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What is TDS

TDS stands for Tax Deducted at Source. In general, when a person receives income, he is liable to pay income tax on his income. However, in certain cases like payment of salary, commission, rent, interest, etc. the tax on such income is to be deposited by the payer himself.

TDS RETURNS

TDS return is to be filed by the deductor/ payer (Mr. A) to reflect the amount of TDS deducted by him alongwith the details of person whose TDS is to be deducted, so that the payee (like Mr. B) can claim the TDS in his Income tax Return. There are different forms to file TDS return.

FORM 24Q- salary payment.

FORM 26Q- payment other than salary.

FORM 27Q- Paymnet to NRIs.

FORM 27EQ- TCS.


Various persons may be deducting TDS from our income (like-Mr. A, banks, employer, etc.) In order to claim the total amount of TDS deducted form our income, the payee (Mr. B) must check his Form 26AS.

WHO IS TO FILE THE TDS RETURN?

  • Whenever a person makes a specified nature of payment as specified under the various TDS sections (like section 192 for salary), and the amount of payment exceeds the threshold limit provided under each section, then TDS is to be deducted at the rate specified under each section.

WHAT ARE THE BENEITS OF FILING TDS RETURN?


Avoid Tax evasion
Avoid penalty
Deductee can claim TDS in his ITR
Responsibillity of tax deposition of the deductee is shared with the deductor.

DOCUMENTS TO FILE TDS RETURN


Bank statement

TDS certificate like form 16 in case of salary.

Form 26AS

Valid PAN and TAN number

Lower TDS certificate (if any)

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PROCEDURE TO PREPARE TDS RETURN

1

Add the deatils of deductor

2

Add and verify the challan details

3

Add the details of deductee

4

Generate FVU and Form 27A

5

File/Upload return

6

On succesful filing the status is shown as' Received by TIN'

PROCEDURE TO UPLOAD TDS RETURN?

1

Login to the income tax e-filing website using TAN as the useri-d.

2

TDS> Upload TDS> select appropriate details from the drop down box> choose latest FVU> Validate.

3

Attach the signature file if using DSC or simply upload using EVC.

FAQ’s About TDS Return

  • WHAT IS THE PENALTY/ LATE FEE FOR DELAY OR NON-FILING OF TDS RETURN?

    In case of non-filing of TDS return, late fee is Rs. 200 per day (which cannot exceed the amount of TDS deducted. In addition to this, in case of non- filing of TDS return, or where the delay in filing of TDs return exceeds 1 year, or in case of incorrect filing of the TDS return, the assessing officer may penalize the assessee with an amount ranging from Rs. 10,000 to Rs. 1,00,000.
  • WHAT IS THE INTEREST FOR TDS NOT DEDUCTED OR TDS DEDUCTED BUT NOT DEPOSITED?

    @1% per month (or part of the month)- for not deducting TDS @1.5% per month (or part of the month)- for TDS deducted but not deposited.
  • WHAT IS THE CHALLAN NO, FOR DEPOSITING TDS?

      CHALLAN NO. 281 to be used for depositing TDS by both corporate and non-corporate entities. The minor head of challan is 200 for TDS payable by taxpayer and 400 for TDS regular assessment raise by the Income Tax department.
  • WHAT IS TAN?

    TAN refers to tax deduction and Collection Account Number. It is a 10 digit unique alphanumeric number allotted to every TDS deductor. Without quoting TAN, TDS return cannot be filed. TAN can be applied online as well as ofline in Form 49B.
  • IS CORRECTION POSSIBLE IN THE TDS RETURN ALREADY FILED?

    Yes, TDS return can be revised multiple times. The different types of corrections that can be made are-Update deductore details, deductee details, salary detals, add/delete deductee, update PAN details, add/modify challan, etc. There is no need to file separate correction files. Multiple corrections may be made within a single correction file, known as’ multiple batch correction statement’.
  • IS THERE ANY UPLOADING FEE FOR FILING OF TDS/TCS RETURN?

      Yes. The uploading fee varies depending upon the number of records in the TDS/TCS return. This fee is again charged at the time of correction/ revision of the TDS/TCS return.
    1. Rs. 38- for records upto 100.
    2. Rs.178-for records ranging 101 to 1000.
    3. Rs.578.5- for records exceeding 1000.
  • HOW TO CHECK THE TDS RETURN FILING STATUS?

      The return status can be checked by entering PAN, TAN and period of return in the website- https://www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml.
  • WHAT IS FVU?

      FVU refers to File Validation Utility, which is a software developed by NSDL, to validate the format level errors in a TDS/TCS return.

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