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Documents required for TDS return filing

TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.

A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit.

In this blog, we will discuss the two most important aspects of TDS return filing as follows:

· Due dates for TDS return filing, and

· Essential documents for TDS return filing

Due dates for TDS return filing

If you're an employer or somebody who pays salary to employees, then you're required to deduct tax at source and file TDS returns before specific due dates. The deductor is supposed to do TDS return filing on a quarterly basis as described below:

Quarter	Period/Term	Due dates for TDS return filing
1^st Quarter	1^st April to 30^th June	31^st July
2^nd Quarter	1^st July to 30^th September	31^st October
3^rd Quarter	1^st October to 31^st December	31^st January
4^th Quarter	1^st January to 31^st March	31^st May

Essential documents for TDS return filing

Before TDS return filing, you need to gather the required documents so that you don't face any trouble while doing the same. Documents required are as follows:

Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department's website.

Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees' salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return.

Form 24Q: It's a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.

· Annexure I: It represents deductee wise break up of TDS against specific challan.

· Annexure II: The annexure includes a total breakup of the salary, any deductions needed to be claimed by the employee, his/her income from other sources, and house property and overall tax liability as calculated.

Form 27EQ: It's a quarterly statement that states details and information about the tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961. Corporate and government deductor, as well as the collectors, are required to submit this form.

Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual.

Documents regarding interest income:

· TDS certificate allotted by banks and others;

· Passbook or bank statement for interest on savings accounts;

· The interest income statement for fixed deposits.

Conclusion

TDS return filing is a quarterly statement filed by the deductor and submitted to the Income Tax Department. Returns consist of details of TDS deducted and deposited by deductor, PAN of deductor and deductee, TDS challan info, etc. For filling TDS returns there are a few essential documents that must be submitted by the applicant. The documents are Form 24Q, Form 16, Form 26Q, Form 27EQ, documents under Section 80C investments, etc. which are already described above. If you're looking for a consultant to file TDS return, then contact us at Enterslice. We will execute the process in the least possible time and in a smooth way.

Source url - https://enterslice-32.webself.net/blog/2018/12/24/documents-required-for-tds-return-filing

What is the procedure for TDS return e-filing in India?

In this article, we are going to discuss the steps on how to do TDS return filing online. Check out the steps below:-

· You can get started first of all by logging on to the TRACES and slowly start Filing in your requested details for the e-filing of your TDS return.

· Next, you can click on the register tab for the e-filing. You will see this particular option on the left corner of the newly opened window page of TRACES.

· It will take you to the e-filing portal of the ITR or income tax department. Here you will be asked for registering. You will do as a tax deductor or the collector. Remember, that your TAN shall be your default user id.

· Now you will be required to create a new password. Along with that give in the details of the authorized person like their registered mobile phone number, a work email address and other similar details of your organization. This includes the information like your address, landline number, fax number etc. Once you fill in the requested information on the form, just click submit tab then after keying in the visible captcha.

· Now next, you are supposed to log on to the e-filing portal of the income tax department by using your PAN card number as your password. Put the date of incorporation of your company or organization, or the date of birth of yours in case it’s your personal e-filing of the TDS return. And now approve the TAN Registration.

· Once approved, you will be sent a link to click on, on your email address that has been provided by you earlier. A PIN shall be sent on your mobile number then.

· Now once you click on the received link, a page will open and enter the PIN and then click on the submit button. Now, this completes your registration process of e-filing of the TDS returns.

· An important point here for you to note is that the above-mentioned information is strictly for those who have never been registered as a tax deductor or a collector.

Know the basic procedure for the e-Filing of the TDS Return

· You may start with the filing of TDS return details that are requested from you into the software or into the return preparation utility and the process it.

· Now you can select an option to upload the TDS return for e-filing to the e-filing portal of the income tax department. This will just generate a ZIP file for you. This ZIP file consists of your processed TDS return filing and then you may save it.

· Next, you can go to the DSC management utility, and then select the option for a bulk upload. To this attach your ZIP file that was earlier generated with your TDS return information.

· Pick the DSC option which will be in a .pfx form or USB token file. Select your DSC certificate file and generate DSC file to be saved to yourself. However these days, digital signatures are not always required on the income tax return filing.

· Now again log on to the income tax department portal with your tax deductor or the collector id and then select a tab that says upload TDS return. Fill in your asked details and information and then click on submit button.

· After the above steps followed, your token number shall get generated and later on checked onto through the option that says “view filed return”. This completes your job and your e-filing process is complete.

TDS return e–filing in India

So in this article, we will guide you with the step-by-step instructions in order to do your online TDS return e-filing get done.

Follow the steps below: -

1) First of all, log on to the TRACES with your details in order to e-file your TDS return.

2) Now click on the tab that gives the option of “register for e-filing”. You shall see this option on the left of the corner of the TRACES window page.

3) Now this will take us next to the filing portal of the income tax department where it will ask you for registering. This will be referred as a tax deductor or a collector. And your TAN will be your default user id.

