TDS Return Filing2022-09-26T20:19:09+05:30

Online TDS Return Filing

TDS Returns are filed by every person or business entity who deducts TDS (Tax Deducted at Source) from the income or payment of a person or business entity before actually paying the same.

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    Online TDS Return Filing

    TDS also known as Tax Deducted at Source is a tax which is deducted by a person or business entity at the time of making specified payments such as salary, commission, interest, professional fees, rent etc. Here, the person or business entity who deducts the TDS has to deposit the TDS amount with the Government. The person whose TDS has been deducted (Deductee) can get refund of TDS if his tax payment liability is less than TDS amount deducted. The concept of TDS was introduced with an objective to collect tax from the very source of income.

    As per Income Tax laws, any persons who have deducted TDS or is liable to deduct TDS has to compulsorily file TDS return providing information about the amount of TDS deducted, TDS Challan details, PAN of person/entity whose TDS has been deducted etc. TDS Deductor in addition to periodical return filing is also required to deposit the amount of TDS deducted every month to Government. TDS Returns should be generally filed under the guidance of a professional who shall have good understanding of the Income tax laws and other provisions to avoid penalties and fines.

    Different Types of TDS Return Forms

    TDS Form Number Particulars of Transactions  Purpose of Return
    Form 24Q Return for TDS on salary Within a period of 1 month from the end of Each Quarter
    Form 26Q Return for TDS on all payments other than salaries Within a period of 1 month from the end of each Quarter
    Form 27Q Return for TDS while making payments (other than salary) to non-residents. Within a period of one month from the end of each Quarter
    Form 26QB TDS on sale of property 30 days from the end of the month in which TDS is deducted
    Form 26QC TDS on rent of property u/s 194IB 30 days from the end of the month in which TDS is deducted
    Form 26QD TDS on Payment to Resident Contractors and Professionals 30 days from the end of the month in which TDS is deducted

    *The above dates are for filing TDS return filing, however, the amount of TDS Deducted shall be deposited by 7th day of next month to the Government by way of TDS Challan

    What are the benefits of Online TDS Return Filing?

    • Reduces evasion of taxes

      TDS amount is collected by a business entity and deposited to the Government along with the details of deductee whose tax is deducted, this mechanism helps in reducing evasion of tax and increases the tax collection base for the Government.

    • Revenue stream for the Government

      The responsibility of deducting TDS and paying the same to government is on the tax deductor i.e., the person making payment such as Business Entity, Companies, Employer, etc. As tax deduction and collection happens throughout the year it ensures a continuing flow of revenue to the Government.

    • Convenient for Taxpayer

      TDS amount is deposited to the Government periodically throughout the year. It provides convenience to the taxpayer by reducing the burden of lump sum payment at the time of return filing.

    What is included in our Online TDS Return Filing package?

    • Consultation on TDS Return Filing process

    • Calculation of TDS amount

    • Filing of TDS Returns

    • Payment of Challan (Challan No. 281) on behalf of Applicant

    • Acknowledgment of Return Filed

    • Timely reminder for TDS returns and payment every month/quarter

    Procedure of Online TDS Return Filing

    • Collection of required information and documents

      In the very first step, the applicant has to send us the required documents and details of transactions as per the checklist. We will then verify the documents provided and proceed towards the next step.

    • Payment of TDS Challan

      Once we receive and verify the transactions and documents, we shall then calculate the TDS amount liability, generate the TDS Challan and make payment on behalf of applicant.

    • Filing of Return

      We shall file then prepare the data and file TDS return on behalf of applicant on the Income Tax portal. An acknowledgment shall be generated and shall be sent to the email address of applicant.

    Documents Required for Online TDS Return Filing

    • PAN card of the TDS Deductor and Deductee

    • TAN of TDS Deductor

    • Details of TDS Payment Challan

    • Bank account statements

    • Digital Signature or EVC of the Applicant

    • Any other information or documents as may be required

    Consequences of Non-Filing of TDS Return

    • Late Filing Fee under Section 234E

    If a person fails to file the TDS/TCS return within the due date, then he shall be liable to pay Rs. 200 for every day during which the failure continues under Section 234E. The amount of late fees shall not exceed the amount of TDS, and it should be deposited before filing the TDS return.

