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!
While filing TDS returns online, an individual should carry some of the essential documents. The list of documents are as follows:
Now let us see the step-by-step procedure on how to file TDS returns online.
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.
Note: If an assessee wishes to file a TDS return in an offline mode, he needs to visit the nearby facilitation center under NSDL.
Besides knowing how to file TDS returns in a step-by-step process, an employee or an organization needs 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 a TDS return are as follows:
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 |
|
26 |
The annual return of deduction of tax under section 206 of the Income Tax Act, 1961 in respect of all payments other than “Salaries” |
|
26Q |
Other cases |
|
27 |
Quarterly statement of deduction of tax from interest, dividend or any other sum payable to certain persons |
|
27E |
The annual return of a collection of tax under section 206C of the Income Tax Act, 1961 |
|
27Q |
Foreign companies, where the deductee is a non-resident |
|
27EQ |
Tax Collected at Source |
|
24Q |
Salary |
Here under listed some advantages of filing these returns in the following section.
Therefore, it is advisable to learn how to file a TDS return without much ado and yield maximum benefits from the process.
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 2023-2024.
|
Quarter |
Period |
Last Date of Filing TDS |
|
1st |
1st April - 30th June |
30th September 2023 |
|
2nd |
1st July-30th September |
31st October 2023 |
|
3rd |
1st October-31st December |
31st January 2023 |
|
4th |
1st January-31st March |
31st May 2023 |
|
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, CBDT (Central Board of Direct Taxes) reserves rights to extend the dates via its circulars.
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.
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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.
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