4) You will then be required to create a password, giving the details of the authorized person like their designation and their mobile number and the email id and similar other basic details of your organization, like the address, landline number, and the fax number etc. After you have filled all the asked information, click on the submit option after you type in the showed captcha image.

5) Next, log on to the e-filing portal of the income tax department by using a PAN as password and the date of the incorporation if it’s organization or date of birth of the one, filing for the TDS return. And then wait for the approval of the TAN Registration.

6) After you get it approved, a link will be received onto your email address that you have previously used in the form while a PIN will be sent on your registered mobile number.

7) Click on that link and then put in the PIN that you received on the mobile number and then submit. This shall complete your registration process of the TDS e-filing.

An important point to be noted is that all the above mentioned process is for when you have never registered as a tax deductor or the tax collector.

How to Get Registration of DSC or Digital Signature?

1) Now download the digital signature management utility and after that go to the registrar or reset password tab.

2) Now you fill in your TAN for your organization and your PAN if you are the DSC holder. After this select the type of DSC you are using. For example “.pfx” or the USB token type. After selecting, generate the signature file and save it.

3) Now log in to the e-filing portal through the created id and then go to the profile setting, and then register for DSC. Once you upload the DSC file, submit it and here your DSC Registration will be completed for TDS return e-filing.

Note, that the DSC Registration is needed only once.

What is The Procedure for e- Filing Of TDS Return?

1) Start with the input of TDS return filing details in the software or in the return preparation utility and the process it.

2) Now select an option for the uploading of the TDS return for e-filing to the e-filing portal of the income tax department. This shall then generate a ZIP file for you of your processed TDS return. Save it.

3) Go to the DSC management utility and select the bulk upload for the option. Attach your ZIP file to this and then put your TAN and PAN. Next, pick the DSC option which will be either “.pfx” or the USB token file. Then just select your DSC certificate and then generate a DSC file and then save it.

4) Again log on to the income tax department portal your tax deductor or the collector id and then select the tab saying “upload TDS return” give all the required details and then click on the submit button.

5) Finally, after all this, A token number will be generated that can be checked from the option saying “view filed a return” on the website of e-filing. And here your TDS return e-filing process is complete.

In case if you need the help of professionals then you must get in touch with Enterslice experts anytime so that we can help you with best possible solutions immediately. All you have to do is to email us or call us through the phone number.

What is TDS and when it is required to file TDS return?

TDS stands for Tax Deducted at Source. It is a type of indirect form of advance tax which is deducted from the earnings of Individual or organization prior to the amount is credited in account. Through imposing tax on the income of individual/ organization, our government generates revenue.

Rules & regulations regarding TDS are governed by the provisions of Income Tax Act, 1961. It is applicable on the income earned regularly or occasionally. It is not only limited to salary but also applicable on commission, interest, professional fees etc. As it is payable on the earnings of individual or organization therefore tax liability arise only in case when earnings takes place. TDS deduction takes place at the time when cash, cheque or credit payment is made to the payee account. TDS is payable as certain percentage of overall amount.

Advantages of TDS imposition

There are numerous advantages of TDS return filing. Some of them are as follows:

· It prevents tax evasion.

· Duly collection of tax and in timely manner.

· Numerous people come under the tax bracket due to TDS.

· For the government of India, TDS collection is a steady process.

TDS Return Filing

TDS return is a detail of TDS transactions made during the quarter. It is a quarterly statement which is required to be submitted with the Income tax department by the deductor. TDS return statement consist the PAN details of deductor and deductee along with the details of tax payment made to the government as well as information of TDS challan. It is mandatory for deductors to file TDS return.

TDS return filing due dates

Following are the TDS return filing due dates:

· For the 1^st quarter (1^st April to 30^th June) – 31^st July

· For the 2^nd quarter (1^st July to 30^th September) – 31^st October

· For the 3^rd quarter (1^st October to 31^st December) – 31^st January

· For the 4^th quarter (1^st January to 31^st March) – 31^st May

Provisions regarding late TDS Return Filing

As per the income tax provisions, late filing may attract penalty. There are penalty provisions regarding late filing of TDS return or when TDS return is not filed within the stipulated time as mentioned above. Fine penalty is imposed till the payment of TDS.

TDS Return Filing Forms

There are various types of TDS return filing forms and it depends upon the eligibility criteria. Every deductor has to pay the tax liability within the stipulated time and in prescribed forms.

Following are the types of TDS return filing forms on the basis of nature of income on which tax is deducted.

1. Form24Q- This is for TDS deduction on salary as per section 192 of the Income Tax Act, 1962.

2. Form 26Q- This is in case payments received other than salary as per section 193 and 194 of the Income Tax Act, 1961.

3. Form 27Q- This is in case payment made to NRIs and foreigners other than salary as per section 200(3) of the Income Tax Act, 1961.

4. Form 27EQ- This form shows the Tax Collected at Source (TCS) by the seller as per section 206C of the Income tax Act, 1961.

Forms are required to be furnished by the deductors with the Income tax Authority in due time.

