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TDS Returns Filings

As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.
TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment.

A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

TDS (Tax Deducted at Source) is an indirect system of deduction of Tax by Indian authorities according to the Income Tax Act. 1961 at the point of generation of income tax.Tax is deducted by the payer and is remitted to the government by the payer, on behalf of payee.


What Are the Reasons To TDS Return Filing


TDS Payments



Tax Deducted at Source must be paid into authorized bank, quoting the TAN and using Challan 281. TDS during the preceding month must be paid before the 7th day of the following month.


TAN Facilitation Center


Bhanu and co. is a authorized TAN facilitation center. Therefore, IndiaFilings can help you obtain TAN hassle-free and quickly. Just send the TAN application along with the supporting documents and we will help you get your TAN quickly.


Proprietorship Require TAN


Salaried individuals are not required to deduct tax at source. However, individuals running a proprietorship are required to obtain TAN and deduct tax at source when required.


Validity


Once a TAN is issued, it is valid for lifetime. However, TDS Filings must be made quarterly on the 15th day of July, October, January and May. Non-filing of TDS filings within the due date will attract a penalty.




TDS Return Form


There are different forms applicable based on the Nature of Income (or type of deductee) on which TDS has been deducted. Here are some examples –


TDS on Salary Form 24Q
TDS where deductee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of certain immovable property Form 26QB
TDS in any other case Form 26Q

Process to file TDS

  • Add Deductor
  • Add And Verify Challan Payments
  • Add Deductees/Employees
  • Match Challan With Deductees
  • Verify Return And Generate FVU

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