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-

1. PAN of the deductor and the deductee
2. Amount of tax paid to the government
3. TDS challan information
4. Valid TAN, must be registered for e-filing
5. Digital signatures (DSC), (registered for e-filing, in case you want to upload the documents using DSC)
6. 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.

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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.

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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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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
1st Quarter	From 1st April 2018 to 30th June 2018	31st July 2018
2nd Quarter	From 1st July 2018 to 30th September 2018	31st October 2018
3rd Quarter	From 1st October 2018 to 31st December 2018	31st January 2019
4th Quarter	From 1st January 2019 to 31st March 2019	31st 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.

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