TDS Returns

TDS Returns

TDS Returns

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What is TDS Return?

A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a Deductor. It has details of TDS deducted and deposited by you.

Why TDS/TCS return required to file?

TDS Returns

TDS/TCS return filling is legal requirement in India as per Income tax Act 1961
Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

Advantages of Filing TDS return
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 for such class of taxpayer, prescribed limit & nature of payment as per law.
If you filing TDS return on time, hence no need to pay interest, penalty & disallowance of income.

Disadvantages of a Non Filling TDS return

* Fees for late-filing of TDS under section 234E
* Penalty for late-filing or non-filing TDS under section 271H:
* Interest shall be levied on late deduction & late payment of TDS

NIL Data TDS Return
₹ 1180
  • Package Includes
  • NIL or Zero Entries
Normal TDS Return
₹ 2360
  • Package Includes
  • Less Than 100 Entries
Voluminous TDS Return
₹ 5900
  • Package Includes
  • 100 to 500 Entries

Documents Required for TDS Returns

  • Copy of TDS Challans Deposited
  • PAN of Deductees
  • Amount of TDS Deducted and date of deduction
  • Exemption Certificates if TDS is not deducted on any payments
  • Nature of expense for which TDS is deducted
  • Bank Statements and Invoices as supporting to check payments (Optional)

Process Involved

Step 1

1

TDS Calculation

Step 2

2

Preparation of TDS Return

Step 3

3

Verification of Data

Step 4

4

Submission of Return

Step 5

5

Request for TDS Challans

Step 6

6

Downloading TDS Certificates

FAQ'S
  • What is a TDS return?
  • Every deductor is required to submit a quarterly statement of details of tax deducted at source in the forms prescribed by the government. This quarterly statement is called a TDS Return. TDS Returns include details of PAN of all deductors and deductees, particulars of tax paid to the government, TDS challan information and other particulars as required in the forms.
  • What are the due dates of submission of quarterly TDS Returns?
  • • For the quarter ending 30th June - 15th July • For the quarter ending 30th September - 15th October • For the quarter ending 31st December - 15th January • For the quarter ending 31st March - 15th May
  • How is tax collected from TDS handed over to the government?
  • It is the responsibility of the deductor to deposit the money in the designated banks before 7th of the following month using Challan 281. You can make an online payment for the challan. Deductors at government offices must transfer the tax deducted through book entry in government account on the same day
  • Do I have to pay TDS when I buy property?
  • According to Section 194-IA, if you are buying immovable property (other than agricultural land) worth more than Rs 50lakh, you have to pay TDS.
  • Can I prepare TDS Returns for multiple deductors on ClearTDS?
  • There is no limit on the amount of deductors you can add using our software
  • What is e-Return/electronic Format?
  • e-Return is a process where the data which was submitted through paper returns in the earlier procedure, is converted to a specified (by NSDL) Text format in the 1st Level (Deductor/Collector) itself. This data is directly (www.tin-nsdl.com) or Indirectly (TIN Facilitation Centers) Uploaded to NSDL
  • What are Form 24, 26, 27 and 27E?
  • These forms are the respective formats prescribed by IT department for TDS/TCS returns. Form 24 is prescribed for Return of TDS details on Salary Payments, Form 26 for Return of TDS details on Other than Salary Payments (Domestic), Form 27 is also for Return of TDS details on Other than Salary Payments (NRI/Foreign) and Form 27E is for TCS returns.
  • What is Form 26AS?
  • The annual statement will be issued for all tax deducted and tax collected at source from F.Y 2005-06 onwards after the expiry of the financial year u/s 203AA. This statement is known as Form 26AS. According to this, The PAN wise ledger account will be created after matching the information in the TDS/TCS returns filed by the deductor/ collector and the details of tax deposited in banks coming through OLTAS. This further depends on accuracy in e-Return [TAN, PAN, challan number, etc] by the deductor.
  • Can deductor file Form 26Q separately for contractors, professionals, interest etc.?
  • No. A single Form 26Q with separate annexure for each type of payment has to be filed for all payments made to residents. E-Return should comprise a single file with all the details of Form26Q.