    • Penalty under Section 271H

    If a person fails to file TDS/TCS return within the prescribed due date, then the assessing officer may direct such person to pay a penalty under section 271H. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000.

    • Interest on TDS Amount

    If a tax Deductor fails to deduct TDS or after the deducting the same fails to deposit it to the Government then he shall be liable to pay simple interest under Section 201(1A) at the rate of 1% or 5% for every month for such default (as per applicability)

    • Disallowance of Expenditure

    As per section 40(a)(i) of the Income-tax Act, any sum payable outside India or to a non-resident (other than salary) on which there is a liability to pay tax in India by the recipient, then it shall not be allowed to be deducted as expenditure if it is paid without deduction of TDS or if TDS is deducted but is not deposited with the Government till the due date of filing of return.

    FAQ

    What is tax deducted at source (TDS)?2021-10-19T13:27:31+05:30

    Tax Deducted at Source (commonly known as TDS) is a system under which a tax is deducted at the origin of the income. It is deducted by the payer and remitted to the Government by the payer on behalf of the payee. TDS is applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc.

    Who is required to file TDS returns?2021-10-19T13:27:02+05:30

    Any person or business entity who is making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment and file the return of TDS after such deduction intimating the transaction nature, purpose, and amount of TDS deducted along with the PAN of the deductee.

    My business entity is not liable to deduct TDS under Income Tax Act, am I required to file TDS Nil returns?2021-10-19T13:26:44+05:30

    No, a business entity is not required to file TDS Returns if he is not liable or required to deduct any TDS amount.

    What is the due date for depositing the TDS amount to the government by the Deductor?2021-10-19T13:26:20+05:30

    Tax Deducted at Source (TDS) must be deposited to the government within 7th day of the subsequent (next) month. For example, TDS amount deducted in the month of September shall be deposited with the Government by 7th of October of that financial year. However, for certain transaction, the due date may vary.

    Is PAN of deductee mandatory for filing TDS return?2021-10-19T13:24:36+05:30

    Yes, a PAN card of deductee is required for TDS return purposes. However, in a case where the deductee don’t have PAN, then the payer is required to follow the provisions of Section 206AA and deduct tax at a higher rate.

    I have not received TDS certificate from the Deductor. Can I claim TDS in my income tax return (ITR)?2021-10-19T13:24:14+05:30

    ​​​Yes, the TDS amount deducted may be reflected in your Form 26AS and thereafter you can claim the credit of tax accordingly. However, the claim of TDS to be made should be strictly as per the TDS being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS, then you should intimate the same to the Deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS only.​

    What to do if the TDS credit is not reflected in Form 26AS?2021-10-19T13:23:51+05:30

    ​​​Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS and the taxpayer cannot claim refund of such TDS.

    My salary is less than the tax exemption limit, will my employer deduct TDS on my monthly salary?2021-10-19T13:21:51+05:30

    No, if your salary is less than the tax exemption limit, then the employer is not required to deduct TDS on your monthly salary.

    How can I get a refund of my Tax Deducted at Source (TDS)?2021-10-19T13:20:52+05:30

    As per Income Tax law, a person is eligible to receive TDS paid if he/she has paid excess tax to the government than his/her actual tax liability. ITR must be filed by such a person in order to claim the income tax refund for that financial year.

    If the payer does not deduct tax at source, will the payee face any consequences by the Income-tax Department?2021-10-19T13:20:33+05:30

    ​It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences.

    Is TAN of tax Deductor/Payer mandatory for filing TDS return?2021-10-19T13:20:08+05:30

    TAN of tax Deductor / payer is required to file TDS returns and forms. However, in case of few specified transactions such as TDS on rent or TDS on sale of house property, PAN can be used in place of TAN.

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