Blog #tds return filing

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

WHEN TDS NEEDS TO BE DEDUCTED

SALARY INCOME: On the individual salary income, TDS is deducted

INTEREST INCOME: If the interest on FD and RD exceeds 10,000 per year, then TDS is deducted

@10% if PAN otherwise @20%

EPF WITHDRAWLS: If the employee withdraws min 50,000 before 5 years of service , then TDS is deducted

FORMS OF TDS RETURN

FORM 24Q- Statement of TDS from salaries

FORM 26Q-Statement of TDS from payments other than salaries

FORM 27Q- Statement of TDS from interest, dividend or amount payable to non residents

FORM 27EQ- Statement of collection of tax at source

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 at the linkhttps://www.incometaxindia.gov.in/Pages/default.aspx

DUE DATES FOR TDS RETURN FILING

Apr-June- 31^ST July 2017

July-Sept- 31^ST Oct

Oct- Dec- 31^ST Jan 2018

Jan- March- 31^ST may 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:

TDS is paid to credit of Government

Late filing fees is paid to the credit of Government

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.

WHO ARE REQUIRED TO FILE ELECTRONIC TDS RETURN

The following assesses are mandatorily required to file E- TDS return :

1. Corporate deductors

2. Government deductors

3. If the account of deductor is required to get tax audited

4. If the number of deductees in the preceding FY exceeds 20 as per the records in quarterly statement

REVISION OF TDS RETURNS

If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. Following corrections can be made :

Deductor’s personal details such as name and address can be updated under this category

Details such as serial no. amount, tender date and BSR code in challan

Deductee details can be added/deleted or updated

Salary detail records can be added/deleted

Updating PAN of deductee

The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes.

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TDS or Tax Deducted at Source is governed by the rules and regulations of the Income Tax Act, 1961 is a process where an employer deducts tax in advance before paying the salary to his employee or a payee deducts tax before making the actual payment to the receiver. The method of deducting tax is applied on incomes being earned on a regular basis as well as occasionally.

What is TDS Return?

TDS Return is a statement that summarizes the tax that has been deducted showing the details of the TDS entries deducted by the payee in lieu of TDS on a quarterly basis. This statement or the TDS Return is required to be filed with the IT Department every quarter.

How to File TDS Return?

The TDS returns can be filed by using different types of Return forms. They are:-

• Form 24Q is for filing of return when TDS is deducted from salaries of employee. Under Section 192 of the IT Act, 1961 the TDS Return is prepared. Under the same regulation, the online TDS Return or eTDS is also prepared. The Form 24Q consists of 2 Annexure – Annexure 1 is all about the employer and the employee; the Annexure 2 is the one that shows the salary details and tax computations
• Form 26Q is to be filed when TDS is deducted for any and all kinds of payments excluding salary payment. This statement is prepared as per Section 200 (3), 193 and 194 of the Income Tax Act 1961. This Form is applicable in case of tax deducted on fees paid to the directors, other professionals, interest on securities etc.
• Form 27Q is required to be filed on tax that has been deduced at source from incomes received from share dividends, bonus, interest or any other income of non resident Indians and foreigners other than their salary.
• Form 27EQ is meant for to depict the collection of tax at source following regulations of Section 206C of the IT Act, 1961.

What is the procedure of filing online TDS return?

For online TDS return filing, the following steps need to be followed:-

• The file format of the e-TDS and the e-TCS return is present at official website.
• The e-TDS or e-TCS return can be made using the Return Preparation Utility software of NSDL (National Securities Depository Limited) or even a software developed by a third party.
• The prepared statement needs to be verified using NSDL software called File Validation Utility. In case the software reports errors, the same need to be rectified and refiled for verification.
• The verified file can then be uploaded at official website.  In order to upload the TDS or TCS return statements at the site above, the organisation has to be registered with the site.

What are the due dates of TDS Return Filing?

At the end of every quarter the TDS for the previous quarter has to be submitted to the Income Tax Department by the payee or the employer. The details have been shown below:-

• The TDS Return for the first quarter i.e. April – June the last date for TDS return filling is 31^st July of the same financial year;
• TDS return for the second quarter (July – August) has to be filed by 31^st October of the same financial year;
• For the third quarter (October – December), the last date for TDS return filling is 31^st January of the same financial year; and
• The fourth quarter (January – March) returns need to be submitted by 31^st May of the next financial year.

Late filing of TDS Return 

As per a new ruling that has come into force from 1^st April 2017, the maximum penalty for late filing of the return is Rs. 10000.

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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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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.  

• Form24Q- This is for TDS deduction on salary as per section 192 of the Income Tax Act, 1962.
• Form 26Q- This is in case payments received other than salary as per section 193 and 194 of the Income Tax Act, 1961.
• 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.
• 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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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.

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.

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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