TDS Return Filing

What is TDS return filing?

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:

  • PAN of the deductor and the deductee.
  • Amount of tax that is paid to the government
  • TDS challan information
  • Others, if any.

What is TDS?

Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee’s account or at the time of payment whichever happens earlier.

Who can file TDS returns?

TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.

  • Salary Payment
  • Income on securities
  • Income by winning the lotteries, puzzles, and others.
  • Income from winning horseraces
  • Insurance commissions.
  • Payment concerning the National saving scheme and many others.

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TDS Return Filing FAQ'S

What is TDS return filing?

Tax deducted at source is the practice of reducing the tax evasion and the spillage by TDS payment mandatory at pre refined rates.

What is the TDS?

TDS was introduced to collect the tax from the source of income. Here the deductor who is liable to make payment to the deductee should deduct the tax at source and remit the same into the account of the central government.

On what amount is TDS deducted?

TDS is deducted only the total income is taxable, the TDS will not be deducted in case the total income is Rs 2,50,000 and this amount is applicable for both men and women below the age of 60 years.

What happens if the TDS is not deducted on time?

There is a penalty for not depositing or not deducting TDS on time, the employer can make the interest payment on such late payment of the TDS before filing the TDS returns or the demand raised by TRACES.

 
Who is eligible for TDS refund?

TDS returns are filed by employers or organizations who have a valid Tax Collection and Deduction Number (TAN). A person who is making specified payments that are mentioned under the Income Tax Act is required to deduct tax at the source and it to be deposited within a stipulated time.

What are TDS and TCS?

TDS is the tax deducted on the payment that is made to the company, in case the amount is exceeding certain limits. TCS is the tax that is collected by the sellers while selling something to the buyers. 

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