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.