TDS Return Filing
Every individual whose TDS has been deducted can go for his/her TDS return filing in India.
Every individual whose TDS has been deducted can go for his/her TDS return filing in India.
Employers or organisations who have access to a valid Tax Collection and Deduction Account Number may file a TDS return.The Returns preparation software should be used to create your filed TDS statements.Complynest offers a TDS filing solution that is error-free for filing TDS returns and income tax returns.
Every individual whose TDS has been deducted can go for his/her TDS return filing in India. Step to file TDS return filing includes the submission of documents such asTAN (Tax Deduction and Collection Account Number), Permanent Account Number (PAN), amount deducted, TDS payment, mode of payment, etc.
TDS or Tax Deducted at Source is a type of tax deducted by any person who makes the payment if the payment is more than the prescribed threshold limit. The Income-tax Department manages and regulates the rate at which the TDS filing has to be deducted. The entity or an individual which deducts a certain amount is named as Deductor, and the person whose tax is withheld is named as Deductee. It is one of the responsibilities of the Deductor or the employee to deduct the tds return utility before making the salary or payment and it is done to deposit it to the government. TDS return filing is made simple with Complynest since we have the greatest specialists and require online verification to prevent any mistakes of any kind.
The Categories under which TDS Return is filed
The employer in a company can file for tds return form through its a valid TAN (Tax Collection and Deduction Account Number). The payment categories based on which TDS Return is submitted n case of businesses and individuals are:
Any person whose account is audited under the section 44AB
Any individual who is holding office as per the government norms.
Salary of any person
The assesses are required to file the penalty for late filing within the prescribed date. The categories under which are qualified to tds return filing online every quarter are:
Company
The Income or Insurance Commission from any other ways such as puzzles, lottery etc.
Payment or income from any National saving Scheme.Following are the documents required during the process for the TDS Returns Filing Online:
Tax Collection and Deduction Account Number or TAN
Permanent Account Number or PAN
Incorporation Date or registration date of the Business.
The time span for which the TDS has to be filed.
The details of previous TDS filing.
The TDS Return filing process contains the complete information of the amount deposited by Deductor and total TDS deducted, TAN and PAN of the Deductor and Deductee, details of the challan etc.
Below are the different types of TDS Return Filing Forms as per TDS:
|
Dictated Form |
Purpose of
Tax Deducted at Source or TDS |
|
Form 24Q |
TDS from Salary |
|
Form 26Q |
TDS from all payments other than salary |
|
Form 26QC |
TDS for the income received as rent that exceeds
Rs.50,000. |
|
Form 27Q |
TDS from another source of income like interest from
any savings, Dividend funds, income from any fixed deposits. |
|
Form 27EQ |
The tax deducted at Source |
A signed Form 27A acts as a summary of the tds online filing deducted and deposited, hence it has to be attached along with the return statement for the quarterly tds dates.
Though the filing of TDS Return can be done online, it should be filed on or before the due date for each quarterly submission. For the financial year 2019-20,
|
Quarter |
Quarter
Period |
Last date of
filing |
|
First Quarter |
1st April to 30th June |
31st July |
|
Second Quarter Of the year |
1st July to 30th September |
|
|
Third Quarter Of the year |
1st October to 31st December |
31st January 2020 |
|
Third Quarter Of the year |
1st January to 31st March |
31st May 2019 |
********************************************************************************************
Observe:
The closing date for filing the tds revised return deducted as per the session 1941A for the March month is within the due date of 30th April 2020.
Any person or any entity who fails to submit the TDS Return on or before the due dates as specified are liable to pay the penalty or late filing fee.
Late TDS Return Filing Under Section 234E
For such late TDS return filing process continues sum of Rs. 200 for every day. The penalty shall not exceed more than the sum of income tax tds return. The late TDS return filing fee is needed to be deposited before the Filing the process of TDS Return.
The Penalty as per Section 271H
The authority officer can impose the penalty to the defaulter, that can be a minimum of Rs. 10,000 and a maximum of Rs.1 lakh. The mentioned above penalty is the addition of late TDS return filing fees.
Other than the tds return filing utility , a penalty is also attracted in the case of the incorrect TDS Return filing process.
Who can file
the Tax Deducted at Source or TDS Return?
Any person who is having payment for prescribed goods or services required to file the TDS Return. TDS is not needed to be subtracted by individuals and HUF or Hindu Undivided family..
What is TAN?
TAN is the short form of Tax Deduction and Collection Number. It is an unique alphanumeric ten-digit number used for the TDS Return filing. Any individual needs to make an application before a month of deducting TDS for allocation of Tax Deduction. If any person fails to apply for don't own a TAN, that particular person will be penalized up to Rs.10,000.
Is it
compulsory to submit the PAN details?
Yes, it is mandatory for the employees and deductors to submit the PAN.
What are the
Forms under TDS Return filing?
|
Dictated Form |
Purpose of Tax Deducted at Source or TDS |
|
Form 24Q |
TDS from Salary |
|
Form 26Q |
TDS from all payments other than salary |
|
Form 26QC |
TDS for the income received as rent that exceeds
Rs.50,000. |
|
Form 27Q |
TDS from another source of income like interest from any savings, Dividend funds, income from any fixed deposits.
|
|
Form 27EQ |
The tax deducted at Source |
What is the
penalty imposed for late filing of the TDS return?
For failing to file TDS Return under Section 234E – A sum of Rs. 200 is penalized per day till the TDS returns filing. Also, the penalty should not exceed more than the amount of TDS return filing. A minimum of Rs. 10,000 to a maximum of Rs.1 lakh is penalized as per the section 271H.
What is Bank
Branch Code?
It is a unique seven-digit code allocated by the RBI to each bank branch. The applicant has to mention the Bank Branch Code of the bank branch in which the TDS is deposited.
Is Form No. 26Q
submitted separately?
No, the Form 26Q is not filed separately. Along with Form No. 26Q, a separate annexure has to be submitted for all the payments made to occupants.
How can I file
the TDS Return online?
Anyone can file the TDS return online through NSDL website. In case of any disagreement or doubt, you can take assistance from us.