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TDS Return Online A Comprehensive Guide For All

Apr 30, 2019 Alankit

The concept of tax deducted at source (TDS) was introduced with the objective of collecting tax from the source of income of an individual. This provision was intended to curb tax evasion by fraudulent individuals. The person making payment to the individual is responsible for deducting and depositing TDS with the government. Besides, the deductor is also required to file a TDS return or make a tds e payment which is the most convenient method, these days. The income source on which TDS is applied ranges from salaries, interests, and commissions obtained by individuals.

As per the Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003, all corporate entities & government entities deducting tax must furnish their TDS returns in electronic form whereas all entities other than the government and corporates may file TDS returns in electronic or physical form.

Here’s a complete guide on TDS return online:

What is TDS return?

A TDS return is a quarterly statement which must be submitted to the income tax department. In India, the TDS taxation system is regulated by the Income Tax Act. It contains the following details:

  • PAN of the deductor and the deductee
  • Challan Information of TDS
  • Amount of tax paid to the government

Alankit Limited, a prominent financial services provider with two decades of extensive industry experience, offers professional assistance for tds e payment.

Eligibility for collecting TDS

Any employer or an organisation having a valid Tax Collection and Deduction Account Number (TAN) are eligible for tds e payment, i.e. collecting TDS and filing TDS returns. Individuals making specific payments under the Income Tax Act are required to deduct tax at source and the file returns for the said deductions within a specified time frame. The returns should be filed every quarter, as per the guidelines and specified due date. Not filing the TDS returns within 1 year of due date can result in fine of upto Rs 1 lakh.

The process of filing TDS return online

A team of qualified professionals at Alankit deliver timely assistance and expert guidance for e-filing of TDS returns. There are various forms used for filing TDS return which varies depending on the purpose of dedication:

  • Form 24Q for TDS on Salary
  • Form 27Q for TDS in cases where deductee is non-resident, foreign company
  • Form 26 QB for TDS on payments made for the transfer of immovable property
  • Form 26Q for TDS in other cases

The procedure of filing TDS returns using the online facility involves:

  • Adding the deductor(s)
  • Adding and verifying Challan payments
  • Mentioning all employees/deductees
  • Match the challans with the deductees
  • Verifying returns and generating the File Validation Utility (FVU)

After submitting the return, and all the information provided is confirmed to be accurate, then a provisional receipt/token number is issued. This provisional receipt or the token number is regarded as an acknowledgment and proves the fact that the return has been filed successfully.

Filing TDS returns through the online mode is extremely convenient owing as 24*7 payment facility is available throughout the year, it helps the deductor with the choice of time & place to make tds e payment and get immediate acknowledgement. Moreover, there is a facility to download the challan acknowledgement copies & save them for future reference.

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