TDS Returns
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Quickly file error-free TDS Returns with elitetaxplanner. This ensures seamless credit to the deductee. Prices Starting INR 999/-.
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TDS Returns Filing
All you need to know
What is TDS Return?
The TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department and TDS Return needs to be filed in appropriate TDS Return Forms.
Important notes:
- TDS Return is required to be filed by any person who is liable to deduct tax at source.
- It is a 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 deductor.
- It should contain all details of TDS deducted and deposited by you for a particular quarter.
Pre-requisites of TDS Return Filing
- The first requirement for filing a TDS Return is to obtain a valid TAN (Tax Deduction Account Number) and PAN (Permanent Account NumberYou need to assess if you are required to deduct TDS on which payments.
- Transaction details and Payment details.
- Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.
- There are prescribed rates for every type of TDS payments under the Income Tax Act, 1961.
Types TDS return forms:
TDS return Form 24Q: Statement for tax deducted at source from salaries
TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.
TDS return Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
TDS return Form 27EQ: Statement of collection of tax at source.
- So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.
- Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.
TDS Returns filing-Mandatory norms
Points to make your decision easy
Quarterly Returns
Due dates of quarterly TDS return Filing are as follows (Due Dates for all quarters extended till 31.03.2021)
– April-June – 31st July
– July-September – 31st October
– October-December – 31st January
– January-March – 31st May
Return forms
Form 26Q is TDS Return form which is filled in to provide details of Non-Salary TDS. TDS Form 24Q is return form, used to provide details of Salary TDS, while TDS Form 27Q is used for details of Non-resident payments.
Late filing
Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.
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Documents Required for TDS Returns
Quick Checklist
- Your TAN
- Challans of TDS payment
- Details of deduction
TAN and Challans
All we need is your TAN and challans of TDS paid by you. An acknowledgment of TDS amount deposited online will be generated from your bank website. All you need to provide is this two information to get going.
