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What is TDS Return Filing?
Document and Details are Required for online TDS Return Filing
Online TDS Return Filing Process through Legalhisaab
TDS Return Filing
About TDS Return Filing?
TDS (Tax Deducted at Source) return filing is a mandatory process for individuals or entities who have deducted TDS while making payments. It involves filing a statement to the Income Tax Department of India that provides details of TDS deducted and deposited during a financial year.
TDS Return Filing refers to the process of submitting a statement containing details of tax deducted at source (TDS) by the deductor to the Income Tax Department.
TDS is the tax deducted by an individual or an entity from the payments made to a recipient. The recipient can be a salaried employee, a contractor, or a professional. The deductor is responsible for deducting TDS at the prescribed rates and depositing the same with the government.
TDS returns are filed quarterly by the deductor in Form 24Q for salaries, Form 26Q for non-salary payments, and Form 27Q for payments made to Non-Resident Indians (NRIs) and Foreign companies. The TDS returns contain details such as the name and PAN of the deductor, the name and PAN of the deductee, the amount of TDS deducted, and the date of deduction and deposit.
Filing TDS returns on time is mandatory under the Income Tax Act, and failure to file the same can result in penalties and interest. The due dates for filing TDS returns are 31st July for the first quarter, 31st October for the second quarter, 31st January for the third quarter, and 31st May for the fourth quarter.
Thus, TDS return filing is an essential compliance requirement for all entities that deduct TDS and is necessary to ensure proper reporting of TDS deductions and timely deposit of taxes with the government.
Documents and Details are Required for Online TDS Return Filing
To file TDS returns online, you will need the following documents and details:
TAN (Tax Deduction and Collection Account Number): TAN is a unique 10-digit alphanumeric number that is allotted to the deductor. It is mandatory to have a TAN for filing TDS returns.
PAN (Permanent Account Number) of the deductee: PAN is mandatory for deductees if the TDS has been deducted at higher rates.
Form 16/16A: Form 16/16A is a certificate issued by the deductor to the deductee containing details of TDS deductions.
Challan details: Details of the challan through which TDS has been deposited with the government need to be provided.
Details of the deductor: Details such as name, address, and contact information of the deductor need to be furnished.
Details of the deductee: Details such as name, address, and PAN of the deductee need to be provided.
Details of TDS deduction: Details such as the amount of TDS deducted, date of deduction, and rate of TDS need to be furnished.
Bank account details: The details of the bank account through which TDS has been deposited need to be provided.
Digital signature: A digital signature is required for filing TDS returns online.
Make sure you have all the necessary documents and details before filing TDS returns online. It is also essential to file TDS returns within the due dates to avoid penalties and interest.
Procedure of Online TDS Filing through LegalHisaab
Legalhisaab is the most famous TDS filing service provider in India. We process Online TDS Filing Application within same days. Legalhisaab TDS experts will assist you in getting the TDS Filing Online and also provide free consultation.
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Frequently Asked Questions?
TDS (Tax Deducted at Source) is a system of collecting tax from the income or payment made to a person by deducting a certain percentage of tax at the source of income.
Any person or entity making certain specified payments such as salary, commission, interest, rent, etc. is required to deduct TDS.
TDS Return is a document that contains details of the tax deducted at source and deposited with the government during a particular period. It needs to be filed by the deductor with the Income Tax Department.
TDS Return can be filed online on the Income Tax Department’s e-filing portal by logging in with the registered credentials. The return needs to be filled with the details of the TDS deducted and deposited with the government.
There are various types of TDS Returns, such as Form 24Q, Form 26Q, Form 27Q, and Form 27EQ, depending on the type of payment made and the nature of deductee.
The due date for filing TDS Returns depends on the type of TDS Return and the quarter of the financial year. For example, the due date for filing Form 24Q for the first quarter is 31st July.
The penalty for non-filing or late filing of TDS Returns can be up to Rs. 200 per day, subject to a maximum of the total amount of TDS deducted. Additionally, the deductor may not be able to claim the TDS amount as a deduction while computing the income tax liability.
If there are any errors or omissions in the TDS Return filed by the deductor, the same can be rectified by filing a rectification request online on the Income Tax Department’s e-filing portal. The rectification needs to be done within a specified period after the filing of the original TDS Return.