TDS return filing

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  1. Consultation
  2. Document collection
  3. Return preparation
  4. Return filing

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Ashish Gupta

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Atul Jindal

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Nirali Mehta

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Documents required to file TDS

The following documents are required:
  • Aadhar Card
  • Salary Slips
  • Interest certificates from bank and post offices 
  • FORM 16
  • FORM 16A/FORM 16B/FORM 16C
  • FORM 26AS
  • Tax saving investment proof
  • Deductions under section 80D TO 80U
  • Home loan statement from banks/NBFC
  • Capital Gains.

What is TDS?

Tax deducted at source(TDS) is basically a system where tax is deducted as per the provisions of Income Tax Act 1961 at the point of generation of income. A TDS Return is a quarterly statement which has to be submitted to the income tax department of India. It is compulsory to be filed on time.

Who should file a TDS return?

It is the duty of every person who is making payment for specified goods and services to deduct TDS and file TDS return. The specified payment includes commission, salary, interest, professional fees, brokerage, royalty, contract payments etc. The person whose tax is being deducted is called ‘deductee’ and the person who deducts TDS is called ‘deductor’.

Benefits of filing TDS return

Some of the benefits are as follows:
  • Assists in regular collections of taxes
  • Ensures to the government a regular flow of income
  • Reduces the burden of paying a heavy tax

Eligibility criteria for TDS return

TDS return can be filed by organizations or employers who avail a valid TAN (Tax Collection and Deduction Account Number). Any person making specified payment as mentioned under Income Tax - IT Act are required to deduct tax at source and needs to deposit the same within the prescribed time for following payments.
  • Payment of salary
  • Payment by way of winning puzzles, lotteries etc.
  • Income by way of winning horse races
  • Insurance commission 
  • Payment as per National Saving Scheme and other schemes.

Types of TDS Returns

The different types of TDS are as follows:
  • Form 24Q- The TDS deducted on salaries
  • Form 26Q – The TDS deducted on payments other than salaries
  • Form 27Q- The TDS deducted on payments made to Non- Residents 
  • Form 27EQ – TCS

TDS Rates for TDS Returns

The rates at which the TDS can be deducted for TDS returns are provided below in the government website link which we have attached specially for the purpose:

What is TAN?

TAN (tax deduction and collection account number) is a 10-digit alphanumeric number which is required by a person who is liable to deduct TDS and file TDS return. This number is provided so that it can be mentioned in all TDS Certificates issued, returns, challans etc. If a person does not apply for TAN, he may be penalised up to Rs. 10000.

Who is required to issue TDS certificates?

Every person who is deducting tax as per provisions of section 203 is required to issue a TDS certificate. Even banks and other such organizations deducting TDS on pensions issue TDS certificates. 

Penalty, in case of delay in filing TDS return

According to section 234E, a penalty of Rs 200/- per day shall be paid by the person until the time default continues. It is to be noted that the total penalty should not exceed the TDS amount.

Penalty for non-filing of TDS return

If the return is not filed within 1 year from the due date or if incorrect information has been furnished it shall be liable to a fine (penalty). The minimum amount of penalty should be Rs 10,000/- and the maximum is Rs 1,00,000/-.

How to file TDS?

Below are the few steps you need to follow:
  • Visit the government website where you can find the file format in which e-TDS return is to be prepared. 
  • The TDS return is to be prepared in accordance with the format in clean text ASCII format and ‘txt’ extension for filename.
  • The file made needs to be scrutinised for being free from errors. FVU (file validation utility) provided by NSDL assists in rectifying the errors and verifying the same.
  • The finalised generated FVU file can be then submitted or uploaded at website

How Taxolawgy can help you file TDS Returns?

  • Connects you with quality experts
  • Provides you with the best services at affordable prices
  • Ensures 100% Transparency; i.e. no hidden costs or additional fees
  • Maximizes ease via online services
  • Reduces service timeline through minimum paperwork