Tag Archives: TDS Return Filing

Documents required for TDS return filing

TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.

A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit.

In this blog, we will discuss the two most important aspects of TDS return filing as follows:

  • Due dates for TDS return filing, and
  • Essential documents for TDS return filing

Due dates for TDS return filing

If you’re an employer or somebody who pays salary to employees, then you’re required to deduct tax at source and file TDS returns before specific due dates. The deductor is supposed to do TDS return filing on a quarterly basis as described below:

Quarter Period/Term Due dates for TDS return filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st October
3rd Quarter 1st October to 31st December 31st January
4th Quarter 1st January to 31st March 31st May

Essential documents for TDS return filing

Before TDS return filing, you need to gather the required documents so that you don’t face any trouble while doing the same. Documents required are as follows:

Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department’s website.

Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees’ salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return.

Form 24Q: It’s a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.

  • Annexure I: It represents deductee wise break up of TDS against specific challan.
  • Annexure II: The annexure includes a total breakup of the salary, any deductions needed to be claimed by the employee, his/her income from other sources, and house property and overall tax liability as calculated.

Form 27EQ: It’s a quarterly statement that states details and information about the tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.  Corporate and government deductor, as well as the collectors, are required to submit this form.

Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual.

Documents regarding interest income:

  • TDS certificate allotted by banks and others;
  • Passbook or bank statement for interest on savings accounts;
  • The interest income statement for fixed deposits.

Conclusion

TDS return filing is a quarterly statement filed by the deductor and submitted to the Income Tax Department. Returns consist of details of TDS deducted and deposited by deductor, PAN of deductor and deductee, TDS challan info, etc. For filling TDS returns there are a few essential documents that must be submitted by the applicant. The documents are Form 24Q, Form 16, Form 26Q, Form 27EQ, documents under Section 80C investments, etc. which are already described above. If you’re looking for a consultant to file TDS return, then contact us at Enterslice. We will execute the process in the least possible time and in a smooth way.

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Guide for TDS Return Filing on Income Tax Portal

TDS or Tax Deducted at Source is governed by the rules and regulations of the Income Tax Act, 1961 is a process where an employer deducts tax in advance before paying the salary to his employee or a payee deducts tax before making the actual payment to the receiver. The method of deducting tax is applied on incomes being earned on a regular basis as well as occasionally.

What is TDS Return?

TDS Return is a statement that summarizes the tax that has been deducted showing the details of the TDS entries deducted by the payee in lieu of TDS on a quarterly basis. This statement or the TDS Return is required to be filed with the IT Department every quarter.

How to File TDS Return?

The TDS returns can be filed by using different types of Return forms. They are:-

  • Form 24Q is for filing of return when TDS is deducted from salaries of employee. Under Section 192 of the IT Act, 1961 the TDS Return is prepared. Under the same regulation, the online TDS Return or eTDS is also prepared. The Form 24Q consists of 2 Annexure – Annexure 1 is all about the employer and the employee; the Annexure 2 is the one that shows the salary details and tax computations
  • Form 26Q is to be filed when TDS is deducted for any and all kinds of payments excluding salary payment. This statement is prepared as per Section 200 (3), 193 and 194 of the Income Tax Act 1961. This Form is applicable in case of tax deducted on fees paid to the directors, other professionals, interest on securities etc.
  • Form 27Q is required to be filed on tax that has been deduced at source from incomes received from share dividends, bonus, interest or any other income of non resident Indians and foreigners other than their salary.
  • Form 27EQ is meant for to depict the collection of tax at source following regulations of Section 206C of the IT Act, 1961.

What is the procedure of filing online TDS return?

For online TDS return filing, the following steps need to be followed:-

  • The file format of the e-TDS and the e-TCS return is present at official website.
  • The e-TDS or e-TCS return can be made using the Return Preparation Utility software of NSDL (National Securities Depository Limited) or even a software developed by a third party.
  • The prepared statement needs to be verified using NSDL software called File Validation Utility. In case the software reports errors, the same need to be rectified and refiled for verification.
  • The verified file can then be uploaded at official website. In order to upload the TDS or TCS return statements at the site above, the organisation has to be registered with the site.

