Step 1
preparation of the TDS Form and submission of the required paperwork.
Step 2
forms and document verification by the income tax division.
Step 3
The income tax agency issues a receipt of acknowledgment.
What is TDS Return Filing?
TDS is an abbreviation for Tax Deducted at Source. It is the tax that the government collects when a transaction occurs. The tax amount is deducted either when the money is deposited to the payee's account or when the payment is made, whichever occurs first.
Tax collection from all income sources is the primary goal of TDS. In accordance with the rules of the Income Tax Act of 1961, a tax-deductor is required to submit a periodic TDS statement (quarterly) by the specified due date that contains information about the tax deductions made during the quarter. The rate at which TDS will be subtracted is determined by the Department of Income Tax. Before making the payment, the Deductor must deduct the TDS and deposit it with the government.
Categories under which TDS Return is filed
There are several categories that TDS can be reported under, including the following:
- Individual's Salary
- Insurance commissions or any other income, such as from lottery games or other sources.
- Money received through the National Savings Program.
- The following categories may be used to file a TDS Return using electronic media:
- Company
- Individuals whose accounts are audited under u/s 44AB
- There were people in positions of authority inside the government.
Important points to know before filing the TDS Return
- Form 27A must be duly filled.
- Form verification with e-TDS return filing
- All forms, including Form No. 27A, Form No. 24, Form No. 26, and Form No. 27, must be accurately filled out, paying particular attention to the amount paid and the TDS.
- On Form No. 27A, be sure to provide the Tax Deduction Account Number (TAN).
- Make that all information about the depositing of TDS has been appropriately stated.
- Give all the information that was advised by the authorities.
- TDS Return has to be filed properly
- Forms for TDS returns can be submitted at any TIN-FCs run by NSDL.
Documents required for TDS Return filing
- TAN (Tax Collection and Deduction Account Number) and PAN of the taxpayer.
- Date of incorporation of the business
- Tenure for which the TDS is to be filed.
- Last TDS filing details.
- Form 16 and a Salary Certificate received from the Employer by the employee.
- Passbook/Bank statement for interest on savings account
- Income statement of Interest for fixed deposits
- TDS certificates issued by the banks & other
- Particulars of investment in the Capital Gains Accounts Scheme
- Sale & Purchase Deed of the property as well as stamp valuation of the property (for building/land)
- Declaration of Reinvestment Purchase for Capital Gains Exemption
- Credentials for the cost of an improvement on the property (if any improvement is made)
- Particular expense that has been acquired on transfer
- Stock statement in case of the trading in shares etc. (specifying sale & purchase value of shares)
- In the matter of other capital assets, the cost of purchase, cost of improvement, the value of a sale, if any)
Section 80C investment documents: - The investment made under PPF, NSC, ELSS, ULIPS, and LIC qualifies for deductions under Section 80C
- Co-owner details, if the property is co-owned
- Address of the said property
- Property Tax, Rent details
- The Interest certificate issued by the bank for the housing loan
- PPF passbook
- Tuition fees receipts
- Repayment certificate for housing loan
- Donation receipts (along with PAN of the donee)
- Fixed deposit receipts
- Deposit receipts for senior citizen saving scheme.
- Life and medical insurance payment receipt
- Receipts of any income from winning the horse races, lottery, etc
- Details of accrued interest on NSC during the year
- Dividend amount warrants/
- Bank Passbook/Statement or interest income certificate
- PPF passbook for interest
- Interest certificates on bonds
- Rent agreement for building, plant & machinery, etc. given on rent (if any)
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FAQs about TDS Return Filing
The TDS Return must be filed by everyone who pays for the listed goods or services. Individuals and HUF are not obligated to deduct TDS (Hindu Undivided family).
Tax Deduction and Collection Number is also known as TAN. It is a ten-digit alphanumeric number used to submit the TDS Return. A person must submit an application for a Tax Deduction and collection number in Form 49B within a month of deducting TDS. Every person who neglects to apply for a TAN may be fined up to INR 10,000.
Yes, the employees and deductor’s must submit the PAN number.
- Form 24Q – Tax Deduction at Salary
- Form 26Q – TDS except for the salary
- Form 26QC – Tax Deduction at source for the rent payment exceeding INR 50,000.
- Form 27Q – TDS from other sources of earnings such as dividend of funds, interest from savings, or fixed deposit.
- Form 27EQ – tax collected at source
- Late TDS Return filing as per Section 234E
A sum of INR 200 every day till the TDS returns filing. Also, the late fee shall not exceed the amount of TDS return filing.
- The penalty under section 271H
A minimum if INR 10,000 and a maximum of INR 1 lakh.
Yes. there is a penalty in case of incorrect TDS return filing.
There is a free return preparation tool for creating e-TDS/TCS that may be downloaded from the NSDL website. Nevertheless, software for the filing of e-TDS/TCS returns has also been produced by other suppliers.