TDS Return Filling

TDS RETURN FILLING

TDS (Tax deducted at source) is an indirect system of deduction of tax according to the income TAX ACT, 1961 at the point of generation of income. Tax is deducted by the payer and is remitted to the government by him on behalf of the payee. A TDS return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS return is mandatory if you are a deducted and deposited by you. The details required to file TDS return are-
  • PAN of the detector and the deductee
  • Amount of tax paid to the government
  • TDS challan information

Eligibility criteria for TDS return filling 

TDS return can be filed by employers or organization who avail a valid tax collection and deduction of account number. Any person making specified payments mentioned under the 1-T Act are required to deduct tax at source  and need to deposit within the stipulated time for the following payments –

  • Payment of salary
  • Income by way of “income on securities”
  • Income by way of winning lottery, puzzle and other
  • Income from winning horse races
  • Insurance commission
  • Payment scheme and many others

Penalty for delay in filling TDS return

According to section 234E, if an assessed fails to his/her TDS return before the due date a penalty of Rs 200 per day shall be paid by the assesse until the time the default continues. However, the total penalty should not exceed the TDS amount.

Requirement for filing TDS return 

  • You must possess a TAN that is registered for filling TDS online
  • Prepare the TDS statement using return preparation utility
  • Validate the TDS statement using file validation utility
  • You must have a valid digital signature which is registered for e-filing
  • You must provide the bank account details of the bank account details of the principal contact
  • Please ensure that you have linked your Aadhar card to the PAN card to upload your return via EVC. 

TDS Return Form

Form 24Q

Quarterly statement for TDS from “salaries”

Form 26Q

Quarterly statement of TDS in respect of all payments other than “salaries”

Form 27Q

Quarterly statement of TDS from interest dividend or any other sum payments to non-residents

Form 27QE

Quarterly statement of collection of TAX at source.

Benefits of TDS Return filing

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-

  • A steady inflow of income to the government
  • Facilitates a smooth collection of taxes used for welfare.
  • No burden of paying tax lump sum as the payment is done every three months  for the whole years

How Can Dial on Financial Service Help You?

Dial on financial service’s team can help you to file your TDS return . We will try our best to provide you a good service. We provide services at very low price compared to other service provider.

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