How to File TDS Return Online?
TDS return - a quarterly statement submitted by a deductor to the Income Tax Department, basically, it is a summary of all the entries for the collected TDS by the deductor, including TDS paid by the deductor to the Income Tax Department.
Moreover, TDS return filing is mandatory for everyone who falls under the purview of the tax slab as specified by the Income Tax Department. In a nutshell, you are required to e-file the TDS returns, which can be done online through the official income tax department portal.
For in-depth information regarding what TDS returns, let’s move on to the next section.
What is TDS Return | Why is TDS Considered Tax Evasion
Tax Deductible at Source (TDS) is the quarterly statement that a deductor submits to the Income Tax Department. It indicates the summary of each entry for the TDS collected or paid by the deductor to the Income Tax Authority.
Unlike, the TDS amount, which is deducted during payment, it is deducted when the income is credited into the payee’s bank account or during making payment, whichever is earlier.
Why is TDS considered tax evasion?
As TDS is deducted during the payment of salary or life insurance policy. The TDS deducted amount will be submitted to the Income Tax Department, from where some proportion of the tax is automatically paid to the Income-tax Department. That’s why TDS returns online are termed as tax evasion.
What Are the Distinct Features of TDS Return e-filing | Features of TDS Return Online
- Your every TDS return e-filing must be done on an individual CD.
- Every TDS return e-filing must include the duly filled and signed Form 27A in physical form.
- Every TDS return e-filing must have a CD or floppy.
- In the case of Form 26 and Form 27, the deductor should not provide the physical replicas of certificates of no deduction or lower deductions of received TDS from deductees.
- Each CD or floppy must be labeled, including the deductor’s name, TAN, Form number (Form 24, 26, or 27), and period to which the return is related.
- CD or floppy must be virus-free.
- TDS return e-filing must include the deductor’s TAN, without which the return won’t be accepted.
- If the e-TDS file is in compressed form, you must use Winzip 8.1 or ZipItFast 3.0 to smooth and instant file acceptance.
- In the case of Form 24, a deductor must provide physical replicas of certificates of “no deduction or deduction of TDS at lower rates” (if any are received from deductees).
- You must not overwrite or strike on Form 27A. If there is any present, it must be ratified by the authorized signatory.
Forms Under TDS Return | TDS Return Filing Forms
For forms under TDS return online or TDS return filing forms/ TDS return e-filing, different forms need to be filled as per the periodicity -
| Form Number | Particulars | Periodicity |
|---|---|---|
| Form 24 | Under Section 206 of Income Tax, 1961, Annual Return on Salaries | Annual |
| Form 26 | Regarding all payments excluding salaries, an annual return of deduction of tax | Annual |
| Form 27 | Statement of tax deduction from interest, dividend, or any other sum payable to a particular individual | Quarterly |
| Form 27E | Annual return on tax collection | Annual |
| Form 24Q | Quarterly statement on tax deducted at the source from salaries | Quarterly |
| Form 26Q | Quarterly statement of tax deducted from all payments excluding salaries | Quarterly |
| Form 27Q | Quarterly statement of tax deducted from dividend, interest, or other sums payable to non-resident | Quarterly |
| Form 27EQ | Quarterly statement of tax collection at source | Quarterly |
Who Must File The TDS Return Online | Who Should Complete TDS Return Filing?
TDS return/ TDS return e-filing must be filed for the below-mentioned payments, as per Income Tax Act,
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- Payment of salary
- Insurance commission
- Payments made to National Saving Scheme and other similar schemes
- Income generated by winning horses
- Any gains generated by winning lotteries, puzzles, and other similar kinds of games
- Income generated from Income of Securities
How to File TDS Return Online | TDS Return Filing Process
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- The data structure will be prepared as specified in the file format.
- The TDS return e-filing/ TDS return filing will be done using the Return Preparation Utility will be filed, either provided by NSDL or other third-party software.
- Once the files as prescribed are created, these must be verified by the File Validation Utility (FVU) provided by NSDL.
- In case of any error, FVU will notify regarding the same. The errors need to be rectified and verifying the file will be done one more time by FVU.
- Lastly, the FVU-generated file will be uploaded on TIN-FC or the official website of Income Tax.
Though, TDS filing is not as tough as it claimed to be, considering that it is a completely online process, yet, the quality and accuracy of TDS return services, TDS Return Consultants can provide you is unmatched. That's why, being one of the TDS return services providers, we advise you to get in touch with us right now to avail our top-notch TDS return services. Moreover, to know how we will make TDS return services seamless for you, move on to the next section.
How Will We Make TDS Return Online Process Seamless?
- Our TDS return consultants will provide you assistance from the first to the last step of TDS return filing.
- Our TDS return consultants assure to assist you in the documentation to avoid every possible inaccuracy.
- Our TDS return consultants guarantee to help in keeping track of your applications.
- In case of any error in TDS return filing, our TDS return consultants will guide you through it to rectify it.
- Our TDS return consultants guarantee to provide you with the most satisfactory solution in case of any query regarding TDS return filing.
Conclusion
The TDS return e-filing or TDS return filing (TDS return registration) or understanding how to file a TDS return online easily seems to be an effortless task. However, it is tedious because one inaccurate information or delay in filing the return could impose a penalty on you. That makes the process tedious and time-consuming.
However, JR Compliance - Delhi's leading compliance service provider (best TDS return services provider) - is equipped with the finest TDS consultants or TDS return consultants (TDS return filing/ TDS return registration) who guarantee to assist you throughout the process while ensuring transparency to ensure proper follow-ups.
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