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TDS return filing is mandatory for all the assessees who fall below the tax slab as prescribed by the Income Tax Department. It is mandatory to file the TDS returns online and it can be done through the official Income Tax e-filing portal.
Simplify TDS compliance
TDS (Tax Deducted at Source) is a source of tax collection for the Government of India. When a company or a person makes a payment, TDS is deducted, if the payment exceeds threshold limits. Then, this deducted amount is deposited to the Income Tax Department. Usually, tax deductions are made within a range of 1 % – 10 %
TDS Return for individuals and businesses
An employer or company that has valid TAN – Tax Collection and Deduction Account Number can file for online TDS return. Any individual or business who makes a particular payment which is stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
An assessee can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the assessee to file within the due date or be liable to pay a penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
Benefits of TDS Return Filing Online
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
How do we help in Filing TDS Return?
It is mandatory for every deductor to submit TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome and if not done on time, you may attract huge penalty.
The rate of TDS is set by the IT department based on expense recognized by them. Hence the prescribed rate of deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
Once you choose us, our affiliates prepare the account and file TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. Vakilsearch not only does all the paperwork for you, but also makes sure that every government interaction is smooth. Our process is truly transparent and always meets your expectations.
We take care of:
Things to remember before Filing TDS Return on time
For any person who has TDS reduction in their pay, TDS return can be filed online. Return preparation has to be done within the prescribed time frame because for individuals who are deemed as a regular defaulter in India, a grave penalty can be charged. Therefore submitting e-TDS Return in the prescribed time is essential.
For the deductor, it is vital to deposit the subtracted TDS to the concerned government department along with the details.
The time period within which the deductor should deposit the amount and the deductee has to file for TDS refund are given below. It is important to stick to the schedule to avoid incurring a penalty.
For online TDS return, every single person who has made the TDS deduction should file the TDS return without fail. The deductor should make the quarterly submissions at the Income Tax department. There are different types of forms available in accordance with the change in the intent of the TDS deductions made. The PAN details of both the deductees and the deductor should be added in the statement. The statement should also contain information about TDS challan and the tax details among other important details.
In online TDS return, the statement/ 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 department of income tax.
For all deductors, the submission of TDS return is mandatory. It contains the details of TDS deductions and deposits made by the deductor. It should also contain PAN card details of both deductees and deductor, tax paid particulars, information about TDS challan and any other extra information the form demands.
Filing Revised TDS Returns
In the case of online TDS return, if there are any errors committed due to incorrect challan details, incorrect PAN details or lack of PAN card details, the amount which is credited as the tax will not be reflected in the Form 16A/Form16/Form 26AS. In such cases a revised TDS return must be filed.
To file a revised TDS return, you need two files – consolidated file containing the details of the deductions made in the quarter; and the one is the justification report containing the information on the errors filed in the return.
The period of filing TDS refund
While filing online TDS returns, if you pay in excess than the actual tax amount payable, you will be eligible to claim TDS refund.
The time within which the refund is done depends on whether you have made the income tax return filing before or after the due date. In case the returns were filed on time, then you will receive the refund of the excess amount within 3-6 months.
In online TDS return, if there is a case of late filing or failure to file the returns, the individual or the company will have to face two types of penalties:
Documents required to file TDS Return online
The following documents have to be submitted for filing the TDS returns.
