TDS return filing

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What is TDS Return Filing

Tax Deduction Source is abbreviated as TDS which is a mean of collecting income tax in India. This tax deduction process is held under the Income Tax Act of 1961. This process is managed by Central Board of Direct Tax. Person deducting the tax is known as deductor and the person whose tax is being deducted is known as dedicatee. Recipient of income receives the net amount (after deducting TDS) which may be in the form of cash or cheque or credit in payee's account.

The payee does not need to pay tax if he gives investment proof to his employer for claiming deductions and his total taxable income.

Liability to submit e - TDS return

If your TDS is deducted, you are liable to fill and file TDS Return online. It is a mandatory step to file your TDS Return within a specific period of time. If you become a regular defaulter you might even be liable to pay a penalty for not submitting the e-TDS Return in due time. You need to file your e-TDS return quarterly if you are one of them.

  • People whose accounts are Audited
  • People holding an office under the Government Company

What are the types of TDS forms

There are different types of forms has been prescribed depending on the purpose of the deduction, they are mentioned below:

  • Form 24Q:
    This form applies the statement for tax deduction at source from salaries
  • Form 26Q:
    Statement for tax deduction at source on every payment, but here salary is not applicable.
  • Form 27Q:
    Statement for deduction of tax from interest, dividend, or any other sum payable to non - residents
  • Form 27EQ:
    Statement for collection for Tax at source.
  • Form 27A:
    It is a controlled chart of quarterly TDS statement. It is control of TDS return plan and a chart which shows the amount paid and tax deducted on the same.

The penalty for delay in TDS Return Filing

In case a person fails to pay the TDS on time he will be liable to pay the penalty on the tax. The penalty should exceed the total amount of tax deduction.

If a person does not file TDS Return

A person will be liable to pay penalty in case he had not filed the TDS within 1-year from the date of filing or if the incorrect information has been delivered.

Benefits of TDS return filing

A person will be liable to pay penalty in case he had not filed the TDS within 1-year from the date of filing or if the incorrect information has been delivered.

There are several benefits of TDS return filing which are mentioned below:

  • Acquiring Loan:
    While you apply for a loan most of the bankers will ask you for your tax returns of past few years. If you do not have it, it will be difficult for you to get a loan from banks.
  • Processing Visa:
    In case you plan for visiting abroad, you need to have a tax returns filing for past few years.
  • Refund:
    However, if you have made investments that are tax deductibles, it reduces your taxable income. So, the TDS deducted can be refunded, but only If you file your taxes.
  • Avoid penalties:
    You may not immediately receive a notice from the tax department for failing to file taxes, you may eventually receive one. If it turns out you failed to file your returns though you were required to file it, then you might be penalized up to Rs 5,000-10,000 and might face interest payment under section 234A..

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TDS Return Filing FAQs

Who needs to file TDS Return?

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee. TDS is not required to be deducted by Individuals and HUF.

Is PAN mandatory for deductors and employees?

Yes, it is mandatory for deductors and employees to submit their PAN as well.

How do I deposit TDS to the central government?

While paying TDS, e - payment is the compulsory process.

What are the duties of the person deducting tax at source?

Following are the basic duties of the person who is liable to deduct tax at source. • He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. • He shall deduct the tax at source at the applicable rate. • He shall pay the tax deducted by him at the source to the credit of the Government (by the due date specified in this regard*). • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*). • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*). *Refer tax calendar for the due dates.


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