tds returns filing in india

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An Overview – tds return filing in india

A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed on quarterly basis and failing to which will incur penalty.
Deductor is a person / legal entity who deducts Tax & remits the same to the Government by filing TDS returns. Deductee is a person/legal entity from whom the Tax is deducted.
Tax Deduction Source is abbreviated as TDS which is a mean of collecting income tax in India. This tax deduction process is held under the Income Tax Act of 1961. This process is managed by Central Board of Direct Tax. Person deducting the tax is known as deductor and the person whose tax is being deducted is known as dedicatee. Recipient of income receives the net amount (after deducting TDS) which may be in the form of cash or cheque or credit in payee’s account.
The payee does not need to pay tax if he gives investment proof to his employer for claiming deductions and his total taxable income.

Types of tds return filing in india

Form 24Q:
This form applies the statement for tax deduction at source from salaries
Form 26Q:
Statement for tax deduction at source on every payment, but here salary is not applicable.
Form 27Q:
Statement for deduction of tax from interest, dividend, or any other sum payable to non – residents
Form 27EQ:
Statement for collection for Tax at source.
Form 27A:
It is a controlled chart of quarterly TDS statement. It is control of TDS return plan and a chart which shows the amount paid and tax deducted on the same.

Details required for TDS returns filings

  • Name of the Entity (Proprietorship/ Partnership/ Company/ LLP)
  • Date of Incorporation of the business
  • TAN details
  • PAN details
  • No of Transaction for filing TDS returns
  • Period for which TDS has to be filed
  • Last TDS filing details if any

Benefits of tds return filing in india

  • Avoid Tax penalties
  • Easy processing of loan for the persons who timely pay the TDS
  • Refunds
PAN is mandatory for deducting

TDS Returns Filing Package
  • TDS returns filing

  • Rs1499

  • Form filling with required details
  • TDS Return Submission
  • Validation of the TDS Return File
  • Preparation Utility
  • Revised TDS Return