The Importance & Benefits of TDS Return Form

As per the Indian taxation code, TDS is known for tax deduction at source. TDS is considered as a kind of proper tax which is deducted from the income of any individual or association before the cash is credited into their account. The government produces revenue by imposing TDS on the people and their organizations. The rules and regulations of TDS are controlled under the Income Tax Act of 1961 by the Central Board of Direct Taxes (CBDT).

As the name recommends, "Tax Deducted at Source" infers that the payee deducts the tax before making any payment to the receiver. TDS is pertinent to the wage that is earned consistently and furthermore on the wage that is earned occasionally or sporadically. Along these lines, TDS is appropriate for different livelihoods including however not constrained to Salary only, Rent, Commission, Professional Fees, and Interest.

Have a look on the benefits of TDS Return

TDS is payable on the profit so take note of that the obligation to pay TDS is liable in case of, income really occurring. TDS is deducted before making payments. The deductions are made when the payments are on cash, cheque or credit. The deducted TDS is additionally kept with different government offices. TDS Return filing has different points of interest which are as follows:-

· Deducting TDS at source forestalls tax evasion.

· A Tax deduction is done appropriately and in a timely manner.

· Because of TDS, countless people come under the tax net.

· Revenue generation is a steady source of government.

What is TDS Return?

A TDS Return is a rundown of the considerable number of transactions identified with TDS made amid a quarter. TDS Return is a quarterly statement which is submitted to the Income Tax Department by the deductor. The statement consists of all the summary of entries by the deductor for TDS filing to the Income Tax Department. The TDS Returns statement incorporates many details such as the PAN number of the deductor and the deductees. Apart from this, the TDS which is paid to the government and TDS Challan information is also maintained in the statement.

What Are the Due Dates For Filing TDS Return?

Have a look at the following chart to know the due dates of the financial year 2018-2019.

Quarter	Quarter Period	Last Date of Filing TDS Returns
1^st Quarter	From 1^st April 2018 to 30^th June 2018	31^st July 2018
2^nd Quarter	From 1^st July 2018 to 30^th September 2018	31^st October 2018
3^rd Quarter	From 1^st October 2018 to 31^st December 2018	31^st January 2019
4^th Quarter	From 1^st January 2019 to 31^st March 2019	31^st May 2019

What are the types of TDS Returns Form?

There are many types of TDS Return Forms that are applicable to different situations based on the income of the deductee and the type of deductee on which TDS is implied.

Type of TDS Return Form	Particulars of TDS Return Form
Form 24Q	Contains a statement of TDS from the salaries
Form 26Q	TDS on all payments apart from salaries.
Form 27Q	TDS on income received from interest, or any amount payable to non-residents.
Form 27EQ	Collection of TDS.

Get anytime help from the experts at Enterslice if you are applying online TDS Return. We being the reliable online legal service provider, offers relevant and precise solutions to our customers. Customer satisfaction is of utmost importance to us, we will feel glad to serve you in every possible ways.

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About TDS Return and Penalties for Delay

In order to know what is TDS return filing. Firstly, we should know …………...

What is TDS?

It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as salary, commission, professional fees, interest, rent, etc.

Now the assessee needs to TDS return file quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments.

Mode of filing of TDS Return

Online filing

The return can be furnished online at NSDL TIN website after registering to NSDL

Offline filing

TDS return can be furnished at any of the TIN- FC’s managed by NSDL. The details and addresses of TIN- FC’s are provided.

Charges paid at time of filing

NO OF DEDUCTEE RECORDS IN TDS RETURN	CHARGES
Returns upto 100 records	RS. 31.15
Returns having 101 to 1000 records	178
Returns more than 1000 records	578.50

Due dates for TDS Return filing

QUARTER	DUE DATE
Apr-June	31^ST July 2017
July-Sept	31^ST Oct
Oct- Dec	31^STjan 2018
Jan- March	31^STmay 2018

Penalty for delay in filing of TDS Return

LATE FILING

If the assessee makes delay in TDS Return filing as per the due dates, penalty of Rs. 200 is applicable till the time default continues.

**Note:

· Total amount of penalty calculated as above cannot exceed amount of tax.

· Late filing fees shall be deposited before filing the TDS return.

· Rs. 200 per day is not penalty but it is a late filing fee.

NON FILING

If the assessee fails to file the TDS return till 1 year from due date of filing, penalty of min 10,000 and max 1,00,000 is applicable

**Note: Penalty is in addition to late filing fees

However, it was proposed in Budget 2018 to waive the fees for delay in filing of TDS return. But unfortunately this recommendation was not taken into consideration

No penalty in case of delay in filing the TDS Return in case of the following:

1. TDS is paid to credit of Government

2. Late filing fees is paid to the credit of Government

3. TDS return filed before expiry of 1 year from due date

**Note: Apart from above relaxation, the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce he penalty for non filing in genuine case.

Source url - http://entersliceindia.webstarts.com/blog/post/about-tds-return-and-penalties-for-delay

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