TDS-Return

TDS RETURN

Tax Deducted at Source (TDS) is the income tax that is deducted by the payer at the time of making payments such as salary, rent, professional fees, commission, etc. For example, a company deducts Tax Deducted at Source from the salary of its employees at the time of payment. This amount deposited by the tax deductor to the Income Tax Department once in a quarter. Since the tax deducted at the time of income generation, there is little chance of tax evasion by the taxpayer.

 

In addition to paying the tax to the government on time, the tax deductor is also required to file a Tax Deducted at Source Return. This is a statement that needs to submit to the Income Tax Department quarterly which has complete details of the Tax Deducted at Source deducted and deposited.

 

If you are running a company, firm, or any other kind of business and are deducting Tax Deducted at Source from certain payments, it is mandatory for you to file Tax Deducted at Source Return. easeURbusiness provides end-to-end assistance in TDS Return Filing with zero hassles. Our team of tax experts makes e-filing of Tax Deducted at Source Returns a smooth process.

WHO SHOULD FILE TDS RETURN?

As per the Income Tax Act, 1961, all deductors require to file the TDS Return. These deductors could be employers, firms, companies, or others. 

They should have a valid TAN (Tax Deduction and Collection Number) for TDS Return which is a 10-digit alphanumeric code allotted to such deductors and is mandatorily mentioned in all TDS Certificates.

However, Individuals and HUFs whose books of account audited under Section 44AB require to file TDS Returns

TYPES OF TDS RETURN FORMS IN INDIA

24Q

used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961

26QB

return cum challan for payment of Tax deducted at source to the government

27Q

Applicable for payments made to non-resident Indians and foreigners other than salary

26Q

Form 26Q use to file TDS details on payments made other than salary

27EQ

refers to the quarterly statement of TCS that reflects the details of the TDS u/s 206C of the Income Tax Act of 1961

HOW TO FILE TDS RETURNS?

Given below is the procedure to file your TDS returns online:

  • The government issues file formats for different Tax deducted at source Forms which download and duly filled by the deductor.

  • Make sure that your Tax deducted at source Statements adhere to the Return Preparation Utility (RPU).

  • The Tax deducted at source Returns validated using the File Validation Unit(FVU).

  • The total amount of tax deducted at source deducted and the tax paid to the government should be clearly filled in all the related forms.

  • You must mention your TAN in the TDS Return Forms.

  • If you are e-filing the Tax deducted at source, you must have a valid DSC (Digital Signature Certificate).

  • You must also provide the PAN of the principal contact if you wish to upload using EVC or bank details or Demat account details of the principal contact otherwise

  • Register/login to the e-filing portal of the government.

  • Go to the Upload Tax deducted at source option under the Tax deducted at source Tab.

  • Provide correct details in the form and validate using DSC.

  • Upload the duly filled Tax deducted at source Return Form and validate through EVC (Electronic Verification Code)

  • Submit the TDS Return.

Since the procedure of Tax deducted at source Return Filing is very complicated and very difficult for a layman to understand, we recommend our Tax deducted at source Return Services for a smooth and hassle-free filingThe Tax deducted at source Returns validated using the File Validation Unit(FVU)

DUE DATE FOR SUBMISSION OF TDS RETURNS

Usually, the quarterly TDS Returns need to file by the due dates given below. However, these dates change as per the government’s notifications.

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

JULY, 31st
OCTOBER, 31st
JANUARY, 31st
MAY, 31st

WHAT IS TDS CERTIFICATE?

All tax deductors require to issue tax deducted at source Certificates to the deductees that would be proof that the tax has been deducted at source. It contains all the information about the Tax deducted at the source which helps in TDS Return.

 

TDS Certificate for salaries issued in Form 16 and for non-salary payments, issued in Form 16A. TCS (Tax Collected at Source) certificate issued in Form 27D

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