TDS Returns

Next Tds Return is Due on

Due Date

31 May 2017

Time Left

TDS Return for This Quarter is Due to be filed

Next TDS Payment is Due on

Due Date

30 Apr 2017

Time Left

TDS Payment for This Month needs to be paid before

NIL Data TDS Return
1180
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Normal TDS Return
2360
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Voluminous TDS Return
5900
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limited

unlimited

unlimited

NIL or Zero Entries
Less Than 100 Entries
100 to 500 Entries

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Documents Required for TDS Returns

  • 1     Copy of TDS Challans Deposited
  • 2     PAN of Deductees
  • 3     Amount of TDS Deducted and date of deduction
  • 4     Exemption Certificates if TDS is not deducted on any payments
  • 5     Nature of expense for which TDS is deducted
  • 6     Bank Statements and Invoices as supporting to check payments (Optional)
Process Involved 20%

Step 1

TDS Calculation

Step 2

Preparation of TDS Return

Step 3

Verification of Data

Step 4

Submission of Return

Step 5

Request for TDS Challans

Step 6

Downloading TDS Certificates

TDS is calculated based on data provided by client

e-TDS returns are prepared using Softwares and submitted to department

PAN and Challans are verified from TRACES before submission of Return to the department

Once verified return is submitter to the department

After processing of TDS return, request is raised to department for issuance of TDS Certificates

TDS certificates are downloaded from TRACES and given to Deductees

TAX DEDUCTED AT SOURCE (TDS) AND TAX COLLECTED AT SOURCE (TCS)

The Indian Income Tax Act provides for chargeability of tax on the total income of a person on an annual basis. The quantum of tax determined as per the statutory provisions is payable as:-

(a) Advance Tax 
(b) Self Assessment Tax
(c) Tax Deducted at Source (TDS)
(d) Tax Collected at Source (TCS)

Tax deducted at source (TDS) and Tax collection at source (TCS), as the very names imply aim at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.” At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment. The deducted sum is required to be deposited to the credit of the Central Government.

 

TAX DEDUCTED AT SOURCE

Tax deducted at source (TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. 

 

TAX COLLECTED AT SOURCE

 

Tax collected at source (TCS) is to be collected by seller from the buyer at the time of sale of specified category of goods. The TCS rate is different for each category of goods & the TCS so collected by the seller from the buyer is to be required to be deposited with the government account.

 

RULE 30

 

 (1) All sums deducted in accordance with the provisions of Chapter XVII?B by an office of the Government shall be paid to the credit of the Central Government ?

(a) On the same day where the tax is paid without production of an income?tax challan

(b) On or before seven days from the end of the month in which the deduction is made or income?tax is due under sub?section (1A) of section 192, where tax is paid accompanied by an income?tax challan.

 

Tax to be deducted/collected  by Govt  Office

1 Tax deposited without challan- same day

2 Tax deposited with challan - 7th of next month

3 Tax on perquisites opt to be deposited by the employer - 7th of next month

(2) All sums deducted in accordance with the provisions of Chapter XVII?B by       dedicators other than an office of the Government shall be paid to the credit of the Central Government ?

(a) On or before 30th day of April where the income or amount is credited or paid in the month of March.

b) In any other case, on or before seven days from the end of the month in which?the deduction is made income?tax is due under sub?section (1A) of section 192. 

 

Tax deducted/collected by other

1 tax deductible in March - 30th April of next year 
In case of TCS                    - 7th April

2 other months & tax on perquisites opted to be deposited by employer - 7th of next month

(3) Not withstanding anything contained in sub?rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table:?

Sr No

Quarter ended On Date of payment

1. 30th June - 7th July

2. 30the September - 7th October

3. 31st December - 7th January

4 31st March - 30Th April

 

Person required to file ETDS Return Filing due Dates

Following person are liable to file ETDS/ETCS return. 

1. All Government department/office or

2. All companies.

3. All person required to get his accounts audited under section 44AB in the immediately preceding financial year; or

4 The number of deduces’ records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty,

FAQ

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 .

There is no limit on the amount of deductors you can add using our software.

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.

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..

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..

 

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..

• 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 .

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..

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..