TDS Return Filing

Every individual whose TDS has been deducted can go for his/her TDS return filing in India. Step to file TDS return filing includes the submission of documents such as TAN (Tax Deduction and Collection Account Number), Permanent Account Number (PAN), amount deducted, TDS payment, mode of payment, etc.

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TDS Return Filing - Overview

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number. Your filed TDS statements should be prepared using Returns preparation utility. Ritedger provides error free filing of TDS solution to file TDS returns, Income Tax Returns
Every individual whose TDS has been deducted can go for his/her TDS return filing in India. Step to file TDS return filing includes the submission of documents such as TAN (Tax Deduction and Collection Account Number), Permanent Account Number (PAN), amount deducted, TDS payment, mode of payment, etc.
TDS or Tax Deducted at Source is a type of tax deducted by any person who makes the payment if the payment is more than the prescribed threshold limit. The Income-tax Department manages and regulates the rate at which the TDS filing has to be deducted. The entity or an individual which deducts a certain amount is named as Deductor, and the person whose tax is withheld is named as Deductee. It is one of the responsibilities of the Deductor or the employee to deduct the TDS return utility before making the salary or payment and it is done to deposit it to the government. With Ritedger, TDS Return filing becomes a simple process as we have the best experts and need online verification to avoid all types of errors in the TDS return filing process.

The Categories under which TDS Return is filed

The employer in a company can file for tds return form through its a valid TAN (Tax Collection and Deduction Account Number). The payment categories based on which TDS Return is submitted n case of businesses and individuals are:

The assesses are required to file the penalty for late filing within the prescribed date. The categories under which are qualified to tds return filing online every quarter are:

Advantages of Filing the TDS Return

As per the Income Tax Act 1961, TDS e-filing is compulsory for any individual or any business organization.

TDS Return filing before or within the prescribed time helps the government in tagging the reports and records of the influx of Income.

The amount received from the TDS Return filing is used for the welfare of the public.

There is no burden on any individual of paying the lump sum of tax at once, as the tax can be paid on a quarterly basis.

The Documents needed for the TDS Return Filing process

Following Are The Documents Required During The Process For The TDS Returns Filing Online:

Tax Collection and Deduction Account Number or TAN

Permanent Account Number or PAN

Incorporation Date or registration date of the Business.

TDS Return filing before or within the prescribed time helps the government in tagging the reports and records of the influx of Income.

The time span for which the TDS has to be filed.

The details of previous TDS filing.

The Procedure for Filing The TDS Return

The TDS Return filing process contains the complete information of the amount deposited by Deductor and total TDS deducted, TAN and PAN of the Deductor and Deductee, details of the challan etc.

FORM 24Q

TDS from Salary

FORM 26QC

TDS for the income received as rent that exceeds Rs.50,000.

FORM 27EQ

The tax deducted at Source

FORM 26Q

TDS from all payments other than salary

FORM 27Q

TDS from another source of income like interest from any savings, Dividend funds, income from any fixed deposits.

A signed Form 27A acts as a summary of the tds online filing deducted and deposited, hence it has to be attached along with the return statement for the quarterly tds dates
Due date details for Filing the TDS Return
Though the filing of TDS Return can be done online, it should be filed on or before the due date for each quarterly submission. For the financial year 2019-20,

Quarter : First Quarter
Quarter Period : 1st April to 30th June
Last date of filing : 31st July 2019

Quarter : Second Quarter Of the year
Quarter Period : 1st July to 30th September
Last date of filing : 31st July 2019

Quarter : Second Quarter Of the year
Quarter Period : 1st October to 31st December
Last date of filing : 31st January 2020

Quarter : Second Quarter Of the year
Quarter Period : 1st January to 31st March
Last date of filing : 31st May 2019

The Penalty if the Deduct or fails to File the TDS Return Filing before the due date
Any person or any entity who fails to submit the TDS Return on or before the due dates as specified are liable to pay the penalty or late filing fee.

Late TDS Return Filing Under Section 234E

For such late TDS return filing process continues sum of Rs. 200 for every day. The penalty shall not exceed more than the sum of income tax tds return. The late TDS return filing fee is needed to be deposited before the Filing the process of TDS Return.

The Penalty As Per Section 271H

The authority officer can impose the penalty to the defaulter, that can be a minimum of Rs. 10,000 and a maximum of Rs.1 lakh. The mentioned above penalty is the addition of late TDS return filing fees. Other than the tds return filing utility , a penalty is also attracted in the case of the incorrect TDS Return filing process.

Frequently Asked Questions

Any person who is having payment for prescribed goods or services required to file the TDS Return. TDS is not needed to be subtracted by individuals and HUF or Hindu Undivided family..
TAN is the short form of Tax Deduction and Collection Number. It is an unique alphanumeric ten-digit number used for the TDS Return filing. Any individual needs to make an application before a month of deducting TDS for allocation of Tax Deduction. If any person fails to apply for don't own a TAN, that particular person will be penalized up to Rs.10,000.
Yes, it is mandatory for the employees and deductors to submit the PAN.
For failing to file TDS Return under Section 234E – A sum of Rs. 200 is penalized per day till the TDS returns filing. Also, the penalty should not exceed more than the amount of TDS return filing. A minimum of Rs. 10,000 to a maximum of Rs.1 lakh is penalized as per the section 271H.
It is a unique seven-digit code allocated by the RBI to each bank branch. The applicant has to mention the Bank Branch Code of the bank branch in which the TDS is deposited.
No, the Form 26Q is not filed separately. Along with Form No. 26Q, a separate annexure has to be submitted for all the payments made to occupants.
Anyone can file the TDS return online through NSDL website. In case of any disagreement or doubt, you can take assistance from us..
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