Process of TDS Return Filing
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TDS (Tax Deducted at Source) is an indirect system of deduction of tax at the point of generation of income. TDS is income tax required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. Tax is deducted and is remitted to the account of government on behalf of the payee by the payer. TDS return is a statement submitted to the IT department on quarterly basis. It is essential for business entities to deposit income tax and file TDS return on time.In online TDS return, TDS return is defined as the summary of every transaction made in relation to the quarterly TDS payments. This statement should be submitted by the deductor to the IT Department.
TDS Return Forms
TDS on Salary
TDS where deductee is a non-resident, foreign company
TDS on payments other than salaries
Eligibility Criteria for TDS Return
TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :
Payment of Salary
Income by way of “Income on Securities”
Income by way of winning lottery, puzzles and others
Income from winning horse races
Payment in respect of National Saving Scheme and many others
Due Dates for TDS Return Filing
|Quarter 1 (1st April to 30th June)||31st August|
|Quarter 2 (1st July to 30th September)||31st october|
|Quarter 3 (1st October to 31st December)||31st January|
|Quarter 4 (1st January to 31st March)||31st May|
Penalty for delay/Non Filing of TDS Return
- If an assessee fails to file TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.
- If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.
Frequently asked questions
What is TDS?
TDS i.e. Tax deducted at source is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount is remitted into the account of the Central Government which can be adjusted against the tax due of the deductee.
What is TAN Number?
TAN is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for TDS. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government - quoting the TAN number. The salaried Individuals are not required to obtain TAN.
What is TDS Certificate?
TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment. TDS Certificates can be downloaded only from the TRACES (TDS Reconciliation Analysis and Correction Enabling System of the income tax department).
Is PAN compulsory for deductors and employess/deductees?
PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
How to deposit TDS to Central Government?
Tax deducted at source shall be deposited to the credit of the Central Government by following modes:
Electronic mode: E-Payment is mandatory for
- Persons whose accounts are audited u/s44AB
- Persons holding an office under the Government
Physical Mode: By furnishing the Challan 281 in the authorized bank branch.
What is Form 26AS?
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by all taxpayers using their PAN. This form lists out the details of TDS deducted on your income by each deductor for all kinds of payments made to you – whether those are salaries or interest income – all TDS linked to your PAN is shown here. Form 26AS reports the details of your income (on which taxes have been deducted) as well as the taxes that have been paid by or on your behalf by the deductor to the Government.
What is TDS Justification Report?
It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail / post but a justification report will have to be downloaded from the portal.
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