TDS Return Filing

WHAT IS TDS?

It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as salary, commission, professional fees, interest, rent, etc.

Now the assessee needs to file the TDS return quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments

FORMS OF TDS RETURN

S.NO

FORM NO.

PARTICULARS

1

FORM 24Q

Statement of TDS from salaries

2

FORM 26Q

Statement of TDS from payments other than salaries

3

FORM 27Q

Statement of TDS from interest, dividend or amount payable to non residents

4

FORM 27EQ

Statement of collection of tax at source

TDS RETURN IN ELECTONIC FORMAT

The following assesses are liable to file E-TDS return mandatorily:

1. Corporate deductors
2. Government deductors
3. If the account of deductor is required to get tax audited
4. If the numberof deductees in the preceding FY exceeds 20 as per the records in quarterly statement

FILING OF E-TDS RETURN

Income tax department and NSDL provides the platform for TDS return filing electronically. Here are the simple steps to be followed:

1. Login by your credentials at incometaxindiaefiling
2. After login click ‘upload TDS’ under the TDS tab
3. The details will be filled and after that click on validate
4. Validation is done through DSC or EVC

STATUS OF TDS RETURN

Once filed status of TDS Return can be checked online by furnishing the PAN No. and the Provisional Receipt No./Token No.

REVISION OF TDS RETURNS

If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. Following corrections can be made:

1. Deductor’s personal details such as name and address can be updated under this category
2. Details such as serial no.,amount, tender date and BSR code in challan
3. Deductee details can be added/deleted or updated
4. Salary detail records can be added/deleted
5. Updating PAN of deductee

The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes.

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