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TDS Return Filing

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TDS Return Filing: An Overview

Tax Deducted at Source is called TDS. It is the tax that the government takes every time a transaction happens. Depending on which occurs first, the tax amount is subtracted when the amount of money is credited to the payee account or when the payment is made.
In this condition, the person or the entity who deducts the particular amount is referred to as the "deductor," and the entity or person whose tax is being removed is the "deductee." There are distinct payments for both individuals and businesses.

The Regulation Relating to TDS Return Filing

Tax collection from all income areas is the primary goal of TDS. By the Income Tax Act of 1961 rules, a tax deductor must submit a periodic TDS statement (quarterly) by the specified due date containing information about the tax deductions made during the quarter. The Department of Income Tax determines the rate at which TDS will be subtracted. Before paying the amount, the Deductor should deduct the TDS and deposit it with the appropriate government.

Eligibility of TDS Return Filing


The following are the several categories that TDS can be filed under:

  • Individual's salary.
  • Insurance commissions or other income, those from lottery games, etc.
  • Money obtained from the National Savings Program.

The following types of categories may be used to apply a TDS Return using electronic media:

  • Company
  • People whose accounts are audited under U.S. Code Section 44AB
  • There were people in positions of authority inside the government.

Benefits of TDS Return Filing

The following are some advantages of filing TDS returns:

  • Prevents Tax Evasion: On-time TDS Return Filing Aids the Government in Tracking Records of Inflow of Income, Preventing Tax Evasion.
  • TDS is used for the nation's welfare: The TDS Return filing amount is used for the nation's interest. It guarantees the government a reliable source of income.
  • Less Burden for Taxpayer: TDS is paid quarterly, so there is no little den of paying the lump sum tax at once. Due to this, the responsibility of the taxpayer and the tax collection agencies is reduced.
  • Facilitates Smooth Collection of Tax: TDS Return gives a smooth collection of the tax used for welfare doings. It is suitable for the Deductee as Tax is automatically deducted.

Requirement for the TDS Return Filing

  • Form 27A must be duly filled.

  • Authorization of form with the e-TDS return filing.
  • Particulars of the amount paid and the TDS must be correctly filled in all the states, involving Form No. 24, Form No. 26, Form No. 27A, and Form No. 27.
  • In Form No. 27A, provide the Tax Deduction Account Number (TAN).
  • Make that all information regarding the depositing of TDS has been appropriately stated.
  • Mention all the information that was advised by the authority.
  • TDS return must be correctly filed.
  • Forms for TDS returns can be submitted at any TIN-FCs that NSDL manages.

Documents Required in TDS Return Filing

The TDS Return must be filed with the following documents:
Documents in General 

  • Taxpayer's PAN and TAN (Tax Collection and Deduction Account Number).
  • Date of the Business's Incorporation.
  • The period during which the TDS must be filed.
  • Date of last TDS filing.
  • The employee received a Form 16 and a Salary Certificate from the employer.

Interest Income/Earnings

  • Interest on savings account in passbook or bank statement.
  • Income statement for fixed deposits with interest.
  • TDS certifications from banks and other institutions.

In The Aspect of Capital Gains 

  • Investment details under the Capital Gains Accounts Scheme.
  • Sale & buying the property's deed and stamp valuation (for a building or piece of land).
  • Declaration of Reinvestment Purchase for Capital Gains Exemption.
  • Evidence of the cost of an improvement made to the property (if one is made).
  • A specific transfer expense was incurred.
  • Stock statement for share trading (detailing sale and buy prices for shares).
  • Regarding other capital assets, the price paid for acquisition, improvement, and the sale price, if any).
  • Investments Made Under Section 80
  • Section 80C investment paperwork - Investments made through PPF, NSC, ELSS, ULIPS, and LIC are eligible for Section 80C deductions.

Domestic Property

  • Information on the co-owners of the property, if any.
  • The property's address.
  • Details on Property Tax and Rent.
  • The bank's interest certificate for the mortgage loan.

Investments that Save Taxes

  • Passbook for PPF.
  • Receipts for tuition.
  • Housing loan repayment certification.
  • Receipts for donations (together with the donee's PAN).
  • Receipts for fixed deposits.
  • Deposit confirmations for the senior citizen savings program.
  • Payment receipt for life and health insurance.

