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Updated on 27 Oct 2021 9.00 AM IST | 4 min read
Online TDS Return Filing In India
Filing of TDS return is not an easy task. Many taxpayers are finding difficulty in submitting or filing their TDS returns. TDS is a quarterly statement given to the income tax department. TDS means tax deducted at source. According to the income tax act, 1961 – TDS is an indirect system of tax deduction by government of India at the time when the transaction takes place. Tax is deducted by the deductor and transferred to the government by him on behalf of the deductee.
TDS return is a statement that must be submitted quarterly to the income tax department. TDS return is submitted by the deductor, and it contains details of TDS deducted & deposited by you.
There are two cases where tax is deducted at the time of payment –
- Payment of salary
- Payment of life insurance policy
Tax deduction ranges from 1% to 10%. Deductor deducts the tax amount from your salary and deposits the same to the income tax department. As some of your tax portions have automatically been paid to the tax department, it is considered a method of reducing tax evasion. It is mandatory for the deductor to submit a TDS return before the deadline.
The details required to file TDS returns are given below –
Online Filing of TDS/TCS return
The data structure (file format) for preparing the e-TDS / e-TCS return has been defined at https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html.
The e-TDS/e-TCS return must be produced in clean text ASCII format with the filename extension 'txt'. Returns for e-TDS/e-TCS can be prepared using NSDL's Return Preparation Utility or any other third-party software.
Once the file has been prepared as per the file format, it should be verified using the File Validation Utility (FVU) provided by NSDL.
If the file contains any errors, the FVU will provide a report detailing the errors. Correct the errors and re-verify the file using the FVU.
The generated .fvu file can be submitted to TIN-FC or uploaded to the website http://incometaxindiaefiling.gov.in/.
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Due Dates For TDS Payments
Due date is one of the most important elements of TDS return as TDS should be filed before the due date unless it will incur fines, penalties etc.
The due dates for TDS payments are given below in the tabular format –
|Particulars||Amount paid||Due date of TDS deposit|
|Government office Others|
|Without challan With challan On perquisites opt to be deposited by employer||Same day 7Th of next month 7th of next month|
|In month of march In other months||30th April 7th of next month|
Eligibility Criteria For TDS Return
TDS returns can be filed only by employers with a valid tax collection & deduction account number (TAN).
TDS needs to be deposited in time for the following payments –
- Salary payment
- Income from securities
- Income from winning horse races
- Income from winning, lottery, puzzles & others.
- Income from insurance commission.
- Payment in relation to national saving scheme & many others.
What Are The Different Types Of TDS Forms?
Different types of TDS forms are as follows –
Form NoParticulars Periodicity
Form 24 Annual return of “Salaries” under Section 206 of Income Tax Act, 1961 Annual
Form 26 Annual return of tax deduction under section 206 of Income Tax Act, 1961 Annual in respect of all payments other than “Salaries”
Form 27 Statement of tax deduction from interest, dividend or any other sum Quarterly payable to certain persons
Form 27E Annual return of tax collection under section 206C of Income Tax Act, 1961 Annual
Form 24Q Quarterly statement for tax deducted at source from “Salaries” Quarterly
Form 26Q Quarterly statement of tax deducted at source in respect of all payments other than “Salaries” Quarterly
Form 27Q Quarterly statement of tax deduction from interest, dividend or any other sum payable to non-residents Quarterly
Form 27EQ Quarterly statement of tax collection at source
TDS Form 24Q
Employers deduct TDS from an employee's income in accordance with Section 192 of the Income Tax Act 1961. Employers are required to file Salary TDS returns on Form 24 Q, which must be submitted quarterly. Form 24 Q must specify the details of the salary paid to employees and the TDS deducted from the payment. In other words, Form 24 Q is a quarterly document that summarises the payment made to the employee and the TDS deducted by the deductor.
TDS Form 26Q
When a taxpayer pays taxes, the payee deducts TDS in certain circumstances. Form 26Q is used to report TDS on non-salary payments. The Form details the entire amount paid for a specific quarter, as well as the amount of TDS deducted. Each quarter, Form 26 Q must be submitted.
Form 27 Q is a TDS return or statement detailing the tax Deducted at Source on payments made to non-resident Indians and foreigners other than salaries. Every quarter, or on or before the due date, Form 27 Q must be submitted. Form 27 Q includes details on the payments made and the TDS deducted by the deductor on payments made to the NRI.
Form 27 EQ provides all information on tax collected at the source. This form is required to be filed quarterly according to Section 206 C of the Income Tax Act 1961. Corporate and government collectors and deductors must submit the form.
TDS Return Submission
Every assessee needs to file a TDS return if TDS is deducted from his or her income. It is mandatory to file a TDS return before the due date or the deadline. Failing to pay TDS return before the deadline will lead to fines, penalties etc.
Following persons are liable to file quarterly TDS returns online –
- Persons holding office under the government
- Persons whose accounts are audited u/s 44AB.
Penalty For Delay In Filing TDS Returns
As per section 234E, if a tax payer cannot file his or her tax return before the deadline or due date, the taxpayer will be charged Rs.200 each day until the payment has been made. Make sure the total penalty amount should not exceed the TDS amount.
Non-Filing Of TDS Return
If the tax payer has not filed the tax return within 1 year from the last date of filing the return or if a person provided incorrect information in the TDS return, he or she will also be liable for penalty. The penalty amount should not be less than Rs.10,000 and not more than Rs.1,00,000.
Revised TDS Returns
Once TDS returns are submitted and errors such as inaccurate challan details or no PAN is provided or incorrect PAN is found, the tax amount credit with the government is not reflected in the Form 16A/Form 26AS. To ensure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS, a revised TDS return must be filed.
Claiming TDS return
The deductor may claim TDS Credit. To claim TDS credit, the deductee must provide details about the TDS in his income tax returns. The deductee is required to exercise due diligence in quoting the correct TDS certificate number and TDS details when filing income tax returns.
If the deductee provides inaccurate information, there will be a discrepancy in the tax credit for processing the TDS returns.
Procedure for validation of TDS Returns
The procedure for validating TDS Returns is as follows:
TDS Return Filing Services FAQ’S
Due dates of submitting the quarterly TDS Returns are given below –
- 31st July for Quarter 1 (1st April to 30th June)
- 31st October for Quarter 2 (1st July to 30th September)
- 31st January for Quarter 3 (1st October to 31st December)
- 31st May for Quarter 4 (1st January to 31st March)
Payments can be made online at NSDL by selecting Challan 281 and using net banking. These TDS payments must be made prior to the submission of the TDS return.
E-payment is required for all corporate assessees and non-corporate assessees subject to audit under section 44AB.
- Physical payment can be made at any authorised bank branch using Challan 281.
Latest News & Updates
- Oct 27,2021
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Due date for deposit of tax deducted/collected for the month of September, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax ChallanOct 07th ,2021
Due date for deposit of TDS for the period July 2021 to September 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194HOct 07th ,2021
GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST lawsOct 10th ,2021
GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST lawsOct 10th ,2021
GSTR 1 for Sep 2021 (turnover more than INR. 1.50 Crore)Oct 11th ,2021
GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)Oct 13th ,2021