Quick Checklist
- Your TAN
- Challans of TDS payment
- Details of deduction
TDS Returns
All you need to know
What is TDS Return?
The TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department and TDS Return needs to be filed in appropriate TDS Return Forms.
Important notes:
- TDS Return is required to be filed by any person who is liable to deduct tax at source.
- It is a is a quarterly statement which has to be submitted to the Income Tax Department of India.
- Submitting TDS Return is mandatory if you are a deductor.
- It should contain all details of TDS deducted and deposited by you for a particular quarter.
Pre-requisites of TDS Return Filing
- The first requirement for filing a TDS Return is to obtain a valid TAN (Tax Deduction Account Number) and PAN (Permanent Account NumberYou need to assess if you are required to deduct TDS on which payments.
- Transaction details and Payment details.
- Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.
- There are prescribed rates for every type of TDS payments under the Income Tax Act, 1961.
Types TDS return forms:
TDS return Form 24Q: Statement for tax deducted at source from salaries
TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.
TDS return Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
TDS return Form 27EQ: Statement of collection of tax at source.
- So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.
- Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.
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TDS Returns filing-Mandatory norms
Points to make your decision easy
Quarterly Returns
Due dates of quarterly TDS return Filing are as follows (Due Dates for all quarters extended till 31.03.2021)
– April-June – 31st July
– July-September – 31st October
– October-December – 31st January
– January-March – 31st May
Return forms
Form 26Q is TDS Return form which is filled in to provide details of Non-Salary TDS. TDS Form 24Q is return form, used to provide details of Salary TDS, while TDS Form 27Q is used for details of Non-resident payments.
Late filing
Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.
Documents Required for TDS Returns
TAN and Challans
All we need is your TAN and challans of TDS paid by you. An acknowledgment of TDS amount deposited online will be generated from your bank website. All you need to provide is this two information to get going.
TDS Returns-Process Flow
5 Easy Steps
1
We receive TAN and Challans
2
You fill in a simple excel template
3
Your return is prepared
4
Your return is submitted
5
You receive return acknowledgement
Return preparation
We will need to receive TAN, Challans and Deductee details from you. These will be processed by us and returns 24Q, 26Q and 27Q will be prepared by us.
Filing of Returns
These returns will be filed online. Once filed, acknowledgment receipts will be generated for individual returns. These will be shared with you along with filed returns.
Form 16 & 16A
Form 16 will be generated on a yearly basis if you have opted for January to March TDS filing package. Form 16A will be generated and shared with you on a quarterly basis.
FAQs On TDS Returns
Get answers to all your queries
TDS is to be paid by the person who is liable to deduct/Collect tax at a prescribed rate of income tax act known as deductor from the income of another person called deductee. Deductor has valid TAN which is used to quote at the time of making payment using challan 281 of TDS/TCS to central government thru both online as a well offline mode. Online payment of TDS/TCS can be made from internet net banking facility using traces online facility while offline payment can be deposited to a designated bank over their counters.
A TAN registration can be obtained within 10 to 15 days.
You don’t have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.
CA Agrawal Kanhere.com provides TDS Return all across India. You can obtain TDS Return in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with CA Agrawal Kanhere team to get all your queries resolved. Write to us at info@caagrawalkanhere.com or call us @07552761432.
