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 is to be deposited by the tax deductor to the Income Tax Department once in a quarter. Since tax is 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 to be submitted 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 make 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 are required to file 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 accounts are audited under Section 44AB are required to file TDS Returns.

TYPES OF TDS RETURN FORMS IN INDIA

Form 24Q

For Tax Deducted at source deduction on salary

Form 26QB

For Tax Deducted at source deduction on payment of transfer of immovable property

Form 27Q

For Tax Deducted at source deduction when making payment to a non-resident foreign company

Form 26Q

For Tax Deducted at source deduction across other categories

Form 27EQ

For Tax Collected at source as per Section 2O6C of Income Tax Act, 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 should be downloaded 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 prepared should then be validated using File Validation Unit.

  • 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 filing.

DUE DATE FOR SUBMISSION OF TDS RETURNS

Usually, the quarterly TDS Returns need to be filed by the due dates given below. However, these dates may be changed as per the government’s notifications.

QUARTER 1

QUARTER 2

QUARTER 3

QUARTER 4

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

WHAT IS TDS CERTIFICATE?

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

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