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TDS return filing In India

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WHAT IS TDS RETURN FILING

  • Tax Deduction Source is abbreviated as TDS which is a mean of collecting income tax in India. This tax deduction process is held under the Income Tax Act of 1961. This process is managed by Central Board of Direct Tax. Person deducting the tax is known as deductor and the person whose tax is being deducted is known as dedicatee. Recipient of income receives the net amount (after deducting TDS) which may be in the form of cash or cheque or credit in payee’s account.
  • The payee does not need to pay tax if he gives investment proof to his employer for claiming deductions and his total taxable income.

BENEFITS OF TDS RETURN FILING

A person will be liable to pay penalty in case he had not filed the TDS within 1-year from the date of filing or if the incorrect information has been delivered.

There are several benefits of TDS return filing which are mentioned below:

  •  Acquiring Loan:
    While you apply for a loan most of the bankers will ask you for your tax returns of past few years. If you do not have it, it will be difficult for you to get a loan from banks.
  •  Processing Visa:
    In case you plan for visiting abroad, you need to have a tax returns filing for past few years.
  •  Refund:
    However, if you have made investments that are tax deductibles, it reduces your taxable income. So, the TDS deducted can be refunded, but only If you file your taxes.
  •  Avoid penalties:
    You may not immediately receive a notice from the tax department for failing to file taxes, you may eventually receive one. If it turns out you failed to file your returns though you were required to file it, then you might be penalized up to Rs 5,000-10,000 and might face interest payment under section 234A..

TDS Return filing Process Flow

    STEP 1

1-2 HOURS

Select Package
Fill Out The Appropriate Forms Or Speak To Our Experts Online For Assistance.
 
        STEP 2

2 WORKING DAYS

Obtain Information and Documentation
We Will Gather The Information And Will Do Documentation And Reconciliation Of The Information Filed.
 
       STEP 3

2 WORKING DAYS

Preparation Of TDS Return
We Will Prepare For The TDS Return Process And Will Fill Out The Online TDS Return Form.
 
        STEP 4

2-3 WORKING DAYS

Acknowledgment Of Filing The Return
We Will Deliver You The Acknowledgment Receipt Of The Successful Filing Of TDSReturns.
 
      LAST STEP

2-3 WORKING DAYS

Check Application Status
Throughout the process, we will keep you informed about the status of your application.
 

Documents Required For TDS Return Filing

  • Aadhar Card
  • Mail Id
  • Phone No.
  • GST Details
  • No. of transactions for filing TDS returns
  • Name of the entity – Proprietorship/ Partnership/ Company/ LLP
 

WHAT ARE THE TYPES OF TDS FORMS

There are different types of forms has been prescribed depending on the purpose of the deduction, they are mentioned below:
  • Form 24Q:
    This form applies the statement for tax deduction at source from salaries
  • Form 26Q:
    Statement for tax deduction at source on every payment, but here salary is not applicable.
  • Form 27Q:
    Statement for deduction of tax from interest, dividend, or any other sum payable to non – residents
  • Form 27EQ:
    Statement for collection for Tax at source.
  • Form 27A:
    It is a controlled chart of quarterly TDS statement. It is control of TDS return plan and a chart which shows the amount paid and tax deducted on the same.

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.

Timeline

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Frequently Asked Questions (FAQs)

Assesses who deduct tax from a source must file a TDS return. There is no need to file a TDS return unless tax has been deducted.
As the name implies, TDS is collected on the source of income, so the frequency of collection is the same as the frequency of transactions. This makes tracking deduction difficult. Therefore, a certificate on the letterhead of the deductor is issued to the deductee for the TDS payment. Individuals are recommended to request for TDS certificate wherever applicable, if not already delivered.

The taxpayer failed to file a TDS return before the due date and has to pay ₹ 200 per day of delay in filing as an additional fee. Apart from an additional fee, the penalty can be imposed u/s 271H of the Income Tax Act. The minimum penalty specified is ₹ 10,000 which may extend to One Lakh Rupees.

Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
Yes. It is mandatory for deductors and employees to submit their PAN as well.
While paying TDS, e – payment is the compulsory process.
The following are the basic duties of any individual who is responsible to deduct tax at source. • He shall receive the Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. • He shall deduct the tax at the source at the applicable rate. • He shall pay the tax deducted by him at the source to the credit of the Government (by the due date specified in this regard*). • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*). • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*). *Refer tax calendar for the due dates.
TAN is an alphanumeric 10-digit number needed by a person who is liable to deduct TDS and file a TDS return. Thus such a person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is required to mention in all TDS Certificates issued, returns, challans, etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-.
 

t is a document that functions as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail/post but a justification report will have to be downloaded from the portal.

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