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TDS Return Filing

TDS Return Filing Starting from ₹ 1,500/-
  • Filing TDS Returns
  • Hassle-Free Process
  • TDS certificate
  • Qualified Expert Team

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    Overview

    TDS Return Filing- an Overview

    Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department to collect taxes at the source from where an individual’s income is generated. It ensures that tax is deducted at the time of payment itself, thus avoiding tax evasion.

    Types of Returns

    Here are the main types of TDS returns

      • TDS Return Form 24Q:
        • Form 24Q is filed for TDS deductions made on salaries.
        • Employers are required to file Form 24Q to report TDS deductions made from employees’ salaries and deposit the same to the government.
      • TDS Return Form 27Q:
        • Form 27Q is filed for TDS deductions made on payments to non-residents other than salaries.
        • This form is used for reporting TDS deductions on payments like interest, dividends, royalties, etc., made to non-resident individuals or entities.
      • TDS Return Form 27EQ:
        • Form 27EQ is filed for TDS deductions made on payments made under the specified categories mentioned in Section 206C of the Income Tax Act, 1961.
        • This includes TDS deductions on transactions such as sale of certain goods, rent, and other specified transactions.
      • TDS Return Form 16:
        • Form 16 is a TDS certificate rather than a return, but it is still crucial in the TDS filing process.
        • It is issued by employers to employees as a proof of TDS deductions made from their salaries.
      • TDS Return Form 16A:
        • Form 16A is a TDS certificate issued for TDS deductions made on income other than salary.
        • It is issued by deductors (other than employers) to the deductee, certifying the TDS deductions made on payments other than salaries.
      • TDS Return Form 16B:
        • Form 16B is a TDS certificate issued for TDS deductions made on the sale of property.
        • It is issued by the buyer of the property to the seller, certifying the TDS deductions made on the sale transaction.
    Process

    TDS filing involves the following steps

    • TDS Deduction: Entities such as employers, banks, or tenants deduct TDS at specified rates before making payments like salary, interest, rent, etc.
    • TDS Collection: The deducted TDS is collected and held by the deductor.
    • TDS Return Filing: The deductor is required to file TDS returns periodically, usually quarterly, with the Income Tax Department. This involves submitting details of TDS deducted and deposited during the period.
    • Form 26AS: Taxpayers can view the TDS deducted from their income through Form 26AS available on the income tax department’s website.
    Due dates

    General due dates for filing TDS returns

      • For TDS on Salary (Form 24Q) and Non-Salary Payments (Form 26Q) for Government Deductors:
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Non-Salary Payments (Form 26Q) for Non-Government Deductors:
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Payments to Non-Residents (Form 27Q):
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Transactions covered under Section 206C (Form 27EQ):
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 15th of the following financial year.

    Overview

    TDS Return Filing- an Overview

    Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department to collect taxes at the source from where an individual’s income is generated. It ensures that tax is deducted at the time of payment itself, thus avoiding tax evasion.

    Types of Returns

    Here are the main types of TDS returns

      • TDS Return Form 24Q:
        • Form 24Q is filed for TDS deductions made on salaries.
        • Employers are required to file Form 24Q to report TDS deductions made from employees’ salaries and deposit the same to the government.
      • TDS Return Form 27Q:
        • Form 27Q is filed for TDS deductions made on payments to non-residents other than salaries.
        • This form is used for reporting TDS deductions on payments like interest, dividends, royalties, etc., made to non-resident individuals or entities.
      • TDS Return Form 27EQ:
        • Form 27EQ is filed for TDS deductions made on payments made under the specified categories mentioned in Section 206C of the Income Tax Act, 1961.
        • This includes TDS deductions on transactions such as sale of certain goods, rent, and other specified transactions.
      • TDS Return Form 16:
        • Form 16 is a TDS certificate rather than a return, but it is still crucial in the TDS filing process.
        • It is issued by employers to employees as a proof of TDS deductions made from their salaries.
      • TDS Return Form 16A:
        • Form 16A is a TDS certificate issued for TDS deductions made on income other than salary.
        • It is issued by deductors (other than employers) to the deductee, certifying the TDS deductions made on payments other than salaries.
      • TDS Return Form 16B:
        • Form 16B is a TDS certificate issued for TDS deductions made on the sale of property.
        • It is issued by the buyer of the property to the seller, certifying the TDS deductions made on the sale transaction.

    Process

    TDS filing involves the following steps

    • TDS Deduction: Entities such as employers, banks, or tenants deduct TDS at specified rates before making payments like salary, interest, rent, etc.
    • TDS Collection: The deducted TDS is collected and held by the deductor.
    • TDS Return Filing: The deductor is required to file TDS returns periodically, usually quarterly, with the Income Tax Department. This involves submitting details of TDS deducted and deposited during the period.
    • Form 26AS: Taxpayers can view the TDS deducted from their income through Form 26AS available on the income tax department’s website.

    Due dates

    General due dates for filing TDS returns

      • For TDS on Salary (Form 24Q) and Non-Salary Payments (Form 26Q) for Government Deductors:
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Non-Salary Payments (Form 26Q) for Non-Government Deductors:
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Payments to Non-Residents (Form 27Q):
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 31st of the following financial year.
      • For TDS on Transactions covered under Section 206C (Form 27EQ):
        • The due date for filing TDS returns for the first three quarters of the financial year (April to December) is typically one month from the end of the quarter.
        • For the fourth quarter (January to March), the due date is typically May 15th of the following financial year.
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    Frequently Asked Questions

    Any person or entity making specific payments mentioned under the Income Tax Act, such as salaries, interest, rent, commission, etc., is required to deduct TDS if the specified threshold limits are crossed.

    Filing TDS returns ensures compliance with tax laws and regulations, provides transparency in tax deductions and payments, and helps in avoiding penalties and legal implications.

    Individuals or entities who have had excess TDS (Tax Deducted at Source) deducted from their income are eligible for a TDS refund. This typically occurs when the actual tax liability is lower than the amount deducted at source. Once the excess TDS is reflected in the income tax return and after processing, the taxpayer becomes eligible for a refund of the excess amount.

    Documents required for filing TDS returns include TDS certificates (Form 16, Form 16A, etc.), details of TDS deducted and deposited, PAN of deductees, and other relevant information.

    Yes, you can rectify errors in filed TDS returns by filing a correction statement using the online TDS correction facility available on the Income Tax Department’s e-filing portal.

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