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TDS Return Filing

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Introduction to TDS Return Filing

Tax Deducted at Source (TDS) return filing is a mandatory compliance process for businesses and individuals who deduct tax while making payments. It ensures timely tax collection and helps the government track taxable transactions. With One Call Tax, you can seamlessly file your TDS returns without any hassle.

Why TDS Returns Are Required to Be Filed?

TDS returns are filed to:

  • Ensure the government receives tax on time
  • Maintain compliance with the Income Tax Act, 1961
  • Provide a record of tax deducted and deposited
  • Allow deductees to claim tax credit while filing their Income Tax Returns (ITR)
  • Avoid penalties for non-compliance

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Who Needs to File TDS Return?

The following entities must file TDS returns:

  • Employers deducting TDS on salaries
  • Banks deducting TDS on fixed deposit interest
  • Companies deducting TDS on contractor payments
  • Individuals or businesses making specified payments where TDS is applicable
  • Any entity liable to deduct TDS under the Income Tax Act

TDS Return Forms, Deadlines, and Penalties

The TDS return filing process involves different forms depending on the nature of payment. Below is a table summarizing the forms, due dates, and penalties for non-filing:

Form No.Applicable ForDue Date for FilingPenalty for Late Filing
Form 24QSalary PaymentsQuarterly (31st July, 31st Oct, 31st Jan, 31st May)Rs. 200 per day (maximum TDS amount)
Form 26QNon-Salary PaymentsQuarterly (same as above)Rs. 200 per day (maximum TDS amount)
Form 27QForeign PaymentsQuarterly (same as above)Rs. 200 per day (maximum TDS amount)
Form 27EQTCS (Tax Collected at Source)Quarterly (same as above)Rs. 200 per day (maximum TCS amount)

Additional Penalties

  • Failure to file within one year:Minimum Rs. 10,000 and up to Rs. 1,00,000 (u/s 271H)
  • Incorrect filing:Possible penalty for incorrect information

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Detailed Step-by-Step Process for TDS Return Filing Process

  1. 1Collect Necessary Information
    • TAN (Tax Deduction Account Number)
    • PAN details of deductor and deductees
    • Challan details of TDS payments
    • Deductee details (name, PAN, amount paid, TDS deducted)
    • Nature of payment and corresponding TDS section
  2. 2Prepare TDS Return Using the Right Form
    • Form 24Q (TDS on Salary): Requires salary details, deductions, and employee PAN details
    • Form 26Q (TDS on Non-Salary Payments): Requires vendor details, invoice details, and deducted TDS'
    • Form 27Q (TDS on Payments to Foreigners):Requires non-resident details, DTAA (if applicable), and tax computation
    • Form 27EQ (TCS Return):Requires details of TCS collected on goods/services
  3. 3Validate the TDS Return File
    • Use the File Validation Utility (FVU) from NSDL to check errors
    • Ensure PAN and TAN details are accurate
  4. 4Generate and Upload the TDS Return
    • Convert the return file into .fvu format using NSDL software
    • Login to the TRACES portal
    • Upload the TDS return and submit
  5. 5Download and Verify the Acknowledgment
    • Once uploaded, a Token Number is generated as proof of filing
    • Verify the status of the return through the TRACES portal
  6. 6Issue TDS Certificates to Deductees
    • Download and issue Form 16 (for salary) and Form 16A (for non-salary payments) to deductees
  7. 7Correct Errors (If Any)
    • If there are errors in the return, file a correction statement through the TRACES portal

Frequently Asked Questions

Conclusion

Filing TDS returns is a crucial compliance requirement for businesses and individuals. With One Call Tax, you can simplify the process, ensure timely filing, and avoid penalties. Our experts handle everything from data collection to final submission, making TDS return filing hassle-free.

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