TDS return filing
Plan characteristics:
When businesses or individuals deduct taxes at source from certain payments, it is essential to file TDS return to report and reconcile these deductions with the tax authorities.
TDS Return Filing: Services Under This Plan
- Assessment of TDS compliances
- Registration on TRACES portal
- Form 16/16A Generation
- Preparation of TDS Return
- Compilation of data like TDS challans, PAN of deductees, TDS certificates and invoices
- TDS rate deduction verification
- Filing of TDS Return
- Correction of errors
- TaxHelpdesk’s TDS expert full assistance
Who should buy this plan?
Who should not buy this plan?
– Persons who have not deducted any TDS
– Individuals who have no TDS liabilities
Forms of TDS return filing
Form 24Q (TDS on Salary)
- The Form 24Q is used to prepare eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961.
- It is submitted on a quarterly basis by the deductor.
- It consists of the details of the salary and TDS deducted by the employer.
Furthermore, it comprises of two annexures
Annexure I: It consists of the details of the deductor, deductee and challans. In addition, it is required to be submitted for all the four quarters.
Annexure II: It consists of the salary details of the deductee. Moreover, it is to be submitted in the fourth and the final quarter. So, it must comprise the details of deductee’s salary of the entire financial year.
TDS on payments other than salary (Form 26Q)
- Firstly, the Form 26Q is used to prepare eTDS returns for the TDS deducted on all payments other than salary under Section 200(3), 193, and 194 of the Income Tax Act, 1961.
- Secondly, it is to be submitted on a quarterly basis by the deductor.
- Thirdly, for instance, this form is used where income on which tax is deducted includes interest on securities as well as dividends on securities, professional fees, etc.
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Lastly, if the TDS is deducted by a non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then after this ‘PANNOTREQD’ has to be mentioned on the form.
Form 27Q (TDS on payments made to NRIs)
- This TDS Form 27Q is used to prepare eTDS returns for the TDS deducted on payments, NRIs and foreigners other than salary under Section 200(3) of the Income Tax Act, 1961.
- It is to be submitted on a quarterly basis by the deductor.
- In addition, the income on which tax is deducted includes interest, bonus income or any other sum to be paid to NRIs or foreigners.
- Additionally, if the TDS is deducted by a non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then ‘PANNOTREQD’ has to be mentioned on the form.
Form 27EQ:
- This form consists of quarterly statements that furnish the details and information. In addition, of the tax collected at source, under Section 206C of the Income Tax Act, 1961.
- It is to be submitted on quarterly basis by the seller and it is mandatory to furnish TAN.
- It comprises of the statement of Tax Collected at Source (TCS), which is the tax collected by the seller. Whenever a buyer purchase certain goods or commodities, consequently the seller collects the tax from the buyer through the TCS medium. Further, this tax can be collected in any mode of payment including credit.
- In addition to the above, if the TDS is deducted by non-governmental deductor, then the PAN of the deductor is to be compulsorily provided. However, if the TDS is deducted by the governmental deductor, then ‘PANNOTREQD’ has to be mentioned on the form
Documents required:
– Details of Deductor
– Details of Deductee
– TDS deduction details
– Details of person responsible
– Challan details
FAQs
A TDS return is a statement that provides details of tax deducted at source by the deductor (payer) and deposited with the government. It includes information such as deductor and deductee details, TDS amounts, nature of payments, and challan details.
The due date for filing TDS returns depends on the type of return and the quarter to which it pertains. Generally, TDS returns are due by the 31st of July (for Q1), 31st of October (for Q2), 31st of January (for Q3), and 31st of May (for Q4) of the respective financial year.
The amount of TDS can be paid online by logging on to NSDL website. And thereby, selecting 281 challan and mode of payment via net banking. Moreover, these payments are to be made before filing the eTDS return.
Yes, a TAN is mandatory for deductors who are liable to deduct TDS. It is required to be quoted in TDS returns and challans. However, certain individuals or entities may be exempt from obtaining a TAN for specific types of transactions as per the Income Tax Act.
In case of errors or discrepancies in the filed TDS returns, a correction statement can be filed to rectify the mistakes. The correction can be made within a specified time limit from the date of filing the original TDS return.
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