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Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online.
Market Price | : ₹1000 |
IGLI FINANCIAL | : ₹414 excl. GST |
: ₹488 incl. GST | |
GST Credit | : ₹74 |
You Save | : ₹586 (59%) |
Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS. While filing the TDS returns the various details to be mentioned are:
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
Here is the step-by-step procedure to file the TDS returns online.
Step 1: Firstly, Form 27 A containing multiple columns has to be filled and in case of the hard copy of the Form, it has to be verified along with the E-TDS return that has been filed electronically.
Step 2: In the next step, the tax that is deducted at the source and the total amount that has been paid needs to be correctly filled as well as tallied.
Step 3: The TAN of the organizations is to be mentioned on Form 27 A. There will be difficulties in the process of verification if the mentioned TAN is incorrect.
Step 4: While filing the TDS returns the appropriate challan number, the mode of the payment, and the tax details have to be mentioned. In case of the incorrect challan number or the incorrect date of the payment, there will be a mismatch and the TDS returns also need to be filed again.
Step 5: To bring consistency the basic Form used for Filing the e-TDS must be used. The 7 Digit BSR has to be entered for easing the tallying process.
Step 6: Physical TDS returns are to be submitted at the TIN FC, which is managed by NSDL. In case of the online filing, they can be submitted on the official website of the NSDL TIN.
Step 7: If the provided information is correct then a token number or a provisional receipt is received. This is a proof that TDS return has been filed.
Step 8: In case of rejection, a non-acceptance memo along with the reason for the rejection is issued and the returns have to be filed again.
The TDS concept was introduced in order to collect tax directly from the source of income. This theory states that a person (the deductor) who is required to make a payment of a particular kind to another person (the deductee) is required to withhold tax at source and remit it to the Central Government’s account.
You can now request a TDS refund for the additional amount deducted if you pay taxes at a rate of 5%. In a similar vein, you can request a TDS refund for any excess TDS that was deducted from your pay because your employer did not receive your 80C investment proofs or rent receipts for your house rent allowance.
Even if a person’s income is below the basic exemption limit, the government has now made filing income tax returns mandatory if the person’s total TDS/TCS during the financial year is ₹25,000 or more.
The deadline for the government to deposit tax withheld is April 7. The tax must be deposited by April 30th for all other deductors.
The deductors are required to submit the TDS returns on time. TDS return filing can be done online. The payee’s Form 26AS will reflect the information once the TDS returns have been electronically submitted.
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