TDS Return
TDS Return Services
TDS working, payment tracking, quarterly return filing and correction support for businesses.
Document checklist
Professional guidance
Clear timeline and scope
Scope
What We Help With
TDS applicability
Review salary, contractor, professional, rent and other payment categories.
Quarterly filing
Form 24Q, 26Q and other TDS return support as applicable.
Correction support
Challan, PAN, deduction and return correction support.
TDS RETURN EXPERTS
TDS Return Filing
TDS stands for Tax Deducted at Source. As per the government’s TDS Scheme, tax needs to be deducted at the time of making payment to the person. Person who makes the payment – deducts & deposits TDS with the government. TDS is usually deposited to the government by submitting an ‘Income Tax Challan’ along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return.
TDS return is a quarterly statement to be given to the IT department. It is compulsory for Deductor to submit a TDS return on time. The details required to file TDS returns are:
- PAN of the deductor and the deductee
- Amount of tax paid to the government
- TDS challan information
- Others, if any
Due Date for Payment of TDS Return Filing
The due date for Payment of TDS deducted is seventh of the next month. For Example, TDS payment for April will be made on or before 7th may.
Failure to Furnish PAN
Any person eligible to receive payment for which TDS is required to be deducted is required to obtain a valid PAN (if not obtained) and furnish the correct PAN to the deductor. Care must be taken to furnish the correct PAN, so that the tax deducted can be credited to the correct account. Further, non-furnishing of PAN or furnishing of incorrect PAN would result in the deductor incurring higher TDS at 20% rate and levy of penalty of ten thousand rupees.
Hence, before furnishing PAN for TDS, the deductee must check the PAN status (Must be active) and number. PAN status and number can be checked through the Know Your PAN website of the Income Tax Department. Before furnishing the PAN ensure that it is in active state. If PAN status is inactive, then the deducted must contact the jurisdictional Assessing Officer to change PAN status to active.
TDS Certificate
While deducting TDS, the deductor should furnish to the deductee a TDS certificate. The deductee can cross check the tax credit by viewing Valid TDS certificate is the TDS certificate downloaded from TRACES (http://www.tdscpc.gov.in) bearing a 7-digit unique certificate number and TRACES watermark.
All TDS certificates must be preserved by the Deductee. TDS certificates on payments other than salary are issued on quarterly basis and TDS certificate for salary is provided on an annual basis. If the TDS certificate is lost, the deductee can request for a duplicate TDS certificate.
Claiming TDS
TDS credit can be claimed by the deductor. To claim the credit of TDS, the deductee has to mention the details of TDS in his return of income. Deductee should take due care to quote the correct TDS certificate number and TDS details while filing the return of income. If any incorrect detail is provided by the deductee, then tax credit discrepancy will arise at the time of processing the return of income and the same can cause problems in processing the return of income. Recently the NSDL e-Gov prepared a software solution namely e-TDS/TCS return preparation utility (RPU) in order to ease the preparation of e-TDS/ TCS filing returns. The government has made this VB based utility absolutely free while there are other utilities available for multiple statements.
Prerequisites to upload TDS return
- E-filing Registered and Valid TAN
- Return Preparation Utility (RPU) must be used while preparing TDS statements while File Validation Utility (FVU) for validation.
- One can also prepare return by using Gen TDS software
- Valid DSC registered to upload implementing DSC
- Demat account or principal contact’s bank account to be given or else principal contact’s PAN to be attached with Aadhar for uploading EVC
Need Professional TDS Return Filing Assistance?
We can combine TDS Return Filing services with monthly accounting, payroll processing, and GST compliance support to provide a complete taxation and financial management solution for your business.
FAQ
FAQs on TDS RETURN
What is a TDS Return?
A TDS Return is a quarterly statement submitted to the Income Tax Department containing details of tax deducted at source (TDS), payments made, and deductee information.
Who is required to file TDS Returns?
Employers, companies, partnership firms, proprietorships, government departments, and other entities that deduct tax at source are required to file TDS Returns within the prescribed timelines.
What are the different types of TDS Returns?
The most common TDS Return forms are:
- Form 24Q – TDS on Salary
- Form 26Q – TDS on Non-Salary Payments
- Form 27Q – TDS on Payments to Non-Residents
- Form 27EQ – Tax Collected at Source (TCS)
What documents are required for TDS Return Filing?
Documents generally include TAN details, PAN details of deductees, challan information, salary records, payment details, and TDS deduction records.
What is TAN and why is it required?
TAN (Tax Deduction and Collection Account Number) is a unique identification number required for all persons responsible for deducting or collecting tax at source.
What is the due date for filing TDS Returns?
TDS Returns must be filed quarterly within the due dates prescribed by the Income Tax Department. Timely filing helps avoid penalties and notices.