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. If you’re searching for tds filing near me, do not forgot to
TDS Return Filing Procedure
Before beginning with the TDS filing process, ensure that you are ready with the required documents.
Step 1:
Generate Form 27A via a TDS filing utility. 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 filing online.
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.
If you have any doubts at any step, contact TDS filing near me to get help from tax consultants.
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 after consulting with tds filing near me.
Returns on TDS Filing Due Date
The current regulations state that the deductor must file the TDS on the employee’s behalf before the TDS filing date, which is seventh day of the following month according to the current tax regulations. However, in the case of TDS filing for property purchase, the TDS filing last date is 30 days after the month the TDS was deducted. You can contact tds filing near me to know more about the deadlines.
TDS Filing Charges
The TDS filing charges may vary due to the nature of the filing, the number of deductees, and the complexity of the return. It is therefore advised to contact TDS online filing centre near me for accurate fee details.
Also, to streamline the TDS filing online process, you can refer to the TDS online filing procedure PDF available on the Income Tax e-filing portal. This document provides a step-by-step guide to ensure a smooth TDS return filing.
On-Time TDS Return Filing with The Tax Consultant You Can Trust
Conclusion
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. If the process seems complex, searching for TDS filing near me can help you find a trustworthy tax consultant.
Frequently Asked Questions
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.