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TDS Return Filing Online - Online Process, Importance, Documents Required

A TDS (Tax Deducted at Source) return is a comprehensive summary of all transactions related to TDS made by a deductor during a specific quarter. Deductors are obligated to submit TDS returns promptly to ensure compliance with tax regulations.

TDS, which stands for Tax Deducted at Source, is a mechanism employed by the Government of India to collect taxes at the source when certain transactions occur. The tax is required to be deducted at the time the money is credited to the payee's account or at the time of payment, depending on whichever event occurs earlier.

Understanding various aspects of TDS returns, including types, forms, due dates, eligibility criteria, penalties, and the filing process, is crucial for businesses and entities subject to TDS regulations.

What is TDS Return?

A TDS (Tax Deducted at Source) return is a quarterly statement that the deductor is required to submit to the Income Tax Department. This statement provides a comprehensive summary of all entries related to TDS collected by the deductor and the TDS paid to the Income Tax Authority during a specific quarter.

The tax is mandated to be deducted either at the time the money is credited to the payee's account or at the time of payment, depending on whichever event occurs earlier in the transaction.

Typically, the individual receiving income is responsible for paying income tax. However, the government, through the Tax Deducted at Source provisions, ensures that income tax is deducted in advance from the payments made. This results in the recipient of income receiving the net amount after deducting TDS. Subsequently, the recipient adds the gross amount to their income, and the TDS amount is adjusted against their final tax liability. The recipient can claim credit for the amount already deducted and paid on their behalf.

Types of TDS Return

  1. Form 24Q: The quarterly statement for tax deducted at source from “Salaries”
  2. Form 26Q: Quarterly statement of tax deducted at source on all payments other than “Salaries”
  3. Form 27Q: Quarterly statement of deduction of tax from interest, dividend, or any other sum payable to non-residents
  4. Form 27EQ: Quarterly statement of collection of tax at source

Due Dates For Filing TDS Return

Quarter Quarter Period TDS Return Due Date
1st Quarter 1st April to 30th June 31st July, 2021
2nd Quarter 1st July to 30th September 31st October, 2021
3rd Quarter 1st October to 31st December 31st January, 2022
4th Quarter 1st January to 31st March 31st May, 2022

Benefits of TDS Return Firm Registration

Registering a partnership firm online in India offers several advantages, including:

01Prevents Evasion of Taxes:

Timely TDS Return Filing helps the government track the records of the inflow of Income, preventing people from evading taxes.

02TDS is Used for the Welfare of the Nation:

The TDS Return filing amount is utilized for the welfare of the Nation, ensuring a steady source of revenue for the Government.

03Less Burden on Taxpayer:

TDS is paid quarterly, so there is no burden of paying the lump sum tax at once. This reduces the burden on both the taxpayer and tax collection agencies.

04Facilitates Smooth Collection of Tax:

TDS Return facilitates a smooth collection of the tax used for welfare purposes. It is convenient for the Deductee as tax is automatically deducted.

Details Required to file TDS Returns

  1. PAN of the deductor and the deductee
  2. Amount of tax paid to the government
  3. TDS challan information
  4. Date of Payment or Credit of Transaction
  5. Amount on which TDS is deducted
  6. Rate at which TDS is deducted

How to file TDS Return?

  1. Step 1:
    Form 27A contains multiple columns that must be filled properly. If a hard copy of the form is filled, it should be verified with the e-TDS return filed electronically.
  2. Step 2:
    Ensure that the tax deducted at source and the total amount paid are correctly filled and match with their respective forms (24, 26, 27, 27A).
  3. Step 3:
    The assessee filing the TDS return must mention the Tax Deduction Account Number (TAN) in Form 27A as dictated by sub-section (2) of section 203A of the Income Tax Act in India.

    Note: Ensure accurate details like challan number, PAN of deductee, and tax details are mentioned on the TDS returns for an easier verification process.

  4. Step 4:
    Use the basic form for filing e-TDS returns for consistency and better understanding. Mention the 7-digit Bank Branch Code for easy tallying. This is recommended by the department.
  5. Step 5:
    Submit physical TDS returns at the TIN-FC managed by NSDL. If filing online, submit on the official website of NSDL TIN. Sign the TDS return through a digital signature.
  6. Step 6:
    If all information is correct, a provisional receipt or token number is issued, confirming that the TDS return has been filed. If not accepted, a non-acceptance memo with reasons for rejection is issued. In such cases, the TDS return must be filed again.

Frequently Asked Questions (FAQs)

Partnership Firm online Registration is a service provided by the Indian Government to apply for registration of a Firm Under the Indian Partnership Act,1932.

The fee for online registration process of Partnership Firm is ₹11,999 at Docs Uncle. But it may vary from state to state.

Visit the official website of MCA,Submit the necessary details, check whether the certificate is provided or not.

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