Miscellaneous

  • Any winnings from the lottery, horse racing, or other sources of revenue.
  • Information about interest paid on NSC throughout the year.
  • Warrants for the dividend amount.
  • Bank statement, a bank passbook, or an interest income certificate.
  • PPF interest account passbook.
  • Bond interest certificates.
  • Rent agreement for any given structure, plant, machinery, etc.

Process of Getting TDS Return Filing

The TDS Return filing includes information about the total TDS deducted and the amount deposited by the Deductor, as well as challan information and the TAN/PAN of the Deductor and Deductee.
Below is a step-by-step breakdown of how to file a TDS return:

  • Step 1: TDS Return Form Preparation: The TDS Return must be prepared by the applicant using the template provided by the Income-tax Department.
  • Step 2: Submit the form with the required paper: The applicant must visit the closest TIN Facilitation Center to submit the structure and the required paperwork.
  • Step 3: Form and Document Verification by the Authority: The authority will review all the supporting documentation, and if any revisions are needed, they will reject the form and provide a memo outlining their reasoning.
  • Step 4: Provide Acknowledgement Receipt: The authority will provide the acknowledgment receipt after the applicant has corrected all the information.

Penalties if the Deductor Makes a Default When Filing a TDS Return


The following penalties must be paid if an individual or company fails to file the TDS Return by the deadlines outlined in the regulations.

Section 234E: Late TDS Return Filing

Continued failure to file TDS returns will result in a daily fine of Rs. 200. However, the late fees must be, at most, the cost of filing the TDS Return.
Note: The late return filing charge must be deposited before submitting the TDS Return.

Infraction of Section 271H

The authority has the authority to require the defaulter to pay the fine, which may range from Rs. 10,000 to Rs. 1 lakh.
Note: In addition to the above-mentioned late TDS return filing fees, there is also this Penalty.

Highlights of The 2022 Budget

The introduction of according to the new Section 194S of the Income Tax Act, a person is responsible for paying TDS at a rate of 1% at the time of the transfer of virtual digital assets.

  • The sale of movable property is covered under Section 194-IA. The TDS Tax deduction amount is being recommended for change. It stipulates that if a person purchases real estate, the tax deducted must equal 1% of the amount paid or credited or the property's stamp duty value, whichever is higher.
  • According to the new Section 194R-TDS, regardless of financial benefits, 10% of TDS must be withheld by anybody who gives residents perks or gifts in exchange for engaging in a business or profession.

A TDS Certificate: What Is It?

TDS certificates are the documents that the Deductor, the person who deducts TDS on behalf of the Deductee (the person whose income TDS was deducted while making payment), issues after deducting TDS. The TDS Certificate kinds are listed below:

Type of Certificate

Name of Form

Frequency

Due date

TDS on salary payment

Form 16

Yearly

May 31

TDS on non-salary payments

Form 16 A

Quarterly

15 days from the due date of filing the return

TDS on sale of property

Form 16 B

Every/All transaction

15 days from the due date of filing the return

TDS on rent

Form 16 C

Every/All transaction

15 days from the due date of filing the return

What Period Do I Have to File a TDS Refund?

If taxpayers overpay their tax liability when filing their online TDS returns, they may be entitled to a TDS refund. Whether the payer filed the ITR before or after the deadline will determine the time frame for the refund. The excess amount is refunded within three to six months if the returns were submitted on time.
However, in cases of late filing or failure to file returns, the person or entity will be subject to two different sorts of penalties:

  • Fee for late filing: By Sections 2 and 234E
  • Liability/Penalty for failure to file: By Section 271 H

Dates for TDS Payment Due and Penalties

For each Deductor's fiscal year 2023–2024, the following table contains the due dates for depositing tax withheld at source and submitting TDS returns. Every year, make sure to check the TDS rates as well.

Quarter ending

Deduction month

Payment due dates for deduction of tax (2023-2024)

Filing owing dates of TDS returns for the year (2023-2024)

June 30, 2023

April 2023, May 2023, June 2023

May 7, 2023, June 7, 2023, and July 7, 2023

July 31, 2023

September 30, 2023

July 2023, August 2023, September 2023

7th August 2023, 7th September 2023, 7th October 2023

October 31, 2023

December 31, 2023

October 2023, November 2023, December 2023

7th November 2023, 7th December 2023, 7th January 2023

January 31, 2024

March 31, 2024

January 2024, February 2024, March 2024

7th February 2024, 7th March 2024, 7th April 2024 for tax deducted by govt. office), April 30, 2024 (for other deductors)

May 31, 2024

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