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Welcome to the TDS Return Filing service page for Avery Biz Solutions. We recognize how important it is for individuals and businesses alike to file correct and timely TDS (Tax Deducted at Source) returns. This comprehensive page will cover every element of TDS comparison of how to file TDS return online, the TDS return late filing fees, and the advantages of using Avery Biz Solutions for your TDS return filing needs.
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Understanding TDS (TAX Deducted at Source)
Tax Deducted at Source (TDS) is a system of collecting tax in India where the payer deducts a certain percentage of tax from the payment made to the payee. The payer then remits the deducted tax to the government.
What is TDS?
TDS is a way to collect tax from the source of income. This means that the person paying you money (the deductor) deducts a certain amount of tax from the payment before giving it to you (the deductee).
Why is TDS important?
TDS helps to ensure that the government receives tax revenue on time and that taxpayers do not have to pay a large amount of tax all at once.
Examples of TDS:
TDS is deducted from a variety of payments, including:
- Salaries
- Interest on fixed deposits
- Rent
- Commissions
- Professional fees
How to claim TDS refund:
If TDS has been deducted from your income, you can claim a refund when you file your income tax return.
What are the Essential Documents Required for TDS Return Filing?
PAN Card
Required for deductor and the deductee are crucial.
TAN Details
This 10-digit alphanumeric code is required.
Date of Incorporation
This information is particularly relevant for companies & LLPs.
Last TDS Filing Details
Previously filed TDS returns acknowledgement
Period for TDS Filing
This ensures you're filing for the correct timeframe.
Number of Transactions
Total number of transactions for which TDS needs to be filed .
Entity Type Of the business
Proprietorship/Partnership/Company/
LLP
Bank Statement
Details of the individual business's account
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What is the TDS Return Filing Process?
1. Form 27 A: Begin by filling out Form 27 A, a comprehensive form with multiple columns. If you’re working with a hard copy, ensure it’s verified alongside your electronically filed E-TDS return.
2. Deducted Tax vs. Total Payment: Accuracy is key. Record the tax deducted at the source and the total amount paid. Ensure that these figures match.
3. TAN Mention: Clearly state the TAN (Tax Collection and Deduction Account Number) of your organization on Form 27 A. Incorrect TAN details can complicate the verification process.
4. Challan Details: When filing TDS returns, provide the correct challan number, mode of payment, and tax details. Mismatched or incorrect information may necessitate refiling.
5. Standard Form Use: Maintain consistency by using the standard form for e-TDS filing. Enter the 7-digit BSR (Basic Statistical Return) to facilitate reconciliation.
6. Submission Method: For physical TDS returns, submit them at the TIN FC (Tax Information Network Facilitation Center) managed by NSDL. Alternatively, opt for online submission via the official NSDL TIN website.
7. Token Number or Receipt: Upon successful submission of accurate information, you’ll receive a token number or provisional receipt. This serves as proof that your TDS return has been filed.
8. Rejection and Re-filing: In case of rejection, don’t worry. You’ll receive a non-acceptance memo detailing the reasons. Simply address the issues and refile your returns.
How Avery Biz Solutions will help you?
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What are the Benefits of TDS Return Filing Online?
01.
Efficiency and Convenience
Online filing streamlines the process, making it efficient and hassle-free.
02.
Error Reduction
The digital platform minimizes the chances of errors in your TDS returns.
03.
Timely Compliance
Ensure compliance with tax regulations by filing on time.
04.
Faster Processing
Enjoy quicker processing and refunds through online submissions.
05.
Steady Government Income
Consistent TDS payments contribute to a steady government income.
06.
Welfare Funding
Taxes collected through TDS support various welfare initiatives.
07.
Avoid Lump-Sum Payments
Paying taxes every quarter eases the burden of lump-sum payments for the entire year.
Who Qualifies to File TDS Returns?
Filing TDS returns is a crucial tax compliance task, and it’s important to know who is eligible to do so.
