TDS Return Filing
What is a TDS return installation?
In addition to taxing the taxpayer must make a reinstatement of TDS. The inclusion of a TDS refund is a quarterly statement that must be submitted to the Revenue Department. It is necessary to submit TDS returns on time. Completing TDS recovery can be done entirely online. Once the TDS forms have been submitted the details will appear on Form 26 AS. When installing TDS it returns the various details that will be mentioned as follows:
- PAN pull and pull.
- The amount of tax paid to the government
- Details of TDS challan
- Others, if any.
What is TDS?
Source tax or TDS tax collected by the Government of India at the time of the transaction. Here, in this case, the tax must be deducted at the time the money is deposited into the payer’s account or at the time of payment of any prepaid payments.
In the case of payroll or life insurance, taxes are deducted at the time of payment. The drawer is required to submit this amount to the Tax Department. With TDS part of the tax is paid directly to the Tax Department. Taxes are usually deducted at a rate of more than 10%.
What is TAN?
The TAN or Tax Collection Number is a mandatory 10-digit alpha number that must be obtained by all persons responsible for tax deduction at the source or tax collection source on behalf of the government. Leading people do not have to earn TAN or deduct taxes from the source.
In the case of ownership businesses and other entities are required to deduct tax from the source while making certain payments such as salaries, payments to contractors, rent payments in excess of Rs.2, 40,000 per annum. AK taxes can assist in obtaining TAN registration.
Businesses with a valid TAN registration must complete quarterly TDS returns. Our TDS technicians can assist in making TDS payments online and installing TDS returns while complying with TDS rules.
Eligibility criteria
Completion of TDS refunds is done by organizations or employers who have received a valid tax collection and deduction (TAN) number. Any person making certain payments specified under the Income Tax Act is required to deduct taxes from the sources and is required to file a tax within the prescribed period for making the following payments.
- Salary Payment
- Collateral income
- Earnings by winning the lottery, jigsaw puzzles, etc.
- Earnings by winning horse races
- Insurance commissions.
- Payment for National Savings Plan and more.
- TDS recovery process
How to file TDS forms online?
Here is a step-by-step guide to installing TDS returns online.
Step: 1 –First, a multi-column Form 27 A must be completed and in the case of a copy of the Form, it must be certified with a computerized E-TDS return.
Step: 2 – In the next step, the source tax and the amount paid must be properly calculated and calculated.
Step: 3 – The TAN of the organizations will be mentioned in Form 27 A. There will be difficulties in the verification process if the TAN mentioned is incorrect.
Step: 4 – When installing TDS returns the correct challan number, payment method, and tax details should be mentioned. In the event that an incorrect challan number or incorrect payment date, there will be a discrepancy and TDS refunds should also be included.
Step: 5 – Delivering consistency the basic form used to complete the e-TDS should be used. 7 Digit BSR should be installed to simplify the calculation process.
Step: 6 – Visible TDS returns must be sent to TIN FC, which is owned by NSDL. In the event of an online installation, it can be posted on the official NSDL TIN website.
Step: 7 – If the information provided is correct then a token number or temporary receipt is accepted. This is proof that TDS retrieval is included.
Step: 8 – In the event of a rejection, the rejected invitation and the reason for the rejection are issued and the return must be re-filed.
TDS Form 24Q
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.
TDS Form 26Q
When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26 Q every quarter.
Form 27Q
Form 27 Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Nonresident India and foreigners. Form 27 Q is to be furnished every quarter or before the due date. Form 27 Q contains the details of the payments that are made and the TDS deducted on payments is made to the NRI by the deductor.
Form 27EQ
Form 27 EQ contains all details about tax that is collected at the source. According to Section 206 C of the Income Tax Act 1961, this form has to be filed every quarter. The Form has to be submitted by both corporate and the government collectors and the deductors.
What is a TDS Certificate?
After the TDS is deducted by the deductor it is necessary to furnish the TDS Certificate. The deductee can cross-check the tax credit by viewing a valid TDS certificate from TRACES that bears a 7 digit unique certificate number and a TRACES watermark.
The TDS certificates are to be preserved by the deductee. TDS certificates on payments other than salaries are issued every quarter and the TDS certificate for the salary is provided on annual basis. In case the deductee loses possession of the certificate he can request to get a duplicate TDS Certificate.
Penalty for failure in filing the TDS returns
If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234 E per day by the assessee until the time the default is continuing.
None Filing the TDS returns
If the assessee has not filed the return within a year from the date of filing then the returns or if the person has furnished incorrect information then he or she will also be liable for a penalty. The penalty levied is not less than 10,000 and more than Rs. 1, 00,000.
Revised TDS Returns
Once the TDS returns are submitted and errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit with the government will not be reflected in the Form 16A / Form 26AS. To make sure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS a revised TDS return has to be filed.
Prerequisites for submission of Revised TDS returns
The revised TDS returns can be filed only when the original TDS return is accepted by the TIN central system. The assessee can check the status of the TIN Central System. The assessee can check the status of the TDS returns that are filed online by providing the required details such as the PAN and the Provisional Receipt Number/ Token number on NSDL.
The revised TDS returns have to be prepared by using the most recent consolidated TDS statement. The certificate can be downloaded from the TRACES website.
Claiming TDS return
TDS Credit can be claimed by the deductor to claim the credit of the TDS the deductee must mention the details of the TDS in his returns of income. The deductee is required to take due care to quote the correct TDS certificate number and the TDS details while filing the returns of income.
In case of incorrect details that are provided by the deductee, there will be a discrepancy with the tax credit of processing the TDS returns.
Frequently Asked Questions
Source tax is the practice of reducing tax evasion and the liquidation of the TDS payment obligation by prefined rates.
TDS was introduced to collect taxes on the source of revenue. Here the taxpayer who has to pay the debtor must deduct the tax from the source and deposit it into the central government account.
TDS is deducted only from the amount of taxable income, TDS will not be deducted if the total income is Rs 2, 50,000 and this amount applies to both men and women under the age of 60 years.
There is a penalty for non-deposit or non-deduction during TDS, the employer may be able to pay interest on those late payment of TDS before filing the TDS refunds or the requirement proposed by TRACES.
First calculate the exemptions obtained under Section 10 of the Income Tax (ITA) and subtract the exemptions from step (2) of the total monthly income listed in step (1), multiplying the figure in the figure above by 12 as TDS is calculated from the annual revenue.