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TDS Return Filing

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TDS Return Filing Process and How to Avoid Penalty

The payer (like your employer, bank or client) deducts a percentage of tax from your payment. Later, he deposits it with the government on your behalf. It is what we call Tax Deducted at Source (TDS). Thus, the payer is eligible for TDS return filing. Non-filing of TDS returns in the given time frame can lead to an action from the Income Tax Department.

TDS Return Filing Procedure

Before beginning with the TDS return filing procedure, ensure that you are ready with the required documents.

Step 1:

Generate Form 27A via a TDS return preparation software. This form summarises TDS deductions.

Step 2:

Log in to the Income Tax e-filing portal, select the appropriate TDS return form (like Form 24Q, 26Q, etc.) and upload the generated Form 27A. Step 3: Enter all details in the Return Preparation Utility (RPU). It is a free software utility for TDS returns.

Step 3:

Enter all details in the Return Preparation Utility (RPU). It is a free software utility for TDS returns.

Step 4:

Validate the returns via File Validation Utility (FVU) and download the .fvu file. This .fvu file contains all your verified details.

Step 5:

Upload the .fvu file on the Income Tax e-filing portal and sign it with your digital signature.

Step 6:

Submit the form and store the acknowledgement sent by the IT department for future reference.

Documents & Details for TDS Return Filing

Tax Deduction Account Number (TAN)
Details of the deductor and the deductees
Copies of TDS Payment Challans
Details of previous TDS returns
Form 26As for TDS deducted and deposited
TDS Certificates (as applicable)
Bank Statements
Contractual Agreements
Interest Certificates
Rental Agreements

Return to the TDS Return Filing Procedure if you have all documents ready.

Returns on TDS Filing Due Date

The current regulations state that the deductor must file the TDS on the employee’s behalf before the seventh day of the following month according to the current tax regulations. However, in the case of property transactions, the TDS return filing date is 30 days after the month the TDS was deducted.

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Final Words

Businesses need to file accurate and timely TDS returns by following the prescribed process, gathering necessary documents and using available software. The deductors should maintain detailed records of income, expenses, and transactions throughout the year. They must choose the correct TDS form to file TDS returns on time and avoid penalties. You may reach out to a trustworthy tax consultant if the matter seems complex to you.

FAQs

What Are Revised TDS Returns?

In the case of errors or omissions in the original TDS return, you may file a revised TDS. It aims to let you correct your mistakes and provide accurate information to the tax authorities.

What Are the Common Reasons for Filing Revised TDS Returns?

Errors in TDS amount or challan details, missing deductee details, changes in deductor information, incorrect deductee details and more are the reasons that lead to filing revised TDS returns.

What Is a TDS Certificate?

A TDS certificate is a document granted by a deductor to a deductee as proof that the correct amount of tax has been deducted and deposited with the government. It helps with claiming TDS credit, verifying the amount of tax deducted and resolving tax-related queries with the authorities.

What Is a TDS Refund?

The Income Tax Department refunds you this excess amount when the total tax deducted at source (TDS) exceeds your actual tax liability for the financial year. It is called a TDS refund.

Is TAN Required For TDS Return Filing?

Yes, TAN (Tax Deduction Account Number) is mandatory for filing TDS returns. It is a unique 10-digit alphanumeric number issued by the Income Tax Department to persons responsible for deducting tax at source.

Documents Required