✔ Valid TAN Holder: To file TDS returns online, you need to have a valid TAN (Tax Collection and Deduction Account Number). This 10-digit identifier is essential for deducting and remitting taxes.
✔ Payment Categories: Individuals or businesses that make specific payments specified under the Income Tax Act are required to deduct tax at source. These payment categories include:
- Salary
- Insurance commission
- Income from winning horse races
- Income from ‘Income on Securities’
- Winnings from lotteries and puzzles
- Payments related to the National Saving Scheme, among others
✔ Assessees with Deducted TDS: If TDS has been deducted from your income, you, as an assessee, are eligible to submit an e-TDS return. It’s your responsibility to ensure timely TDS return filing within the due date to avoid penalties for delays.
✔ Specific Categories: Certain categories of assessees are required to electronically file TDS returns every quarter. These categories include:
- Companies
- Persons whose accounts are audited under section 44AB
- Individuals holding an office under the Government.
Understanding these eligibility criteria is essential for a smooth TDS return filing process and compliance with tax regulations.
Understanding TAN (Tax Deduction and Collection Number)
TAN, or Tax Deduction and Collection Number, is a vital 10-digit alphanumeric code. It’s mandatory for those responsible for deducting or collecting taxes on behalf of the government. Individuals with salaried income are exempt from this requirement.
However, businesses like proprietorships must deduct taxes at source for payments such as salaries, contractor fees, or rent exceeding Rs. 2,40,000 per year. IndiaFilings simplifies the TAN registration process for these entities.
Once you have TAN, you’re obligated to file TDS (Tax Deducted at Source) returns quarterly. IndiaFilings’ TDS experts can help calculate TDS payments accurately and ensure compliant filing. We make TAN and TDS compliance hassle-free, keeping your finances in order while meeting tax obligations.
What are the TDS File Return Last Date?
| Quarter Ending | Deduction Month | Payment Due Dates for Deduction of Tax (2023-2024) | Filing Due Dates of TDS Returns for the Year (2023-2024) |
|---|---|---|---|
|
30 June 2023 |
April 2023, May 2023, June 2023 |
7 May 2023, 7 June 2023, 7 July 2023 |
31 July 2023 |
|
30 September 2023 |
July 2023, August 2023, September 2023 |
7 August 2023, 7 September 2023, 7 October 2023 |
31 October 2023
|
|
31 December 2023 |
October 2023, November 2023, December 2023 |
7 November 2023, 7 December 2023, 7 January 2024 |
31 January 2024 |
|
31 March 2024 |
January 2024, February 2024, March 2024 |
7 February 2024, 7 March 2024, 7 April 2024 (for tax deducted by government office), 30 April 2024 (for other deductors) |
31 May 2024 |
Quarter Ending | Deduction Month | Payment Due Dates for Deduction of Tax FY (2023-2024) | Filing Due Dates of TDS Returns for the Year (2023-2024) |
|---|---|---|---|
30 June 2023 | April 2023, May 2023, June 2023 | 7 May 2023, 7 June 2023, 7 July 2023 | 31 July 2023 >> 30th September |
30 September 2023 | July 2023, August 2023, September 2023 | 7 August 2023, 7 September 2023, 7 October 2023 | 31 October 2023 |
31 December 2023 | October 2023, November 2023, December 2023 | 7 November 2023, 7 December 2023, 7 January 2024 | 31 January 2024 |
31 March 2024 | January 2024, February 2024, March 2024 | 7 February 2024, 7 March 2024, 7 April 2024 (for tax deducted by government office), 30 April 2024 (for other deductors) | 31 May 2024 |
Please note that these are the TDS File Return Last Date for both the deduction of tax and the filing of TDS returns for the specified quarters in the 2023-2024 fiscal year.
What are the Penalty for Late Filing of TDS Return?
Late Filing Charges (Section 234E)
Penalty for late filing of TDS return incurs penalties under Section 234E. If you file your TDS return after the due date, you’ll be subject to a fine of ₹200 per day until the return is filed. To illustrate, suppose you deducted TDS of ₹5,000 on May 13, 2023, and instead of the required deadline of July 31, 2023, you file your first quarter’s return on November 17, 2023.
