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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.
The table below offers a fair idea about the different File TDS Return forms and their application.
The due date for the payment of the TDS deducted is the seventh of the next month.
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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