File TDS Return Filing - Due Date & Process

TDS Return Filing and TDS Due Date

Anybody who is in charge of Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the government must get a Tax Deduction and Collection Number (TAN), which is a mandated 10-digit alpha number. Tax deducted at source (TDS) guarantees that tax revenue is collected by the government and that tax payers have a varied source of income. The individual who is withholding taxes at source must deposit the withheld taxes to the Central Government's credit while mentioning the TAN number. Salaried individuals are exempt from TAN requirements and are not obliged to deduct taxes at the source. Ownership businesses and other entities, such as Private Limited Companies and Limited Liability Partnerships, are required to withhold taxes from certain payments, such as salaries, payments to contractors or subcontractors, and rent above Rs. 1,80,000 annually. TAN Registration assistance is available from Chokurei Tax Partners.

Then, those entities that have registered for TANs must submit TDS returns. Quarterly TDS returns are expected. You can file your TDS returns electronically with the aid of Chokurei Tax Partners. Our TDS specialists can assist you with calculating your TDS payments, electronically filing your TDS return, and maintaining your compliance with TDS laws. To find out more about the dates for your TDS return submission and payment, use ReminDue.

Failure to Furnish PAN

If tax has been withheld at source, each individual receiving payment must get a valid PAN or provide the right PAN to the deductor. In order for the tax that is withheld to be credited to the appropriate account, care must be made to provide the accurate PAN. Furthermore, failure to provide a PAN or providing a false PAN will result in an increased TDS charge of 20% and a penalty of ten thousand rupees for the deductor.

As a result, the deductee must verify the PAN's number and validity (which must be active) before providing it for TDS. The Income Tax Department's Know Your PAN website allows you to verify your PAN number and status. Verify that the PAN is in an active state before providing it. To make the PAN status active, the deducted must get in touch with the jurisdictional Assessing Officer if it is now inactive.

TDS Certificate

A TDS certificate would be provided to the deductee by the deductor upon deduction of TDS. The TDS certificate that is downloaded from TRACES (http://www.tdscpc.gov.in) and has a seven-digit unique certificate number together with the TRACES watermark allows the deductee to cross-check the tax credit.

The Deductee is required to keep track of all TDS certificates. TDS certificates are given annually for salaries, while they are granted on a quarterly basis for payments other than salaries. The deductee may obtain a duplicate TDS certificate in the event that the original is misplaced.

Claiming TDS

The deductor may request TDS credit. In order to be eligible for the TDS credit, the deductee must provide information about TDS in his income return. When filing the income return, the deductee must be careful to provide the accurate TDS certificate number and TDS data. When processing the income return, tax credit discrepancies may occur if the deductee provides inaccurate information. This might potentially lead to processing issues with the income return.

TDS Form 24Q

Employers are required by Section 192 of the Income Tax Act of 1961 to deduct TDS from employee salaries. Form 24Q, the pay TDS return, is required to be filed by the employer on a quarterly basis. Form 24Q must include information about the salary paid to the employees as well as the amount of TDS withheld from the payment. Stated differently, Form 24Q represents the quarterly breakdown of the employee payment and the amount of TDS withheld by the deductor.

TDS Form 26Q

On some occasions, the payee deducts TDS from a taxpayer's tax payment. To file TDS information for payments other than salaries, use Form 26Q. The document includes the total amount paid for the quarter as well as the amount of TDS that has been withheld. It is necessary to file Form 26Q on a quarterly basis.

Form 27Q

Form 27Q is a Tax Deducted at Source (TDS) Return or Statement that provides information on TDS withheld from non-resident Indian (NRI) and overseas payments other than salaries. It is necessary to provide Form 27Q on a quarterly basis by the deadline. Details of payments received and TDS withheld from payments made to NRI by the deductor are provided in Form 27Q.

Form 27EQ

All information about tax that is collected at source is contained in Form 27EQ. The Income Tax Act of 1961's Section 206C mandates that this form be submitted on a quarterly basis. Both corporate and government collectors and deductors are required to submit the form.