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    How to File TDS Return: Step by Step Process

    tds return online
    (Source: dnaindia)

    Tax Deducted at Source or TDS is the process wherein tax deduction takes place at the time of payment or when the payee’s account is credited with the money.

    TDS return is a statement submitted to the Income Tax Department quarterly. Every deductor should mandatorily file the TDS return on time.

    To file a TDS return, one must be thorough with the application procedure and the eligibility criteria. We present this article on how to file a TDS return to go over each segment thoroughly.

    Read on to know more!

    How to file an online TDS return?

    While filing TDS returns online, an individual should carry some of the essential documents. The list of documents are as follows:

    • PAN cards of the deductee and the deductor
    • Tax amount paid to the government
    • Details on TDS challan
    • Other paperwork, if needed

    Now let us see the step-by-step procedure on how to file TDS returns online.

    Steps to follow to file TDS returns

    Deductors must use form 27A to file returns along with quarterly statements. This form summarises the quarterly statements and contains the amount paid and the TDS. Take a look at the process of how to file a TDS return.

    • A control chart is present on the form. Fill up all the columns in that chart.
    • Carefully fill the sections of the amount paid and the Tax Deducted at Source by tallying it with respective forms.
    • The assessee must enter their Tax Deduction Account Number in this form for accurate verification.
    • It is also crucial to mention the details of a TDS deposit while filing the return.
    • As per the basic e-TDS return form format, one must enter the 7-digit Bank Branch Code or BSR code. The Reserve Bank of India gives this code to banks.
    • To file a TDS return online, assessees should follow a certain format. This is achievable using a software named Return Prepare Utility (e-TDS RPU) from the NSDL (National Securities Depositories Ltd). It is important to note that the file must come with a ‘txt’ filename extension.
    • Now the deductor has to sign the form digitally and submit the same in the NSDL Tax Information Network portal. To know how to submit a TDS return online, one must be accustomed to digital signatures.
    • After submission, an individual will receive an acknowledgement receipt containing a token number. In case of rejection of returns, the deductor will receive a non-acceptance memo stating the reasons for rejection.

    Note: If an assessee wishes to file a TDS return in an offline mode, he needs to visit the nearby facilitation centre under NSDL.

    Eligibility criteria for TDS returns

    Besides knowing how to file TDS returns in a step-by-step process, it is vital for an employee or an organisation to fulfill the eligibility for Tax Deducted at Source returns. To that end, availing valid TAN (Tax Collection and Deduction Account Number) is a must before filing for a TDS return. 

    An individual making a transaction under the Income Tax Act needs to deduct tax at the source and deposit the same within an allotted time. Some payments for which one needs to file TDS return are as follows:

    • Salary payments
    • Income earned by winning lotteries, puzzles, etc.
    • Income generated from securities
    • Accruing income from competing in horse races and winning 
    • Insurance commission
    • Rent payment
    • Interest earnings
    • Sale/purchase of immovable property
    • Any payments concerning National Saving Scheme and other schemes

    Forms required to file a TDS return

    Based on the purpose of tax deduction, various forms are available to file TDS returns. In addition to this, as mentioned above, it is mandatory to present the returns along with the signed verification in form 27A. If a deductor wonders how to file a TDS return, the table given below will be useful.

    Forms

    Details

    26QB

    For the transfer of an immovable property

    26Q

    Other cases

    27Q

    Foreign companies, where deductee is a non-resident

    24Q

    Salary

    Advantages of filing TDS returns

    isted some advantages of filing these returns in the following section.

    • Decrease in tax burden- Filing TDS returns ensure reduction in lump-sum tax payment at year-end by dividing the amount over several months. This will, in turn, reduce a taxpayer’s burden.
    • Reduction in tax evasion- The Income Tax Department collects the TDS amount submitted by the deductor. This amount includes a portion of the deductee’s tax during submission. Therefore, by filing for TDS, one can avoid tax evasion.
    • Maintenance of income flow- TDS allows regular income flow to the government.

    Therefore, it is advisable to learn how to file a TDS return without much ado and yield maximum benefits from the process.

    Due dates of filing a TDS return

    Apart from knowing how to file a return for TDS, an individual must be thorough with its due date. Here is a table showing the due dates for the fiscal year 2020-2021.

    Quarter

    Period

    Last Date of Filing TDS

    1st

    1st April-30th June

    31st March 2021

    2nd

    1st July-30th September

    31st March 2021

    3rd

    1st October-31st December

    31st January 2021

    4th

    1st January-31st March

    31st May 2021

    In addition to this, there are different dates for the deposition of TDS by government offices and others. Given below is a table showing the due dates for TDS payment.

    Credited Amount

    Last Date of the TDS Deposit

    Government office without challan

    Same date

    Government office with challan

    7th of the immediate upcoming month

    Deposit by a government employee

    Same as the above point

    Deposits by others in March

    30th April

    Deposits by others in other months

    7th of next month

    Generally, the last date to file a TDS return is 31st March of any financial year. However, due to the current circumstances, an extension of this date to 31st May has been announced as per the statements of CBDT (Central Board of Direct Taxes). (Source: 1).

    Furthermore, one can validate TDS return files by updating details in the portal validation utility tool available for free on the NSDL website.

    Therefore, by knowing how to file a TDS return, one can have a seamless tax payment procedure and additional benefits.

    Frequently Asked Questions

    ✓ Is there any penalty if you fail to file TDS returns within the last date?

    An assessee has to pay a penalty of ₹200 as per Section 234E if they file TDS after the due date.

    An assessee has to pay a penalty of ₹200 as per Section 234E if they file TDS after the due date.

    ✓ What happens in case of errors in the TDS return file?

    In the case of error detection, an assessee needs to file for a revised TDS return.

    In the case of error detection, an assessee needs to file for a revised TDS return.

    ✓ How much tax is deducted for any payment?

    Usually, tax deduction takes place over a range of 1%-10%.

    Usually, tax deduction takes place over a range of 1%-10%.

    Please try one more time!

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    Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.

    1. Digit Insurance
    2. Income Tax
    3. How to File TDS Return

    Last updated: 2022-06-15

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