proof that TDS return has been filed.

Step 8: In case of rejection, a non-acceptance memo along with the reason for the rejection is issued and the returns have to be filed again.

TDS Return Filing FAQ's

Tax deducted at source is the practice of reducing the tax evasion and the spillage by TDS payment mandatory at pre refined rates.

TDS was introduced to collect the tax from the source of income. Here the deductor who is liable to make payment to the deductee should deduct the tax at source and remit the same into the account of the central government.

TDS is deducted only the total income is taxable, the TDS will not be deducted in case the total income is Rs 2,50,000 and this amount is applicable for both men and women below the age of 60 years.

There is a penalty for not depositing or not deducting TDS on time, the employer can make the interest payment on such late payment of the TDS before filing the TDS returns or the demand raised by TRACES.

First compute the exemptions that are available under Section 10 of the Income Tax (ITA) then subtract the exemptions that are found in step (2) from the gross monthly income calculated in step (1), multiply the obtained number from the above calculation by 12 as the TDS is computed on the yearly income.

It takes 30-45 days from the date of the E-verification of the income tax return to get the refund credited.

TDS returns are filed by employers or organizations who have a valid Tax Collection and Deduction Number (TAN). A person who is making specified payments that are mentioned under the Income Tax Act is required to deduct tax at the source and it to be deposited within a stipulated time.

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