Showing posts with label TDS Return Filing. Show all posts

A detailed Process of TDS Return Filing

Are you looking to file your TDS returns? Do you know the procedure of filing the TDS returns? What is the meaning of TDS? If you are wondering with the same question and looking for the answers; then let us inform, you are at the right spot.
In this article, we will explain the meaning of TDS returns, the process of TDS return filing, and documents required for filing the TDS returns.

What do you understand by TDS returns filing?

TDS stands for tax deduction at source, which is collected by the Income-tax department whenever there is a transaction taking place.
The next part of it is to file the TDS returns, which is a quarterly statement; that has to be submitted to the I-T department.
There are certain details (listed below) that need to be handy while during TDS returns filing-

PAN of the deductor and the deductee
Amount of tax paid to the government
TDS challan information
Valid TAN, must be registered for e-filing
Digital signatures (DSC), (registered for e-filing, in case you want to upload the documents using DSC)
Others, if any

Further, we will take a look at the process of TDS returns filing.

How do we file TDS returns?

TDS returns filing involves really simple steps and can be filed smoothly if follow the steps properly, which are listed below.
STEP1: visiting the online portal

The first step is to visit the web portal of the Income tax department. And click on the login here (red box).

STEP2: Filling the credentials

Then you have to fill the credentials asked in the above image. In user id, you have to provide the TAN and mention the further details as asked.

STEP3: TDS upload

You just need to click on the upload TDS tab, circled in red to move ahead with the process of TDS returns filing.

STEP4: selection of details

Next, you just need to select the valid options as per the requirement. Once you are done with the selection of options, you just need to click on the validate tab.

STEP5: validate the TDS returns

There are basically two modes of validating the TDS returns. You can either upload the TDS documents by using the DSC or by using Electronic verification code (EVM).

Through DSC

Here you just need to upload the zip file of TDS. Once you have uploaded the zip file, you will be asked to upload the digital signatures, as shown in the image below.

On clicking the upload tab, shown in the above image; a confirmation will appear on the screen and a confirmation e-mail will be sent to you.

Through EVM or Electronic Verification Code

If you do not have the digital signatures, then you can validate the TDS returns through EVM

You just need to upload the zip file of TDS and click on the E-verify tab. Further, you can select either of the options, as mentioned in the image below.

At last, you just need to enter the EVM code and click the submit tab. Hence you are done with the TDS return filing.

For more information please contact Enterslice.

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

Checklist before TDS Return Filing

Checklist before TDS Return Filing is pretty crucial to consider because that's how you can successfully file for TDS return. In this blog, we have listed the documents that everybody needs to submit at a part of TDs Return Filing. So keep on reading-

What is TDS?

TDS stands for Tax Deducted at Source and is referred to as the tax paid in advance by the person responsible for making payments in the form of salary, dividends, contract payment, funds, etc. to the government as per Income Tax slab rate.

Generally, the person deducting the tax is known as deductor while the person whose tax is being deducted is known as dedicatee.

What is TDS Return Filing?

TDS return filing is a process in which a deductor submits a quarterly statement to the Income Tax Department. Typically, the information contained in Return is the PAN of deductor and deductee, TDS challan information, the details of TDS deducted and deposited by deductor, etc.

It's critical for every assessee who has deducted TDS after a prescribed interval to file the TDS return. There are different TDS forms which can be prescribed depending upon the purpose.

Enterslice lets anybody to do TDS and that too, at a very affordable price.

Types of TDS forms

Various types of TDS return filing forms are as follows:

Form 24Q: It's a form for the statement for tax deduction at source from salary (salary TDS).

Form 26Q: This form is for the statement for tax deduction source (TDS) from everywhere except for the salary.

Form 27Q: It is for the statement for the tax deduction of a source from other means of earning like interests from savings of fixed deposits, dividend funds or any other sum payable.

Documents /checklist for TDS Return Filing

Documents for filing an e-TDS return

ü PAN card or PAN number

ü Form-16 issued by the employer

ü Tax payment challans

ü If you have received any notice from the Department of Income Tax, then you require the details of the original return or details of the notice

Form 26AS

ü Form 26AS- a consolidated tax credit statement issued to a taxpayer which indicates that the income tax has been deposited with the government. The Form 26AS is issued under Section 203AA of the Income-Tax Act, 1961, and it contained all the information of the taxes paid and deposited with the income tax department.

Documents associated with interest income

ü Bank statement or passbook

ü Interest income statement for fixed deposits

ü TDS certificate issued by banks

Documents related to property

ü If the property is co-owned, then co-owner details

ü Address of the property

ü Interest certificate issued by the bank for housing loan

Section 80 investments

ü Section 80 investment documents which are made under PPF, NSC, ULIPS, ELSS, LIC to qualify for deductions under Section 80C.

Documents to claim the following expenses

ü Contribution to provident fund

ü Life insurance premium payment

ü Principal repayment on the home loan

ü Children’s school tuition fees, if any

ü Stamp-duty and registration payment

ü Equity-linked savings scheme or mutual funds investment

Along with the above-required documents, there could be a few other as well as required by the government. Documents can vary according to the cases. If you are confused about TDS return filing, then feel free to consult the experts at Enterslice who will give you thorough support throughout the process.

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.

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