TDS Return Filing

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Overview of TDS Return Filing

TDS stands for Tax Deducted at Source. It is the tax which is collected by the Government when a transaction takes place. The tax amount is deducted either at the time when the money is credited in the account of the payee or when the payment takes place, whichever happens earlier.

The main aim of TDS is to collect tax from every source of Income. As per the provisions of the  IncomeTax Act 1961, a tax-deductor shall furnish a periodical TDS statement (Quarterly) containing the particulars of deduction of tax formed during the quarter by the determined due date. The Department of Income-tax decides the rate at which the TDS will be deducted. It is the responsibility of the Deductor to deduct the TDS before making the payment and deposit it to the Government.

Here, the entity/ individual who deducts the said amount is termed as Deductor, and the entity/ individual whose tax is beingdeducted is termed as Deductee. Also, in the case of Individuals and Businesses, there are various payments.

Categories under which TDS Return is Filed

There are different categories under which TDS can be filed which are:

  • Salary of an individual
  • Insurance Commission or the Income from any other sources like lottery puzzles etc.
  • Payment from the National saving Scheme.
  • The categories under which there is the eligibility to file the TDS Return on electronic media:
  • Company
  • Individuals whose accounts are audited under u/s 44AB
  • Individuals were holding office under the Government.

What are the Benefits of TDS Return Filing?

Following are some benefits of TDS Return Filing:

  • Prevents Evasion Of Taxes: Timely TDS Return Filing helps the government track the records of the inflow of Income which prevents people from evasion of taxes.
  • TDS Isused For The Welfare Of The Nation: The TDS Return filing amount is utilized for the welfare of the Nation. It ensures a steady source of revenue for the Government.
  • Less Burden Of Taxpayer: TDS is paid quarterly, so there is no burden of paying the lump sum tax at once. Due to this, the burden of the taxpayer as well as the tax collection agencies is reduced.
  • Facilitates Smooth Collection Of Tax: TDS Return facilitates a smooth collection of the tax used for welfare purposes. It is convenient for the Deductee as Tax is automatically deducted.

Important Points to Know before Filing the TDS Return

  • Form 27A must be duly filled.
  • Verification of form with the e-TDS return filing 
  • Particular of the amount paid and the TDS must be correctly filled in all the forms, including Form No. 27A, Form No. 24, Form No. 26 and Form No. 27.
  • Do not forget to mention the Tax Deduction Account Number (TAN) in Form No. 27A.
  • Ensure that particulars relating to the depositing of TDS have been mentioned accurately.
  • Mention all the details recommended by the authority.
  • TDS return has to be filed properly
  • TDS returns forms are submitted at any TIN-FCs managed by NSDL. 

Documents Required for TDS Return Filing

The below-mentioned documents are required for filing the TDS Return:-

  • General Documents
  1. TAN (Tax Collection and Deduction Account Number) and PAN of the taxpayer.
  2. Date of Incorporation of the Business.
  3. Tenure for which the TDS is to be filed.
  4. Last TDS filing details.
  5. Form 16 and a Salary Certificate received from the Employer by the employee.
  • Interest Income
  1. Passbook/Bank statement for interest on savings account
  2. Income statement of Interest for fixed deposits
  3. TDS certificates issued by the banks & other
  • Capital Gains
  1. Particulars of investment in the Capital Gains Accounts Scheme
  2. Sale & Purchase Deed of the property as well as stamp valuation of the property (for building/land)
  3. Deed of Re-investment purchase for claiming the exemption from Capital Gains
  4. Credentials for the cost of an improvement on the property (if any improvement is made)
  5. Particular expense that has been acquired on transfer
  6. Stock statement in case of the trading in shares etc. (specifying sale & purchase value of shares)
  7. In the matter of other capital assets, the cost of purchase, cost of improvement, the value of a sale, if any)
  • Section 80 Investments: Section 80C investment documents: – The investment made under PPF, NSC, ELSS, ULIPS, and LIC qualifies for deductions under Section 80C
  • House Property
  1. Co-owner details, if the property is co-owned
  2. Address of the said property
  3. Property Tax, Rent details
  4. The Interest certificate issued by the bank for the housing loan
  • Tax Savings Investments
  1. PPF passbook
  2. Tuition fees receipts
  3. Repayment certificate for housing loan
  4. Donation receipts (along with PAN of the donee)
  5. Fixed deposit receipts
  6. Deposit receipts for senior citizen saving scheme.
  7. Life and medical insurance payment receipt
  • Others
  1. Receipts of any income from winning the horse races, lottery, etc
  2. Details of accrued interest on NSC during the year
  3. Dividend amount warrants/
  4. Bank Passbook/Statement or interest income certificate
  5. PPF passbook for interest
  6. Interest certificates on bonds
  7. Rent agreement for building, plant & machinery, etc. given on rent (if any)

Procedure for TDS Return Filing

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

The Step-By-Step Process To File A TDS Return Is Given Below:

Step 1: Preparation Of TDS Return Form: The applicant needs to prepare the TDS Return in the format prescribed by the Income-tax Department.

Step 2:Submission Of Form Along With Necessary Documents: The applicant must submit the form and the necessary documents at the nearest TIN Facilitation Centre.

Step 3:Verification Of Form And Documents By The Authority: The authority shall verify all the documents, and if there is a need for any corrections, the authority will reject the form and provide a memo stating the reason for rejection.

Step 4: Issue Of Receipt Of Acknowledgment: The authority will provide the receipt of acknowledgement once the applicant corrects all the information. 

