TDS Return Filing
TDS Return Filing
- GST Return Filing
- PF Return Filing
- Income Tax Return Filing
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Documents required For #Service
TDS Acknowledgement |
PAN CardPAN card details of the individual. |
Bank StatementAll details of the individual’s bank account |
TDS Return Filing
| Type of Form | Due Date for Filing |
|---|---|
| Form 24Q (Quarterly statement of TDS from salary) | 31st July, 31st October, 31st January, 31st May |
| Form 26Q (Quarterly statement of TDS from payments other than salary) | 31st July, 31st October, 31st January, 31st May |
| Form 27Q (Quarterly statement of TDS from payments made to non-residents) | 31st July, 31st October, 31st January, 31st May |
| Form 27EQ (Quarterly statement of TCS) | 15th July, 15th October, 15th January, 15th May |
Note: The due dates mentioned above are subject to change, please refer to the official website of the Income Tax Department for the latest due dates.
The TDS return filing procedure is as follows:
Collect all the necessary information: Gather all the information related to TDS deductions made during the relevant period including details of deductees, TDS deducted, date of deduction, etc.
Choose the right form: Select the appropriate TDS return form depending on the nature of deductee (individual or non-individual) and the type of income (salary, interest, rent, etc.).
Prepare the return: Use the appropriate form to prepare the TDS return. Enter all the details of TDS deducted and the details of the deductees.
Verify the return: Verify the TDS return using the Digital Signature Certificate (DSC) or through Electronic Verification Code (EVC).
Submit the return: Submit the verified TDS return to the relevant TDS Assessing Officer. This can be done either online or offline, depending on the mode of submission allowed by the Income Tax Department.
Payment of TDS: Pay the TDS amount, if any, that is due to the government within the specified due dates.
Issuance of TDS certificates: Issue TDS certificates to the deductees for the TDS amounts deducted and deposited.
It is important to ensure that the TDS return is filed accurately and within the specified due dates to avoid any penalties or legal consequences.
Any person who is responsible for deducting tax at source (TDS) and has a valid Tax Deduction and Collection Account Number (TAN) can file TDS returns. This includes individuals, firms, companies, government departments, etc.
Form 24Q – This form is used for filing TDS returns for salary payments made to employees. This form is filed quarterly and contains details such as employee details, salary paid, TDS deducted, and any other deductions made from the salary.
Form 26Q – This form is used for filing TDS returns for payments made to non-salary incomes such as interest, rent, professional fees, and others. This form is also filed quarterly and contains details such as deductee details, payment details, TDS deducted, and any other deductions made.
Form 27Q – This form is used for filing TDS returns for payments made to non-resident Indians (NRIs) and foreign companies. This form is also filed quarterly and contains details such as deductee details, payment details, TDS deducted, and any other deductions made.
Form 27EQ – This form is used for filing TDS returns for tax collected at source (TCS). This form is filed quarterly and contains details such as collector details, collectee details, TCS collected, and any other details required.
All of these TDS forms need to be filed online through the government’s website or through authorized intermediaries such as Chartered Accountants or TDS Return Preparers. The due dates for filing these forms vary depending on the type of form and the quarter in which the payment was made. It is important to file TDS returns on time to avoid any penalties or interest charges.
| What is a TDS Certificate? | – It is a certificate furnished by the deductor after TDS is deducted.<br>- It is used by the deductee to cross-check the tax credit. |
| Unique certificate number | – It bears a 7-digit unique certificate number.<br>- It should have a TRACES watermark. |
| Preservation of TDS certificates | – TDS certificates for payments other than salaries are issued quarterly.<br>- TDS certificate for salaries is issued annually.<br>- The deductee must preserve the TDS certificates. |
| Duplicate TDS Certificate | – A deductee can request for a duplicate TDS certificate if they lose the original one. |
| Penalty for late TDS Return filing | – Penalty of Rs. 200 per day is levied under Section 234 E if the TDS returns are not filed before the due date. |
| Non-Filing of TDS returns | – Penalty not less than Rs. 10,000 and not more than Rs. 1,00,000 is levied if the TDS return is not filed within a year from the due date or if the furnished information is incorrect. |
| Revised TDS Returns | – Revised TDS returns must be filed if errors are detected in the original TDS return.<br>- This is necessary to ensure proper credit in Form 16A/Form 26AS. |
| Prerequisites for Revised TDS Returns | – The original TDS return must be accepted by the TIN central system.<br>- The most recent consolidated TDS statement must be used to prepare the revised TDS returns.<br>- The certificate can be downloaded from the TRACES website. |
| Claiming TDS Credit | – The deductee must mention TDS details while filing income tax returns.<br>- The correct TDS certificate number and TDS details must be provided.<br>- Incorrect details may lead to discrepancies in tax credit. |
TDS Return Filing FAQ’s
Can you explain what TDS return filing is?
Answer: TDS return filing refers to the process of submitting a statement to the Income Tax Department containing details of tax deducted at source (TDS) by the deductor, and the same has been deposited into the account of the central government.
What is the meaning of TDS, and why was it introduced?
Answer: TDS stands for tax deducted at source. It was introduced to collect tax from the source of income. 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.
On what amount is TDS deducted?
Answer: TDS is deducted only if the total income is taxable. If the total income is less than Rs 2,50,000, no TDS will be deducted, and this amount is applicable for both men and women below the age of 60 years.
What are the consequences of not deducting TDS on time?
Answer: There is a penalty for not depositing or deducting TDS on time. The employer can make interest payment on such late payment of TDS before filing the TDS returns or the demand raised by TRACES.
Can you explain how TDS is deducted on Salary?
Answer: To compute TDS on salary, first, compute the exemptions available under Section 10 of the Income Tax Act, subtract the exemptions from the gross monthly income, and then multiply the result by 12 as TDS is computed on the yearly income.
How long does it take to receive a TDS refund?
Answer: It takes 30-45 days from the date of the E-verification of the income tax return to get the TDS refund credited.
Who is eligible for TDS refund?
Answer: 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 remit it to the central government within a stipulated time.
What is the penalty for the delay in TDS payment?
Answer: In case a person fails to file the statement of TDS within the due date, there is a minimum penalty of Rs.10,000 which can be extended up to Rs.1,00,000.
How long does it take for TDS to reflect in Form 26AS?
Answer: It takes 30-45 days for TDS deposits to reflect in Form 26AS, depending on the efficiency of the company’s accounts department.
Is it necessary to pay tax after TDS?
Answer: If the total taxable income is below the tax limit, and investment proofs have been submitted to the employee, then he/she does not have to pay any tax even after TDS.
Who issues the TDS certificate?
Answer: Form 16/16A is the certificate of tax deduction at source issued by the employer on behalf of the employees. It is mandatory to issue TDS certificates to the taxpayers, which provide