TDS Return Filing
Quarterly the IT departments receive a statement for online TDS return. Every organization mandatorily pays the income tax and file for TDS return punctually.
The categories applied are as follows:-
- Salary or payment of the employees
- Income on securities
- Income by rewards , for ex- lottery, puzzles etc
- National saving scheme payments
TDS RETURN FOR INDIVIDUALS AND BUSINESS
Only those employee or organization is eligible for online TDS returns, who have valid TAN (Tax Collection and Deduction Account Number). Any personnel or company making financial transaction under a registered company, as stated under I-T Act, needs to pay tax from their source within designated time
Penalty would be issued to the personnel or the organization who fail to pay the amount within the due date. The eligiblty criteria for the assesses to file the TDS return electronically on quarterly basis are
- Governmental hold professionals
- The particular company or organization
- u/s44AB audited accounts of personnel
BENEFITS OF TDS RETURN FILLING
ACCORDING TO IT Act of 1961 filing it is compulsory and beneficial for the professional or company
- Provides easy collection of taxes
- We would be saved from paying a huge amount of money at once. It spares us the inconvenience of sudden expenditure of a large sum of money
THINGS TO FILL BEFORE FILLING TDS RETURN ON TIME
The procedure for TDS return is completed online for any employee facing TDS reduction in their pay. Failing to keep up with the submission time frame would have to pay a grave penalty. The pan card details of both deductees and the deductor along with information about TDS challan and tax detail followed up by other important documents are to be submitted within the time frame. All the transaction made on quarterly basis is been encapsulated and interpreted as the statement/TDS return. The deductor is liable to submit the TDS return statement to the income tax department. The documents which should be submitted by deductor are:-
- Pan card details of both deductor and deductees.
- TDS challan information
- Tax paid particulars
- Other demanded documents
FILLING REVISED TDS RETURN
Lest there is any mistake or incorrect information uploaded through the online forum of online TDS return, the payment deducted for tax would not be considered in Form16A/Form16/Form26AS
To file an amended TDS return, the following documents would be required:-
- An amalgamated file comprising of details of the quarterly based deduction
- A vindication report constituting information about errors filled in the statement
THE PERIOD OF FILLING TDS RETURN
The refunding procedure solely depends on the date when the payment is done (before or after due date).
- If paid within due date, the refunding will be successfully carries out within a period of 3-6 months.
- If paid after due date, the company or the person responsible will encounter penalty of either late filing fee –U/s2 and 234E or non-filing penalty U/s271H
DOCUMENTS REQUIRED TO FILE TDS RETURN ONLINE
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