Penalties in case of Default made by the Deductor while Filing TDS Return

If an individual or entity fails to file, the TDS Return by the due dates as prescribed has to bear the below-mentioned penalties.

Late TDS Return Filing as Per Section 234E

 Rs. 200 every day for such TDS return filing failure continues. However, the late fees shall not exceed the amount of the TDS Return filing.

Note: Before filing the TDS Return, the late return filing fee must be deposited.

Penalty under Section 271H

The authority has the power to issue orders to the defaulter to pay the penalty, which can be a minimum of Rs. 10,000 up to the maximum of Rs.1 lakh.

Note-This Penalty Is In Addition To The Late TDS Return Filing Fees Mentioned Above.

What is the Validity of GST Registration Certificate?

The validity of any GST registration certificate depends on and conditional to the type of taxpayer who is receiving the certification. It is valid throughout when the certificate is issued to a regular taxpayer. In such cases, it only invalidates if it is canceled by the GST authority or surrendered by the taxpayer himself.

Though, the validity is restricted to a period of 90 days from the date of registration or for the period specified in the registration application, whichever is earlier in cases certificates issued for the casual taxpayer or Non-Resident Indian (NRI) taxpayer. Moreover, the validity period can also be extended under the provisions of Section 27(1) of the GST Act by the appropriate authorities.

How an Applicant will Get the GST Registration Certificate Online?

  • Once the ARN is generated, an applicant needs to visit the GST portal.
  • Consequently, an applicant needs to Login into his/her respective GST account, by entering the username and password created by you. Along with that, an applicant needs to fill the right captcha mentioned in the box and select the login button subsequently.
  • Select “User services” in the “Services” option from the drop-box, where an applicant needs to select the “View/Download Certificates” in the options displayed in the image.
  • The registration certificate will automatically start downloading when you will select the download option.
  • For downloading the GST Certificate, an applicant needs to do is to visit the GST common portal https://www.gst.gov.in

After that, you need to Log in to your GST account utilizing the username and password created by you while registering your name for GST Registration in the GST Portal. Along with, you need to enter the captcha correctly and select the login button afterwards.

A new page will open once the login is successful. After that, click on the “Services” option and select “User services” from the drop-box. You need to choose the “View/Download Certificates” in the options displayed in the picture.

You must note that the Registration certificate will automatically start downloading, when you select the download option while proceedings. The Registration certificate shall be downloaded to your device and can be accessible to view the same when required. You need to take a printout this downloaded certificate and accordingly must display prominently in the place of your business.

ApkaTax Procedure for TDS Return Filing

Our ApkaTax experts will be at your disposal to assist you with guidance concerning TDS Return Filing and its compliance for the smooth functioning of your business in India. ApkaTax professionals will assist you in planning everything seamlessly at the least cost, confirming the successful conclusion of the process.

It is advisable to appoint an attorney who has experience in TDS Return Filing to avoid the loopholes around the whole TDS Return Filing and to understand the requirement in detail. Purchase a Plan for Expert Assistance

ApkaTax Procedure for TDS Return Filing

ApkaTax is one of the best platforms aiming to fulfil all your legal and financial requirements and connect you to professionals. Yes, our clients are pleased with our legal service; because of our focus on simplifying legal requirements, they have consistently regarded us highly and provided regular updates.

Our clients can also track the progress at all times on our platform. If you have any questions about the TDS Return Filing, our experienced representatives are just a phone call away. ApkaTax will ensure that your communication with professionals is charming and seamless.

  • Purchase a Plan for Expert Assistance
  • Add Queries Regarding TDS Return Filing
  • Provide Documents to ApkaTax Expert
  • Prepare Application for TDS Return Filing+ Complete all Admissibility Criteria for Preliminary Screening
  • Complete Procedural Actions
  • Get your TDS Return Filing done at your Door Step!

The elementary information would be mandatory from your end to start the process. The Attorney will begin working on your request once all the information is provided and the payment is received.

Frequently Asked Questions

Any individual who is making payment for specified goods or services needs to file the TDS Return. TDS is not required to be deducted by individuals and HUF (Hindu Undivided family).

TAN is abbreviated as Tax Deduction and Collection Number. It is an alphanumeric ten-digit number for filing the TDS Return. A person needs to make an application within a month of deducting TDS for allotment of Tax Deduction and collection number in FORM 49B. If any individual fails to apply for TAN, he/she will be penalized up to INR 10,000.

Yes, the employees and deductor’s must submit the PAN number.

  • Form 24Q – Tax Deduction at Salary
  • Form 26Q – TDS except for the salary
  • Form 26QC – Tax Deduction at source for the rent payment exceeding INR 50,000.
  • Form 27Q – TDS from other sources of earning such as dividend of funds, interest from savings, or fixed deposit.
  • Form 27EQ – tax collected at source
  • Late TDS Return Filing As Per Section 234E

    A sum of INR 200 every day till the TDS returns filing. Also, the late fee shall not exceed the amount of TDS return filing.

  • The Penalty Under Section 271H

    A minimum of INR 10,000 and a maximum of INR 1 lakh.

On the NSDL website, a freely downloadable return preparation utility for the preparation of e-TDS/TCS is available. However, third-party vendors have also made the software for the filing of e-TDS/TCS return

Bank Branch Code is a unique seven-digit code allotted to each bank branch by the RBI. You need to mention the code of the bank branch where the TDS is deposited.

No, it is not required to file Form 26Q separately. Form No. 26Q along with a separate annexure has to be filed for all the payments made to residents.

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