TDS Return Filing
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 diductor and transferred to the government by him on behalf of the duductee.
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 –
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 –
1 Payment of salary
2 Payment of life insurance policy
PAN of deductor and the deductee.
Tax amount paid to the government
TDS challan information
Others, if any
Online Filing Of TDS/TCS Return
STEP – I
The data structure
STEP – II
The e-TDS/e-TCS return must be produced in clean text ASCII format with the file name extension 'txt'
Returns for e-TDS/e-TCS can be prepared using NSDL's Return Preparation Utility or any other third-party
STEP – III
Once the file has been prepared as per the le format, it should be veried using the File Validation Utility
(FVU) provided by NSDL.
STEP – IV
If the le contains any errors, the FVU will provide a report detailing the errors. Correct the errors and reverify the le using the FVU.
STEP – V
The generated .fvu file can be submitted to TIN-FC or uploaded to the website
Eligibility Criteria For TDS Return
TDS needs to be deposited in time for the following payments –
Particulars Amount paid Due date of TDS deposit
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
1 Salary payment
2 Income from securities
3 Income from winning horse races
4 Income from winning, lottery, puzzles & others.
5 Income from insurance commission.
6 Payment in relation to national saving scheme & many others.
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:
To begin, important info must be included in the file.
Once the details have been entered, they must be updated using the portal's validation utility tool.
The tool is available for free on the NSDL website.
If the file contains any errors, the File Validation Utility (FVU) will report them.
The required changes must be made to the file before resubmitting it for verification.