What is TDS Return Filing?
TDS return is a quarterly statement which has to be submitted to the Income Tax Department. As per the Govt rules, TDS scheme has to be deducted at the time of payment at source. TDS deduction is compulsory for deductor (employer) or they can be fined or legally prosecuted. The TDS return includes details of PAN of the deductor & deductees, income tax filing to the govt. and challan of TDS payment information.
Importance of TDS Return Filing
TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment. Besides depositing tax as a Deductor, the taxpayers must also file a TDS Return in order to claim any tax refund.
TDS Return Filing Forms
There are different types of TDS Return filing forms which based on the nature of income of the taxpayer for which TDS is deducted.
- FORM 27Q - TDS return filing form where deductee is a non-resident or a foreign Company.
- FORM 26QB - TDS on payment for transfer of certain immovable property by the deductee
- FORM 26Q - TDS in any other case.
Due Dates Of TDS Return Filing
You must know how to file TDS return online before Submission of quaterly TDS Return filing form:
- 15th July
- 15th October
- 15th January
- 15th May
Documents Required For TDS Return Online
- PAN card of the Applicant.
- Tax payment challans (Self-assessment, advance tax, if you have deposited the same)
- TDS certificates (if TDS has been deducted by other)
- All Bank account information.
- In response to a notice received from Department of Income Tax – You need the details of Original return/details of notice.
How To Prepare TDS Return in Excel Format
File TDS Return Online
- In e-Filing Homepage, Click on "Login Here"
- Enter User ID (TAN), Password, and Captcha. Click Login.
- Post login, go to TDS Upload TDS.
- In the form provided, select the appropriate statement details from the drop down boxes for
- Click Validate to Validate Statement details.
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