What is TDS Return filing?
A person who is required to deduct tax at source must file a TDS return as part of their legal obligations. Tax Deductor is required to file a TDS return with the Income Tax Department every quarter. The return is a statement that includes the amount of tax collected, how it was collected, and how much tax was paid to the government during the reporting period.
Salaries, payments to professionals on a contractual basis, payments of rents exceeding a certain amount, and other transactions are typically taxed. There is a set rate of interest for each type of transaction and payment. Only if the deductorr has filed the TDS return on time can the deducteee claim the benefit of the tax deducted while filing the ITR.
Aside from depositing the tax, the deductor must also file a TDS return. TDS return filing is a quarterly statement that must be submitted to the Internal Revenue Service. Timely submission of TDS returns is required. TDS returns can be filed entirely online. The details of the TDS returns will appear on Form 26 AS once they have been submitted. The following details must be mentioned when filing TDS returns:
- PAN of the deductor and the deductee.
- Amount of tax that is paid to the government
- TDS challan information
- Others, if any.
What is TDS?
TDS (tax deducted at source) is a tax that is collected by the Indian government at the time of a transaction. In this case, the tax will be deducted when the funds are credited to the payee’s account or when the payment is made, whichever comes first.
When a salary payment or a life insurance policy is made, the tax is deducted at the time of payment. This amount must be deposited with the Income Tax Department by the deductor. A portion of the tax is paid directly to the Income Tax Department through TDS. The tax is usually deducted in ten percent increments.
What is TAN?
The Tax Deduction and Collection Number, or TAN, is a 10-digit alpha number that must be obtained by anyone who is responsible for deducting or collecting tax at source on behalf of the government. Salaried individuals are exempt from obtaining a TAN or deducting the tax at source.
In the case of proprietorships, businesses and other entities must deduct tax at the source when making certain payments, such as salaries, payments to contractors, and rent payments that exceed Rs.2,40,000 per year.
TDS returns must be filed quarterly by entities with a valid TAN registration. Our TDS experts can assist you in calculating TDS payments and filing TDS returns while adhering to TDS regulations.
TDS return filing procedure
How to file TDS returns online?
Here is the step-by-step procedure to file the TDS returns online.
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Eligibility Criteria
Who can file TDS returns?
Organizations or employers who have obtained a valid tax collection and deduction number file TDS returns (TAN). Anyone making specified payments under the Income Tax Act is required to deduct taxes at the source and deposit the tax within the time limits for making subsequent payments.
- Salary Payment
- Income on securities
- Income by winning the lotteries, puzzles, and others.
- Income from winning horseraces
- Insurance commissions.
- Payment concerning the National saving scheme and many others.
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What is a TDS Certificate?
It is necessary to provide the TDS Certificate after the deductor has deducted the TDS. A valid TDS certificate from TRACES with a 7-digit unique certificate number and a TRACES watermark can be used to double-check the tax credit.
The deductee is required to keep the TDS certificates. TDS certificates for non-salary payments are issued every quarter, while TDS certificates for salaries are issued once a year.
In the event that the deductee misplaces the certificate, he can request a duplicate TDS Certificate.
FAQs On TDS Returns
TDS is to be paid by the person who is liable to deduct/Collect tax at a prescribed rate of income tax act known as deductor from the income of another person called deductee. Deductor has valid TAN which is used to quote at the time of making payment using challan 281 of TDS/TCS to central government thru both online as a well offline mode. Online payment of TDS/TCS can be made from internet net banking facility using traces online facility while offline payment can be deposited to a designated bank over their counters.
A TAN registration can be obtained within 10 to 15 days.
You don’t have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.
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