TDS Return Filings

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When your salary payment is done or you pay for any insurance policy then the tax deducted at that time when payment is completed and the tax deductor needs to deposit that amount to the income tax department. Deducted tax is usually over a range of 10%. After depositing the tax. Let's understand in detail all about the TDS returns.

What is TDS Return Filing?

TDS return filing is the mandatory source of collecting tax by the Government of India. The tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. It is compulsory to e-file the TDS returns and it can be done through the official Income Tax e-filing portal.
It is mandatory that the TDS returns are submitted on time by the deductors. Filing of TDS returns can be done online. After submitting TDS returns, the details will come upon the payees' Form 26AS.

What are the eligibility criteria for TDS filing?
Companies which are having valid Tax Deduction and Collection Account Number (TAN) can file for TDS returns. As mentioned under Income Tax Act, TDS must be filed for the below-mentioned payments-
  1. Insurance commission
  2. Salary payment
  3. Any gains generated by winning puzzles, lotteries, and similar types of games.
  4. Income on securities
  5. Income generated by winning horse races
  6. Payments made towards National Savings scheme
The required changes must be made on the file before sending it through the verification process again. The status of the return can be checked by providing the provisional Receipt number and the PAN details on the official website of the NSDL.
What are the important details that are required?
  • PAN details
  • TDS challan details
  • Amount of tax paid to the government
  • Other relevant information if needed
What is the process of TDS filing?
  • Form 27A which contains multiple columns is to be filled completely. In case a hard copy is filled then it must be verified with an e-TDS return that has been electronically filed.
  • TDS and the total amount that has been paid must be correctly filled and must be tallied in their respective forms.
  • TAN of the organisation that is filing the TDS returns must be mentioned on Form 27A. If the incorrect TAN is mentioned then the verification process becomes difficult. 
  • The appropriate challan number, the mode of payment, and the tax details must be mentioned on the TDS returns. If incorrect details are mentioned in the date of payments or challan numbers, then you might have to file again. 
  • The 7-digit BSR must be entered so that the tallying becomes easy. 
  • Physical TDS returns must be submitted at the TIN-FC. The NSDL manages all TIN-FCs. When returns are filed online, they can be submitted on the official website of the NSDL TIN.   
  • In case all the information that has been provided is correct, a token number or provisional receipt will be received. Acknowledgment received works as a confirmation that the TDS Returns have been filed.
  • In case the TDS Returns are rejected, a non-acceptance memo along with the reasons for the rejection is issued. In such a situation, the TDS Returns need to be filed again. 
What is the revised TDS return?
The tax amount paid to the government will not appear on Form 16, Form 16A, or Form 26AS, if there are any problems when completing, TDS returns, such as incorrect PAN or challan data. TDS Returns must be submitted again in such cases.
What conditions or requirements must be satisfied in order to file revised TDS Returns?
The following are the requirements for filing revised TDS Returns:
The revised TDS Return may only be filed if the original return is accepted by the TIN central system.
The status of the return may be verified on the NSDL's official website by entering the Provisional Receipt Number and PAN.
The most recent TDS statement must be used to prepare the revised TDS return. On the TRACES website, you may get the consolidated statement. To get the most recent statement, the token or provisional receipt number from the original returns must be submitted.

Required Documents

Acceptable DocumentDocument TypeAdditional Details
Other relevant information if neededdemodemo
PAN details demodemo
TDS challan details demodemo
Amount of tax paid to the governmentdemodemo

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You Ask, We Answer

Under Income Tax Act, different threshold limit for deduction of tax at source under various sections has been prescribed. For this purpose you can refer from section 192 to 194N which explains about the threshold limit.
Yes a payee can request the payer for non- deduction of tax at source but for that a declaration must have to furnish in Form No. 15G/15H.
Following are the duties to be performed by the person- 1) He shall obtain TDS account number and must quote the same in all documents related to TDS 2) Tax shall be deducted at the applicable rate. 3) He shall pay the tax deducted by him at source to the credit of the government by the due date. 4) Periodic TDS statement must be filed. 5) TDS certificate must be issued to the payee in respect of tax deducted by him.
It is one of the efficient ways of collection of taxes. Under TDS system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the government by the payer on behalf of the payee. It is applicable to several payments such as salary, interest, commission, professional fees, royalty, contract payments etc.

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