What are the due dates of TDS Return Filing?

At the end of every quarter the TDS for the previous quarter has to be submitted to the Income Tax Department by the payee or the employer. The details have been shown below:-

  • The TDS Return for the first quarter i.e. April – June the last date for TDS return filling is 31st July of the same financial year;
  • TDS return for the second quarter (July – August) has to be filed by 31st October of the same financial year;
  • For the third quarter (October – December), the last date for TDS return filling is 31st January of the same financial year; and
  • The fourth quarter (January – March) returns need to be submitted by 31st May of the next financial year.

Late filing of TDS Return

As per a new ruling that has come into force from 1st April 2017, the maximum penalty for late filing of the return is Rs. 10000.

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TDS return e–filing in India

So in this article, we will guide you with the step-by-step instructions in order to do your online TDS return e-filing get done.

Follow the steps below: –

  • First of all, log on to the TRACES with your details in order to e-file your TDS return.
  • Now click on the tab that gives the option of “register for e-filing”. You shall see this option on the left of the corner of the TRACES window page.
  • Now this will take us next to the filing portal of the income tax department where it will ask you for registering. This will be referred as a tax deductor or a collector. And your TAN will be your default user id.
  • You will then be required to create a password, giving the details of the authorized person like their designation and their mobile number and the email id and similar other basic details of your organization, like the address, landline number, and the fax number etc. After you have filled all the asked information, click on the submit option after you type in the showed captcha image.
  • Next, log on to the e-filing portal of the income tax department by using a PAN as password and the date of the incorporation if it’s organization or date of birth of the one, filing for the TDS return. And then wait for the approval of the TAN Registration.
  • After you get it approved, a link will be received onto your email address that you have previously used in the form while a PIN will be sent on your registered mobile number.
  • Click on that link and then put in the PIN that you received on the mobile number and then submit. This shall complete your registration process of the TDS e-filing.

An important point to be noted is that all the above mentioned process is for when you have never registered as a tax deductor or the tax collector.

How to Get Registration of DSC or Digital Signature?

  • Now download the digital signature management utility and after that go to the registrar or reset password tab.
  • Now you fill in your TAN for your organization and your PAN if you are the DSC holder. After this select the type of DSC you are using. For example “.pfx” or the USB token type. After selecting, generate the signature file and save it.
  • Now log in to the e-filing portal through the created id and then go to the profile setting, and then register for DSC. Once you upload the DSC file, submit it and here your DSC Registration will be completed for TDS return e-filing.

Note, that the DSC Registration is needed only once.

What is The Procedure for e- Filing Of TDS Return?

  • Start with the input of TDS return filing details in the software or in the return preparation utility and the process it.
  • Now select an option for the uploading of the TDS return for e-filing to the e-filing portal of the income tax department. This shall then generate a ZIP file for you of your processed TDS return. Save it.
  • Go to the DSC management utility and select the bulk upload for the option. Attach your ZIP file to this and then put your TAN and PAN. Next, pick the DSC option which will be either “.pfx” or the USB token file. Then just select your DSC certificate and then generate a DSC file and then save it.
  • Again log on to the income tax department portal your tax deductor or the collector id and then select the tab saying “upload TDS return” give all the required details and then click on the submit button.
  • Finally, after all this, A token number will be generated that can be checked from the option saying “view filed a return” on the website of e-filing. And here your TDS return e-filing process is complete.

In case if you need the help of professionals then you must get in touch with Enterslice experts anytime so that we can help you with best possible solutions immediately. All you have to do is to email us or call us through the phone number.

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What is TDS and when it is required to file TDS return?

TDS stands for Tax Deducted at Source. It is a type of indirect form of advance tax which is deducted from the earnings of Individual or organization prior to the amount is credited in account. Through imposing tax on the income of individual/ organization, our government generates revenue.

