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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:

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.

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.

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

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.

TDS forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:

Form 24QQuarterlyThe quarterly statement for TDS from “Salaries”
Form 26QQuarterlyQuarterly statement of TDS in respect of all payments other than “Salaries”
Form 27QQuarterlyQuarterly statement of TDS from interest, dividend, or any other sum payments to non-residents
Form 27EQQuarterlyQuarterly 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.

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