TDS Return Filing
The term TDS refers to Tax Deducted at Source, which is a tax imposed by the government at the time of a transaction. The deduction occurs either when funds are credited to the payee’s account or at the moment the payment is executed, depending on which event takes place first.
The main objective of TDS is to ensure the collection of taxes from various income sources. In accordance with the provisions of the Income Tax Act of 1961, a tax deductor is required to submit a quarterly TDS statement that includes details of the tax deductions made during that quarter, adhering to the specified due date. The rate at which TDS is deducted is determined by the Department of Income Tax. It is the responsibility of the Deductor to withhold TDS prior to making any payments and to remit it to the Government.
The individual or entity tasked with deducting the tax is known as the Deductor, while the individual or entity from whom the tax is deducted is referred to as the Deductee. Additionally, there are various categories of payments applicable to both individuals and businesses.
TDS Return Filing
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Benefits of Online TDS Return Filing
1. Mitigates Tax Evasion
Timely filing of TDS returns enables the government to monitor income records efficiently, discouraging individuals and entities from engaging in tax evasion.
2. Supports National Interests
Filing TDS returns ensures a steady and reliable flow of revenue to the government, which is essential for funding public services and infrastructure.
3. Alleviates Taxpayer Burden
Since TDS payments are made quarterly, taxpayers avoid the pressure of making large lump-sum payments at once. This system reduces financial strain on both taxpayers and tax authorities.
4. Enhances Efficiency
TDS return filing streamlines tax collection, allowing quicker and more effective revenue mobilization. It also benefits the deductee by deducting tax at the source, simplifying their tax compliance.
Who Must File TDS Returns?
Employers and Organizations:
Entities holding a valid Tax Deduction and Collection Account Number (TAN) are required to file TDS returns.Individuals and Entities Making Specific Payments:
As per the Income Tax Act, any person making the following payments must deduct tax at source and file TDS returns within the prescribed timelines:Payment of salaries
Income classified as “income on securities”
Income from winning lotteries, riddles, or other games
Earnings from horse race winnings
Insurance commission payments
Payments related to the National Savings Scheme
And various other specified payments
Documents Required for TDS Return Filing
TAN (Tax Deduction and Collection Account Number)
Valid TAN certificate of the deductor.PAN (Permanent Account Number)
PAN details of all deductees (employees, contractors, vendors, etc.).TDS Challans
Proof of tax deposited with the government (Challan 281).Salary Details
Salary statements and Form 16 issued to employees.TDS Certificates Issued
Copies of TDS certificates (Form 16/16A) issued to deductees.Details of Payments Made
Records of all payments subject to TDS, including amounts and dates.Bank Statements
For verification of TDS payments made through the bank.Form 26AS
Annual Tax Statement for cross-verification of deducted and deposited TDS.
Process for Verification of TDS Returns
Ensure Complete Information
Before filing, verify that all relevant data is accurately included in the TDS return file.Use the File Validation Utility (FVU)
After uploading your TDS return, use the File Validation Utility available on the NSDL website to validate the file.The FVU tool can be downloaded free of charge from NSDL’s official site.
Identify and Correct Errors
If the file contains errors or inconsistencies, the FVU will highlight these issues.Make all necessary corrections before resubmitting the file.
Submit the Verified File
After validation and corrections, submit the final TDS return file for processing.
Consequences of Non-Compliance
Delayed Submission of TDS Returns
A penalty of Rs. 200 per day will be levied under Section 234E for each day of delay beyond the due date until the return is filed.
Non-Submission or Incorrect Submission of TDS Returns
If the TDS return is not filed within one year from the due date, or if inaccurate information is submitted, a penalty ranging from Rs. 10,000 to Rs. 1,00,000 may be imposed.
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Why choose us?
Accura Tax Solutions Services offers reliable TDS return filing services with complete compliance and error-free submissions.
Expert Filing for Form 24Q, 26Q, 27Q & 27EQ
PAN Verification & Correction Support
Timely Submission to Avoid Penalties
Generation of Form 16/16A
Affordable Plans for Businesses & Employers
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