The delay spans 109 days, calculated from August 1, 2023, to November 17, 2023.
The penalty amounts to ₹200 multiplied by 109 days, which equals ₹21,800. Since the total late fee surpasses the TDS amount of ₹5,000, you’ll be liable to pay ₹5,000 as a late filing fee. Additionally, interest must be paid for any TDS deposit delays.
Penalty (Section 271H)
Authorities can impose penalties under Section 271H. If TDS isn’t submitted within the deadline, the assessing officer has the authority to demand penalties of up to ₹10,000. This penalty is separate from the late filing charge under Section 234E.
To avoid such penalties and ensure timely compliance, consider utilizing Vakilsearch’s TDS deposit online service.
It’s important to note that the government receives the tax deducted or collected at the source, and all penalty for late filing of TDS return charges are credited directly to the government. To steer clear of penalties, make sure to submit your TDS/TCS return before the end of the year following the specified deadline.
Exploring Different Types of TDS Forms
✔ TDS Form 24Q: For TDS on Salaries
Employers use Form 24Q under Section 192 of the Income Tax Act to deduct TDS from employees’ salaries. It’s a quarterly statement detailing salary payments and the corresponding TDS deductions.
✔ TDS Form 26Q: For TDS on Payments Other Than Salaries to Residents
Form 26Q comes into play when TDS is deducted on payments apart from salaries. It records the total amount paid during a specific quarter and the corresponding TDS deductions. Quarterly submission is required.
✔ Form 27Q: For TDS on Payments to Non-Residents
Form 27Q is essential for reporting TDS on payments made to non-resident Indians and foreigners. It provides details of payments and the associated TDS deductions. Quarterly submission is mandatory.
✔ Form 27EQ: For TDS on Payments for Tax Collection at Source
According to Section 206 C of the Income Tax Act, Form 27EQ is used to report tax collected at the source. Corporate and government collectors, as well as deductors, must file this form quarterly.
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How to Correct Errors in TDS Returns by Filing a Revised Return?
In the realm of online TDS returns, errors can occasionally occur, stemming from inaccuracies in challan details, PAN information, or even missing PAN card details. When such errors arise, the tax amount may not correctly reflect in critical documents like Form 16A, Form 16, or Form 26AS. In these situations, the solution is to file a revised TDS return.
To initiate the process of filing a revised TDS return, you’ll require two key components:
✔ Consolidated File: This file compiles comprehensive details of the deductions made during the specific quarter in question.
✔ Justification Report: The justification report serves as a vital document, providing insights into the errors identified in the original return filing.
By assembling these two essential files, you can take the necessary steps to rectify any errors or inaccuracies in your TDS return, ensuring that your financial records are accurate and compliant with tax regulations.
Understanding TDS Certificates and Compliance
After TDS is deducted, the deductor must provide a TDS Certificate. The certificate can be validated through TRACES, with a unique 7-digit certificate number and TRACES watermark. Deductees should retain these certificates for reference. Moreover, non-salary TDS certificates are issued quarterly, while salary certificates are annual. In case of loss, request a duplicate TDS Certificate.
✔ Non-Filing Penalties: Failure to file TDS returns within a year from the due date or furnishing incorrect information attracts penalties. The penalty ranges from Rs. 10,000 to Rs. 1,00,000.
✔ Revised TDS Returns: Errors in original TDS returns, like incorrect challan details or PAN issues, can impact tax credit in Form 16A/26AS. To rectify, file a revised TDS return.
✔ Requirements for Revised TDS Returns: Revised returns are possible only if the original return is accepted by the TIN central system. Check the status online with PAN and Provisional Receipt Number/Token. Prepare revised returns using the latest consolidated TDS statement, downloadable from TRACES.
✔ Claiming TDS Credit: Deductees must report TDS details accurately in their income tax returns. Include the correct TDS certificate number and details. Incorrect information can lead to tax credit discrepancies during TDS return processing.
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