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- Issuence of Form 16
- Generation of Challan
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File TDS Return : An overview
TDS stands for Tax Deduction Source, and it is a method of collecting income tax in India. The Income Tax Act, 1961 governs the tax deduction process. The Central Board of Direct Tax is in charge of this process. The person who deducts the tax is referred to as the deductor, and the person whose tax is being deducted is referred to as the dedicate. The net amount (after TDS) is given to the income received in the form of cash, check, or credit in the payee's account.
Any person or business that deducts TDS is required to file TDS return with the government every quarter. The purpose of the TDS return filing is to inform the government of the TDS deducted on payments made by the deductor, as well as the TDS deposited by the deductor in that quarter.
TDS returns are submitted electronically. TDS refunds are only possible if the party deducting TDS completes the filing process. To ensure that you are complying with TDS law and receiving your TDS refund in a timely manner, consult CA Services Online. LegalPillers can help you in getting TDS refund, TDS Return Filing and also keep updating about TDS payment due date.
Who needs to file an e-TDS return?
All corporate and government deductors are required to file TDS returns on electronic portal under Section 206 of the Income Tax Act (i.e. eTDS return). The filing of an eTDS return is, moreover, optional for other Deductors. Government has mandate to File TDS Returns for those persons who are falling under the purview of Act.
Type of TDS Return form: Important for TDS e Filing
- 24Q TDS return form
If TDS is deducted from your salary, you must file Form 24Q. It is filed by an employer. TDS return form 24Q includes the list of the salary paid and credited to the employee's account, as well as the TDS deducted and payment details.
- 26QB TDS return form
If TDS is deducted from the payment for the transfer of immovable property, Form 26 Q is filed in that case.
- 27Q TDS return form
If a payment to a non-resident is subject to TDS. TDS filing is done using form 26QB in this case.
- 26Q TDS return form
For any other reason, such as interest, commission, professional fees, contractual payments, and so on, TDS return form 26Q is filed.
Benefits to File TDS Return
In the following section, we'll go over some of the benefits of TDS return filing.
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Reduction in Tax Burden - Filing TDS returns ensures that the lump-sum tax payment at the year's end is reduced by dividing the amount over several months. As a result, the burden on taxpayers will be reduced.
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No Non- Compliance - Tax evasion is reduced because the TDS amount submitted by the deductor is collected by the Income Tax Department. This amount includes a portion of the tax paid by the deductee at the time of submission. As a result, tax evasion can be avoided by filing for TDS.
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Help to Government - TDS allows for a consistent income flow to the government.
As a result, it's a good idea to learn how to file TDS returns quickly so that you can get the most out of the process.
TDS Return Filing Procedure: How to File TDS Returns Online?
Here is the simple procedure to file the TDS returns online.
Step 1 - Create login to the portal and fill basic details of employer.
Step 2 - To begin, fill out Form 27 A, which contains multiple columns, and verify the hard copy of the Form along with the E-TDS return, which has been filed electronically. The tax deducted at the source, as well as the total amount paid, must be correctly filled out and tallied in the next step. On Form 27 A, the TAN of the organizations needs to be mentioned. If the TAN provided is incorrect, the verification process will be complicated. The acceptable challan number, the mode of payment, and the tax details must be mentioned when filing TDS returns.
Step 3 - The basic form used for filing the e-TDS must be used to ensure consistency. To make the tallying process easier, the 7-digit BSR must be entered.
Step 4 - TDS returns must be physically submitted to the TIN FC, which is managed by NSDL. In the case of an online filing, they can be submitted on the NSDL TIN's official website.
Step 5 - If the information provided is correct, a token number or a provisional receipt is issued. This will be considered evidence that a TDS return was filed.
Step 6 - In the event of rejection, a non-acceptance memo is issued, along with the reason for the rejection, and the returns must be re-filed.
Documents Required for Filing eTDS Return
Following documents required for filing eTDS return:
- PAN card & TAN details (A government-issued identification card).
- TDS certificates are a type of certificate that is used (if TDS has been deducted by others).
- TDS challan date, number, bsr code, and TDS challan amount are all payment information.
- You require the information of the original return/details of the notice in response to a notice from the Department of Income Tax.
