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File TDS Return
File TDS Return Online
- Work handled by professionals
- Mandatory for persons/entities who have deducted TDS.
- Completely online process
- Get your TDS return filed at just Rs 999/- onwards
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File TDS Return Online
TDS stands for Tax Deducted at Source. File TDS Return Online (Tax Deducted at Source) is an associate indirect system of deduction of tax in line with the taxation Act, 1961 at the purpose of generation of Income. Tax is deducted by the payer and is dispatched to the government by him on behalf of the recipient. A File TDS Return could be a quarterly statement that must be submitted to the taxation department of India. Submitting File TDS Return Online is necessary if you’re a deductor.
It has details of File TDS Return Online deducted and stored by you. In general, when a person receives income, he is liable to pay income tax on his income. However, in certain cases like payment of salary, commission, rent, interest, etc. the tax on such income is to be deposited by the payer himself.
For example, when an employer (deductor) makes a payment of salary to the employee (deductee) shall deduct the tax at source (an amount or rate which is prescribed to be deducted at the time of payment of salary) and transfer such amount to the Central Government.
Benefits of File TDS Return
- Form avoid tax evasion
- Avoid penalty
- Form deductee can claim TDS in his ITR
- Responsibility of tax deposition of the deductee is shared with the deductor
Documentation for File TDS Return Online
Valid PAN and TAN number
Lower TDS certificate (if any)
Bank statement
TDS certificate like form 16 in case of salary.
Form 26AS
Procedure of filing the File TDS Return
- Step-1: Login to the income tax e-filing website using TAN as the user id
- Step-2:Upload TDS and select appropriate details from the drop down box, choose latest FVU and Validate.
- Step-3: Attach the signature file if using DSC or simply upload using EVC.
- Step-4: File/Upload return
File TDS Return Online Forms
The table below offers a fair idea about the different File TDS Return forms and their application.
| S.No. | Type of Form | Purpose |
|---|---|---|
1 | 24Q | It serves as a statement of tax deducted at source on salaries. |
2 | 26Q | This form serves as a statement of tax deducted at source on non-salaried income. |
3 | 26QB | It serves as a statement of tax deducted against the payment of the immovable property. |
4 | 27Q | It is a certificate of tax deducted at source on interest, dividend payable to NRIs, and foreign companies. |
5 | 27EQ | This document is a statement of TCS. |
Who is Eligible for File TDS Return Online?
- Employers and organisations with a valid TAN are qualified for filing TDS returns. Individuals whose accounts are audited under Section 44AB, and hold an office under the government or companies are liable to file online TDS returns every quarter.
- It means that the deductor can be – an individual, group of individuals, HUFs, limited companies, local authorities, an association of individuals, partnership firms, etc.
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As per ITA, TDS is filed against these following pay-outs -
• Salary income
• Income on securities
• Insurance commission
• Pay-outs towards NSC
• Earnings generated on winning horse race
• Earnings generated on winning a lottery, puzzles, etc.
What is the Rate of TDS Deduction?
Income generated through – salaries, professional fees, commission, rent, interest earned, etc. are subject to TDS deductions. The rate of TDS levied on the earnings is based on the source of income and the total revenues generated.
In simple words, different types of income are subject to a different rate of TDS. It must be noted that tax is paid on the excess amount earned after the maximum threshold level is obtained. Generally, TDS rate ranges between 1% and 30% and relies heavily on the amount of income taxed.
In simple words, different types of income are subject to a different rate of TDS. It must be noted that tax is paid on the excess amount earned after the maximum threshold level is obtained. Generally, TDS rate ranges between 1% and 30% and relies heavily on the amount of income taxed.
This document is a statement of TCS.
The due date for the payment of the TDS deducted is the seventh of the next month.
| Quarter | Period | Quarter Period Last Date of Filing |
|---|---|---|
1st Quarter | 1st Quarter 1st April to 30th June 31st July 2022 | 31st July 2022 |
2nd Quarter | 1st July to 30th September | 31st October 2022 |
3rd Quarter | 3rd Quarter | 31st Jan 2023 |
4th Quarter | 1st January to 31st March 31st May 2023 | 31st May 2023 |
In case of non-filing of TDS return, late fee is Rs. 200 per day (which cannot exceed the amount of TDS deducted. In addition to this, in case of non- filing of TDS return, or where the delay in filing of TDs return exceeds 1 year, or in case of incorrect filing of the TDS return, the assessing officer may penalize the assessee with an amount ranging from Rs. 10,000 to Rs. 1,00,000.
@1% per month (or part of the month)- for not deducting TDS @1.5% per month (or part of the month)- for TDS deducted but not deposited.
CHALLAN NO. 281 to be used for depositing TDS by both corporate and non-corporate entities. The minor head of challan is 200 for TDS payable by taxpayer and 400 for TDS regular assessment raise by the Income Tax department.
TAN refers to tax deduction and Collection Account Number. It is a 10 digit unique alphanumeric number allotted to every TDS deductor. Without quoting TAN, TDS return cannot be filed. TAN can be applied online as well as ofline in Form 49B.
TDS is deducted only the total income is taxable, the TDS will not be deducted in case the total income is Rs 2,50,000 and this amount is applicable for both men and women below the age of 60 years.
There is a penalty for not depositing or not deducting TDS on time, the employer can make the interest payment on such late payment of the TDS before filing the TDS returns or the demand raised by TRACES.
First compute the exemptions that are available under Section 10 of the Income Tax (ITA) then subtract the exemptions that are found in step (2) from the gross monthly income calculated in step (1), multiply the obtained number from the above calculation by 12 as the TDS is computed on the yearly income.
Yes, TDS return can be revised multiple times. The different types of corrections that can be made are-Update deductore details, deductee details, salary detals, add/delete deductee, update PAN details, add/modify challan, etc. There is no need to file separate correction files. Multiple corrections may be made within a single correction file, known as’ multiple batch correction statement’.
Yes. The uploading fee varies depending upon the number of records in the TDS/TCS return. This fee is again charged at the time of correction/ revision of the TDS/TCS return. Rs. 38- for records upto 100. Rs.178-for records ranging 101 to 1000. Rs.578.5- for records exceeding 1000.
The return status can be checked by entering PAN, TAN and period of return in the website https://www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml.
FVU refers to File Validation Utility, which is a software developed by NSDL, to validate the format level errors in a TDS/TCS return.
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