Due date for e-filing of tds return filing date for march 2020 - Onfiling
Income Tax

TDS Return Filing

Overview

TDS return filing is a mandatory source of collecting tax by the Government of India. The tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. It is compulsory to e-file the TDS returns and it can be done through an official Income Tax e-filing portal.

It is mandatory that the TDS returns are submitted on time by the deductors. Filing of TDS returns can be done online. After submitting TDS returns, the details will come upon the payees Form 26AS. 

Companies which are having valid Tax Deduction and Collection Account Number (TAN) can file for TDS returns. As mentioned under Income Tax Act, TDS must be filed for the below mentioned payments-
  • Insurance commission
  • Salary payment
  • Any gains generated by winning puzzles, lotteries and similar type of games
  • Income on securities
  • Income generated by winning horse races
  • Payments made towards National Savings scheme
The required changes must be made on the file before sending it through the verification process again.
The status of the return can be checked by providing the provisional Receipt number and the PAN details on the official website of the NSDL.

Process for TDS Return filing

  • Form 27A which contains multiple columns is to be filled completely. In case hard copy is filled then it must be verified with e-TDS return that has been electronically filed.
  • TDS and the total amount that has been paid must be correctly filled and must be tallied in their respective forms.
  • TAN of the organisation that is filing the TDS returns must be mentioned on Form 27A. If the incorrect TAN is mentioned then the verification process becomes difficult.
  • The appropriate challan number, the mode of payment, and the tax details must be mentioned on the TDS returns. If incorrect details are mentioned in the date of payments or challan numbers, then you might have to file again.
  • The 7-digit BSR must be entered so that the tallying becomes easy.
  • Physical TDS returns must be submitted at the TIN-FC. The NSDL manages all TIN-FCs. When returns are filed online, they can be submitted on the official website of the NSDL TIN.
  • In case all the information that has been provided is correct, a token number or provisional receipt will be received. Acknowledgement received works as a confirmation that the TDS Returns have been filed.
  • In case the TDS Returns are rejected, a non-acceptance memo along with the reasons for the rejection is issued. In such a situation, the TDS Returns needs to be filed again.

FAQS

It is one of the efficient ways of collection of taxes. Under TDS system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the government by the payer on behalf of the payee. It is applicable to several payments such as salary, interest, commission, professional fees, royalty, contract payments etc.
Yes a payee can request the payer for non- deduction of tax at source but for that a declaration must have to furnish in Form No. 15G/15H.
Under Income Tax Act, different threshold limit for deduction of tax at source under various sections has been prescribed. For this purpose you can refer from section 192 to 194N which explains about the threshold limit.
Following are the duties to be performed by the person- 1) He shall obtain TDS account number and must quote the same in all documents related to TDS 2) Tax shall be deducted at the applicable rate. 3) He shall pay the tax deducted by him at source to the credit of the government by the due date. 4) Periodic TDS statement must be filed. 5) TDS certificate must be issued to the payee in respect of tax deducted by him.

List of Documents

  • Other relevant information if needed
  • TDS challan details
  • PAN details
  • Amount of tax paid to the government

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