Documents Required
TDS Acknowledgement
PAN Card
TDS Certificate
TDS Return Filing
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TDS Return Filing
What is TDS return filing?
TDS return filing is a crucial part of the tax process, ensuring that the deducted taxes are reported accurately and on time. It's like keeping the tax record straight for everyone involved. And Form 26AS acts like a report card, summarizing the TDS details. 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.
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%.
What is TAN?
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
Who can file TDS returns?
TDS return filing is a crucial task for organizations or employers with a valid Tax Deduction and Collection Number (TAN). Individuals making specific payments as outlined in the Income Tax Act must deduct taxes at the source and promptly deposit them within the specified timeframe for the following transactions. This process ensures adherence to tax regulations and timely compliance.
- 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.
Due Date for TDS Return filing
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.
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2022 |
| 2nd Quarter | 1st July to 30th September | 31st October 2022 |
| 3rd Quarter | 1st October to 31st December | 31st Jan 2023 |
| 4th Quarter | 1st January to 31st March | 31st May 2023 |
Note: As per Circular 21/2022, the date of furnishing the TDS Statement in Form 26Q for the quarter ended 30th Sept 2022 has been extended to 30th Nov 2022.
TDS return filing procedure
How to file TDS returns online?
According to Section 192 of the Income Tax Act 1961, employers are required to deduct TDS when disbursing salaries to employees. To fulfill this obligation, employers must file Salary TDS returns using Form 24Q, which should be submitted on a quarterly basis. Form 24Q serves as a comprehensive statement detailing the salary payments made to employees and the corresponding TDS deductions undertaken by the deductor.
- 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 forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:
| Form | Periodicity | Particulars |
|---|---|---|
| Form 24Q | Quarterly | The quarterly statement for TDS from “Salaries” |
| Form 26Q | Quarterly | Quarterly statement of TDS in respect of all payments other than “Salaries” |
| Form 27Q | Quarterly | Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents |
| Form 27EQ | Quarterly | Quarterly statement of collection of tax at source |
TDS Form 24Q
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.
TDS Form 26Q
When taxpayers make payments, TDS is deducted by the payee on specific occasions. Form 26Q is utilized to report TDS details for payments other than salary, outlining the total amount disbursed during a particular quarter and the corresponding TDS deductions. This form must be submitted quarterly.
Form 27Q
Form 27Q is a TDS return containing information on Tax Deducted at Source from payments other than salary made to Non-Resident Indians and foreigners. It needs to be filed every quarter, providing details of payments and TDS deductions on payments made to NRIs by the deductor.
Form 27EQ
Form 27EQ is focused on tax collected at the source, as per Section 206C of the Income Tax Act 1961. Both corporate and government collectors and deductors must submit this form every quarter, providing comprehensive details.
What is a TDS Certificate?
Once TDS is deducted, it's crucial for the deductor to provide the TDS Certificate. The deductee can verify the tax credit by checking a valid TDS certificate on TRACES, featuring a unique 7-digit certificate number and a TRACES watermark. Deductees should retain their TDS certificates. Certificates for payments other than salaries are issued quarterly, while salary-related certificates are provided annually. If a deductee misplaces the certificate, they can request a duplicate TDS Certificate.
Penalty for failure in filing the TDS returns
If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234 E per day by the assessee until the time the default is continuing.
Non Filing the TDS returns
If the assessee fails to file the return within a year from the due date or furnishes incorrect information, they may incur a penalty. The penalty imposed can range from Rs. 10,000 to Rs. 1,00,000 or more.
Revised TDS Returns
If errors are detected in the TDS returns, such as incorrect challan details or PAN information, the tax amount credited with the government may not be reflected in Form 16A/Form 26AS. To ensure that the amount is properly credited and reflected in Form 16/Form 16A/Form 26AS, a revised TDS return has to be filed.
Prerequisites for submission of Revised TDS returns
Revised TDS returns can be filed only when the original TDS return is accepted by the TIN central system. The assessee can check the status of the TDS returns filed online by providing the required details such as the PAN and the Provisional Receipt Number/Token number on NSDL. The revised TDS returns have to be prepared using the most recent consolidated TDS statement, which can be downloaded from the TRACES website.
Claiming TDS return
TDS credit can be claimed by the deductee in their income tax returns. To claim the credit, the deductee must provide accurate details of the TDS, including the TDS certificate number, while filing their returns of income. Incorrect details may lead to discrepancies in processing the TDS returns and affect the tax credit. It's essential for the deductee to ensure accuracy in providing TDS information for a smooth credit claim process.
Frequently Asked Questions
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