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TDS Returns

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Why TDS/TCS return required to file?

TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

Advantages of Filing TDS return

TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 for such class of taxpayer, prescribed limit & nature of payment as per law. If you filing TDS return on time, hence no need to pay interest, penalty & disallowance of income.

Disadvantages of a Non Filling TDS return

  • Fees for late-filing of TDS under section 234E
  • Penalty for late-filing or non-filing TDS under section 271H:
  • Interest shall be levied on late deduction & late payment of TDS

Documents Required For TDS Returns

  • Copy of TDS Challans Deposited
  • PAN of Deductees
  • Amount of TDS Deducted and date of deduction
  • Exemption Certificates if TDS is not deducted on any payments
  • Nature of expense for which TDS is deducted
  • Bank Statements and Invoices as supporting to check payments (Optional)
  • Detail of Deductor (Ie. Pan , Tan , Address Proof including email and Phone)

Process Involved

  • STEP-1

TDS Calculation

e-TDS returns are prepared using Softwares and submitted to department

  • STEP-2

Preparation of TDS Return

e-TDS returns are prepared using Softwares and submitted to department

  • STEP-3

Verification of Data

PAN and Challans are verified from TRACES before submission of Return to the department

  • STEP-4

Submission of Return

Once verified return is submitted to the department

  • STEP-5

Request for TDS Challans

After processing of TDS return, request is raised to department for issuance of TDS Certificates

  • STEP-6

Downloading TDS Certificates

TDS certificates are downloaded from TRACES and given to Deductees

TDS Returns
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FAQs

Every deductor is required to submit a quarterly statement of details of tax deducted at source in the forms prescribed by the government. This quarterly statement is called a TDS Return. TDS Returns include details of PAN of all deductors and deductees, particulars of tax paid to the government, TDS challan information and other particulars as required in the forms.

  • • For the quarter ending 30th June - Due date is 31st July
  • • For the quarter ending 30th September - Due date is 31st October
  • • For the quarter ending 31st December - Due date is 31st January
  • • For the quarter ending 31st March - Due date is 31st May

  • • For the quarter ending 30th June - Due date is 15th August
  • • For the quarter ending 30th September - Due date is 15th November
  • • For the quarter ending 31st December - Due date is 15th February
  • • For the quarter ending 31st March - Due date is 15th June

It is the responsibility of the deductor to deposit the money in the designated banks before 7th of the following month using Challan 281. You can make an online payment for the challan. Deductors at government offices must transfer the tax deducted through book entry in government account on the same day

According to Section 194-IA, if you are buying immovable property (other than agricultural land) worth more than Rs 50lakh, you have to pay TDS.

e-Return is a process where the data which was submitted through paper returns in the earlier procedure, is converted to a specified (by NSDL) Text format in the 1st Level (Deductor/Collector) itself. This data is directly (www.tin-nsdl.com) or Indirectly (TIN Facilitation Centers) Uploaded to NSDL

These forms are the respective formats prescribed by IT department for TDS/TCS returns. Form 24Q is prescribed for Return of TDS details on Salary Payments, Form 26Q for Return of TDS details on Other than Salary Payments (Domestic), Form 27Q is also for Return of TDS details on Other than Salary Payments (NRI/Foreign) and Form 27EQ is for TCS returns.

The annual statement will be issued for all tax deducted and tax collected at source from F.Y 2005-06 onwards after the expiry of the financial year u/s 203AA. This statement is known as Form 26AS. According to this, The PAN wise ledger account will be created after matching the information in the TDS/TCS returns filed by the deductor/ collector and the details of tax deposited in banks coming through OLTAS. This further depends on accuracy in e-Return [TAN, PAN, challan number, etc] by the deductor.

No. A single Form 26Q with separate annexure for each type of payment has to be filed for all payments made to residents. E-Return should comprise a single file with all the details of Form26Q.

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