FY 2022-23 TDS return filing due date
Apart from knowing how to file a TDS return, one must also be aware of the deadline. The TDS return filing due date are listed in the table below.
| Quarter | Date of TDS due date | TDS return filing due date |
| 1st | 1st April-30th June | 31st March 2023 |
| 2nd | 1st July-30th September | 31st March 2023 |
| 3rd | 1st October-31st December | 31st January 2024 |
| 4th | 1st January-31st March | 31st May 2024 |
TDS return filing due date 2022-23
Apart from knowing TDS due date of 2023, one must also be aware of the deadline. The TDS return filing due date are listed in the table below in 2023.
| Quarter | Date of TDS due date | TDS return filing due date |
| 1st | 1st April-30th June | 31st July 2023 |
| 2nd | 1st July-30th September | 31st October 2023 |
| 3rd | 1st October-31st December | 31st January 2024 |
| 4th | 1st January-31st March | 31st May 2024 |
TDS Payment Due Date
- The organization deducting the TDS, known as the deductor, is responsible for paying the applicable TDS to the government before the due date.
- With a few exceptions, the TDS payment due date is always the seventh day of the following month.
- For example, if a company wants to pay TDS for the month of July, the TDS payment due date for that month is August 7th. One notable exception is the month of March, for which TDS payments can be made until April 30th.
- TDS payments must be made on the same day as the original transaction for government assessees paying TDS without a challan.
Why Choose us?
Every deductor is required to submit TDS returns to the Income Tax Department of India on a quarterly basis. All the details of the returns need to be precise and accurate. Keeping up with quarterly payments can be difficult, and if you don't pay on time, you could face hefty penalties.
The IT department determines the TDS rate based on the expenses they recognize. As a result, the prescribed deduction rate varies. It can be difficult to keep track of the threshold limit while making payments.
We at Legalpillers are happy to assist you in all types of CA Services Online like ITR Filing Online. Our associates prepare the account and file TDS refund on your behalf once you choose us. We serve as your consultants from the beginning of the return preparation process to the end of the refund process. Legalpillers not only handle all of your paperwork of filing TDS return but also ensure that all of your interactions with the government go smoothly. Our process of online TDS return is completely transparent, and we consistently exceed your expectations.
We look after:
- Work out how much TDS you'll have to pay.
- Submitting the TDS return via e-mail.
- Observance of rules and regulations in online TDS return.
- Keep updating about TDS due date.
"As per circular issued by CBDT Refunds amounting to Rs. 1,87,325.9 crore have also been issued in the F.Y. 2021-22. As on 16.03.2022 net collections were Rs. 13,63,038.3 crore for FY 21-22 compared to Rs. 9,18,430.5 crore over the corresponding period of the preceding financial year i.e FY 2020-21, representing an increase of 48.41%."
FAQs
What is TDS e Filing?
TDS is a system that was implemented with the goal of collecting income taxes at the source of income generation, as the name implies. If a payment surpasses a certain threshold limit, any individual or company is needed by the Income Tax Act to deduct income tax at the prescribed rate.
What are the types of TDS return forms?
Forms 24Q, 26Q, 27Q, 27EQ, and 27D are all income tax return forms that must be submitted to the IRS to declare Tax Deducted at Source (TDS). Each one works slightly differently, but they are all related to income tax. Our tax lawyers or colleagues have frequently asked us to complete these forms on time.
Can I file a TDS return myself?
Yes, an individual can file a return on their own, but there are some details engaged in TDS e filing that are better understood by a field expert, such as a Chartered accountant, company secretary, or income tax consultant.
How to check e-filing TDS return status?
Check your TDS e filing return status online just Clicking on[https://www.TDScpc.gov.in/app/tapn/TDStcscredit.xhtml]. Mention PAN & TAN details, for more assistance, connect with Legalpillers.
What is the penalty for non-filing or late filing of TDS return filing?
If you fail to file your TDS returns by the deadline, you will be charged a late filing fee of Rs. 200 per day.
Every day after the due date until the date your return is filed, a fee will be charged. The highest fees you'll have to pay, nevertheless, will be limited to the TDS amount.