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TDS Return Filling

The filing of TDS returns is required for all assesses who fall within TDS criteria of Income Tax Act ,1961. TDS returns must be e-filed, which can be done through the official Income Tax portal.

TDS returns must be submitted on time by the deductors. TDS returns can be filed online. The information of the TDS returns will appear on the payee's Form 26AS, once they have been submitted online.

The following are the numerous details that must be provided while filing TDS returns:

  • Permanent Account Number (PAN) information for the deductee and the deductor.
  • Amount dectucted by deductor.
  • Section of Income Tax Act, 1961 in which amount deducted by deductor like Sec.192, Sec.194D, etc.
  • The amount of money paid to the government in form of TDS.
  • If necessary, any other pertinent information.

TDS Return Filing Eligibility Criteria

Organizations and employers can file TDS returns with a valid Tax Deduction and Collection Account Number (TAN). TDS is required to be filed for the following payments as defined by the Income Tax Act:

  • Payment of a salary
  • Any profits earned through winning riddles, lotteries, and other similar games.
  • Commission on insurance.
  • Income on Securities income is any income that has been created by Income on Securities.
  • Income from brokerage, Professional fees, etc.

Validation of TDS Returns Procedure

The following is the technique for validating the TDS Returns:

  • First and foremost, all essential info must be included in the file.
  • Once the details have been filled out, they must be updated on the portal's validation utility tool.
  • The tool is free to use and can be found on the NSDL website.
  • The File Validation Utility (FVU) will notify you if there are any issues in the file.
  • The appropriate adjustments must be made before sending the file through the verification process again.

TDS Return, Revised

The tax amount paid to the government will not appear on Form 16, Form 16A, or Form 26AS if there are any problems when completing TDS returns, such as erroneous PAN or challan details. TDS Returns must be filed repeatedly in such cases.

What requirements must be met to file revised TDS Returns?

The following are the requirements for filing revised TDS Returns:

  • The updated TDS Return can only be filed if the TIN central system accepts the original return.
  • The return status can be verified on the NSDL's official website by entering the Provisional Receipt Number and PAN.
  • The most recent TDS statement must be used to prepare the amended TDS Return. On the TRACES website, you can get the consolidated statement. The original returns' token or provisional receipt number must be submitted to get the most recent statement.
Is it possible to file a TDS return online?

TDS returns must be submitted on time by the deductors. TDS returns can be filed online. The information of the TDS returns will appear on the payee's Form 26AS once they have been submitted online. The TDS challan contains information.

TDS Return Filling

The tax Deducted at Source can be found on the deductor's Form 26AS or TDS Certificate. TDS is a system of direct taxation that collects taxes directly at the time of payment. In its complete form, TDS stands for tax deducted at source. If a person (deductor) owes money to another person, the tax will be deducted at the source, with the balance going to the. The amount of TDS deducted will be sent to the Indian government. TDS helps to keep tax avoidance away.

Form 24Q Quarterly statement for tax deducted at source from “Salaries” Quarterly
Form 26Q Quarterly statement of tax deducted at source in respect of all payments other than “Salaries” Quarterly
Form 27Q Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents Quarterly
Form 27EQ Quarterly statement of Tax collected at source (TCS) Quarterly
TDS Payment Due Dates
Month Due date
April On or before 7th of May
May On or before 7th of June
June On or before 7th of July
July On or before 7th of August
August On or before 7th of September
September On or before 7th of October
October On or before 7th of November
November On or before 7th of December
December On or before 7th of January
January On or before 7th of February
February On or before 7th of March
March On or before 30th of April
TDS Returns due dates
Quarter Quarter Period Due date to file TDS return
1st Quarter April to June On 31st of July of the same FY
2nd Quarter July to September On 31st of Oct of the same FY
3rd Quarter October to December On 31st of Jan of the same FY
4th Quarter January to March On 31st of May next financial year

Penalties applicable in case of late payment of TDS

  • Late filing fee (in case you have not filed TDS Returns by the correct date)
  • Interest (if you do not deposit TDS amount in time)
  • Penalty (if TDS is not filed within a year of the due date)
1. Interest

Interest on late TDS deduction: As from the due deduction date to the actual deduction date, the assesses must pay interest of 1% per month or part of a month on the amount of TDS.

Interest on late TDS payments: From the due deducted date to actual payment date, the assessee must pay interest at the rate of 1.5 percent per month or part of a month on the amount of TDS.

2. Fee for late filing (Section 234E)

Until the TDS Return is filed, the deductor must pay INR 200. The penalty, however, should not exceed the amount of TDS for which a statement filing was necessary.

3. Penalties (Section 271H)

A person who misses filing the TDS statement by the due date shall be subject to an additional penalty of INR 10,000, which may be increased to INR 1,000,00 under this section. This penalty is extra to the late filing charge imposed by Section 234E.

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