TDS Return Filing - Easy Process
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Filing TDS return is mandatory for individuals or entities who have deducted TDS from payments made to others.
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File Your TDS Return With Easebis
Filing your TDS Return is quick, easy, and can be done online with Easebis in 3 simple steps:
1. Book a slot with our compliance experts
2. Provide all the required information
2. Provide all the required information
TDS Return Filing - An Overview
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.
In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.
What is TAN?
TAN or the Tax Deduction and Collection Number is a mandatory 10 digit alpha number that is to be obtained by all the people who are responsible for deducting tax at source or tax collection at source on behalf of the government. Salaried individuals are not required to obtain TAN or to deduct the tax at the source.
In the case of the proprietorships businesses and other entities are required to deduct tax at the source while making certain payments like the salary, payments to the contractor, payment of rent that is exceeding Rs.2,40,000 per year. Easebis can help in obtaining the TAN registrations.
The entities that have a valid TAN registration have to file the TDS returns quarterly. Our TDS experts can help in computing the TDS payments and file the TDS returns while complying with the TDS regulations.
Eligibility Criteria
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.
Due Date for TDS Return filing
What are the due dates for TDS return filing?
The due date for the payment of the TDS deducted is the seventh of the next month.
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2023 |
| 2nd Quarter | 1st July to 30th September | 31st October 2023 |
| 3rd Quarter | 1st October to 31st December | 31st Jan 2024 |
| 4th Quarter | 1st January to 31st March | 31st May 2024 |
Note: As per Circular 22/2023, the date of furnishing the TDS Statement in Form 26Q for the quarter ended 30th Sept 2023 has been extended to 30th Nov 2023.
TDS Return Form
What are the different types of TDS Forms?
TDS forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:
Form Periodicity Particulars Form 24Q Quarterly The quarterly statement for TDS from “Salaries” Form 26Q Quarterly Quarterly statement of TDS in respect of all payments other than “Salaries” Form 27Q Quarterly Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents Form 27EQ Quarterly Quarterly statement of collection of tax at source
What is a TDS Certificate?
After the TDS is deducted by the deductor it is necessary to furnish the TDS Certificate. The deductee can cross-check the tax credit by viewing a valid TDS certificate from TRACES that bears a 7 digit unique certificate number and a TRACES watermark.
The TDS certificates are to be preserved by the deductee. TDS certificates on payments other than salaries are issued every quarter and the TDS certificate for the salary is provided on annual basis.
In case the deductee loses possession of the certificate he can request to get a duplicate TDS Certificate.
Penalty for failure in filing the TDS returns
If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234 E per day by the assessee until the time the default is continuing.
Non Filing the TDS returns
If the assessee has not filed the return within a year from the date of filing then the returns or if the person has furnished incorrect information then he or she will also be liable for a penalty. The penalty levied is not less than 10,000 and more than Rs. 1,00,000.
Revised TDS Returns
Once the TDS returns are submitted and errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit with the government will not be reflected in the Form 16A / Form 26AS. To make sure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS a revised TDS return has to be filed.
Prerequisites for submission of Revised TDS returns
The revised TDS returns can be filed only when the original TDS return is accepted by the TIN central system. The assessee can check the status of the TIN Central System. The assessee can check the status of the TDS returns that are filed online by providing the required details such as the PAN and the Provisional Receipt Number/ Token number on NSDL.
The revised TDS returns have to be prepared by using the most recent consolidated TDS statement. The certificate can be downloaded from the TRACES website.
Claiming TDS return
TDS Credit can be claimed by the deductor to claim the credit of the TDS the deductee must mention the details of the TDS in his returns of income. The deductee is required to take due care to quote the correct TDS certificate number and the TDS details while filing the returns of income.
In case of incorrect details that are provided by the deductee, there will be a discrepancy with the tax credit of processing the TDS returns.
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Frequently Asked Questions (FAQs)
TDS deduction refers to the process of deducting tax from specified payments, while TDS return filing involves reporting the details of the deducted tax and other relevant information to the income tax department.
The due dates for filing TDS returns vary depending on the type of deductor and the quarter in which the deductions were made. Generally, the due dates are July 31st for the first quarter, October 31st for the second quarter, January 31st for the third quarter, and May 31st for the fourth quarter.
Filing incorrect TDS returns can lead to penalties and legal consequences. It’s important to ensure the accuracy of the information provided, as any discrepancies or errors can attract penalties or scrutiny from the income tax department.
Yes, the income tax laws allow for the revision of TDS returns if any errors or omissions are identified. However, there are specific procedures and timelines for filing revised returns. It is advisable to rectify any errors promptly to avoid complications and penalties.
Yes, if excess TDS has been deducted, you can claim a refund while filing your income tax return. The refund can be claimed by providing the necessary details of TDS deductions in the income tax return form. The income tax department will verify the claim and process the refund accordingly.
Yes, there are penalties for non-compliance with TDS return filing requirements. Late filing or non-filing of TDS returns can attract penalties ranging from a fixed amount to a certain percentage of the tax deducted. It’s important to adhere to the due dates and comply with the TDS provisions to avoid penalties and legal consequences.
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