Rules & regulations regarding TDS are governed by the provisions of Income Tax Act, 1961. It is applicable on the income earned regularly or occasionally. It is not only limited to salary but also applicable on commission, interest, professional fees etc.  As it is payable on the earnings of individual or organization therefore tax liability arise only in case when earnings takes place.  TDS deduction takes place at the time when cash, cheque or credit payment is made to the payee account. TDS is payable as certain percentage of overall amount.

Advantages of TDS imposition

There are numerous advantages of Online TDS return filing. Some of them are as follows:

  • It prevents tax evasion.
  • Duly collection of tax and in timely manner.
  • Numerous people come under the tax bracket due to TDS.
  • For the government of India, TDS collection is a steady process.

TDS Return Filing

TDS return is a detail of TDS transactions made during the quarter. It is a quarterly statement which is required to be submitted with the Income tax department by the deductor. TDS return statement consist the PAN details of deductor and deductee along with the details of tax payment made to the government as well as information of TDS challan. It is mandatory for deductors to file TDS return.

TDS return filing due dates

Following are the TDS return filing due dates:

  • For the 1st quarter (1st April to 30th June) – 31st July
  • For the 2nd quarter (1st July to 30th September) – 31st October
  • For the 3rd quarter (1st October to 31st December) – 31st January
  • For the 4th quarter (1st January to 31st March) – 31st May

Provisions regarding late TDS Return Filing

As per the income tax provisions, late filing may attract penalty. There are penalty provisions regarding late filing of TDS return or when TDS return is not filed within the stipulated time as mentioned above. Fine penalty is imposed till the payment of TDS.

TDS Return Filing Forms

There are various types of TDS return filing forms and it depends upon the eligibility criteria. Every deductor has to pay the tax liability within the stipulated time and in prescribed forms.

Following are the types of TDS return filing forms on the basis of nature of income on which tax is deducted.

  1. Form24Q– This is for TDS deduction on salary as per section 192 of the Income Tax Act, 1962.
  2. Form 26Q– This is in case payments received other than salary as per section 193 and 194 of the Income Tax Act, 1961.
  3. Form 27Q– This is in case payment made to NRIs and foreigners other than salary as per section 200(3) of the Income Tax Act, 1961.
  4. Form 27EQ– This form shows the Tax Collected at Source (TCS) by the seller as per section 206C of the Income tax Act, 1961.

Forms are required to be furnished by the deductors with the Income tax Authority in due time.

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TDS Return Filing

WHAT IS TDS?

It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as  salary, commission, professional fees, interest, rent, etc.

Now the assessee needs to file the TDS return quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments

FORMS OF TDS RETURN

S.NO FORM NO. PARTICULARS
1 FORM 24Q Statement of TDS from salaries
2 FORM 26Q Statement of TDS from payments other than salaries
3 FORM 27Q Statement of TDS from interest, dividend or amount payable to non residents
4 FORM 27EQ Statement of collection of tax at source

TDS RETURN IN ELECTONIC FORMAT

The following assesses are liable to file E-TDS return mandatorily:

  1. Corporate deductors
  2. Government deductors
  3. If the account of deductor is required to get tax audited
  4. If the numberof deductees in the preceding FY exceeds 20 as per the records in quarterly statement

FILING OF E-TDS RETURN

Income tax department and NSDL provides the platform for TDS return filing electronically. Here are the simple steps to be followed:

  1. Login by your credentials at https://www.incometaxindiaefiling.gov.in/home
  2. After login click ‘upload TDS’ under the TDS tab
  3. The details will be filled and after that click on validate
  4. Validation is done through DSC or EVC

STATUS OF TDS RETURN

Once filed status of TDS Return can be checked online by furnishing the PAN No. and the Provisional Receipt No./Token No.

REVISION OF TDS RETURNS

If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. Following corrections can be made:

  1. Deductor’s personal details such as name and address can be updated under this category
  2. Details such as serial no.,amount, tender date and BSR code in challan
  3. Deductee details can be added/deleted or updated
  4. Salary detail records can be added/deleted
  5. Updating PAN of deductee

The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes.

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