The concept of TDS was introduced to collect taxes at the sources of income. According to this idea, a person (deductor) who must pay another person (deductee) must withhold tax at the source and remit it into the central government's account. Based on Form 26AS or a TDS certificate issued by the deductor, the deductee from whose income tax source deductions have been made is entitled to receive credit for the amount so deducted.
Online TDS return is a statement given to the IT department on every quarter. Every deductor needs to deposit income tax and file for TDS return on time. Vakilsearch assists and guides you on online TDS returns in 3 easy steps. The process is very easy and can be done with no delays. Just book an appointment now and get legal assistance!
An employer or company with a valid TAN - Tax Collection and Deduction Account Number can file for an online TDS return. Any individual or business that makes a particular payment stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
An assessee can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the assessee to file within the due date or be liable to pay the penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are
Now you can calculate TDS on salary online at Vakilsearch. With the help of the online TDS Interest Calculator, you can calculate your TDS while you sit at home.
What Is a Tds Certificate?
A TDS Certificate, also known as Form 16 or Form 16A, is a document issued by an employer or other deductor to an employee or payee that details the tax deducted at source (TDS) from their salary or income. It is issued at the end of the financial year and includes information such as the amount of income earned, the number of TDS deducted, and the amount of tax paid by the employee or payee. The employee or payee uses the TDS Certificate to claim credit for the tax paid while filing their income tax returns.
TDS Return Form
A TDS (Tax Deducted at Source) return form is a document used to report tax deductions made from an individual's or organisation's income. It is filed with the Income Tax Department of India and is used to ensure that the individual or organisation pays the correct amount of tax.
The TDS return form consists of details such as the taxpayer's name and PAN (Permanent Account Number), the tax deductor's name and TAN (Tax Deduction and Collection Account Number), the period of tax deduction, and the total amount of tax deducted. It also includes details of the tax deductible at sources, such as the nature of the payment, the amount paid, and the rate at which the tax was deducted.
TDS return forms can be filed electronically or through a physical form. It is important to file the TDS return form on time to avoid any penalties or fines.
The table below lists the deadlines for depositing tax withheld at source and filing TDS returns for each deductor's fiscal year 2022–2023. Check for the TDS rates as well every year.
| Quarter ending | Deduction month | Payment due dates for deduction of tax (2022-2023) | Filing due dates of tds returns for the year (2022-2023) |
|---|---|---|---|
| 30 June 2022 | April 2022, May 2022, June 2022 | 7 may 2022, 7 June 2022, 7 July 2022 | 31 July 2022 |
| 30 September 2022 | July 2022, August 2022, September 2022 | 7 August 2022, 7 September 2022, 7 October 2022 | 31 October 2022 |
| 31 December 2022 | October 2022, November 2022, December 2022 | 7 November 2022, 7 December 2022, 7 January 2023 | 31 January 2023 |
| 31 March 2023 | January 2023, February 2023, March 2023 | 7 February 2023, 7 March 2023, 7 April 2023 for tax deducted by govt. office), 30 April 2023 (for other deductors) | 31 May 2023 |
Fine for Late Filing of TDS/TCS Returns
Late filing charges or collected as per Section 234e. Each and every person who files a TDS after the due date is subject to a fine of ₹200 everyday until the TDS return is filed. Say, for instance, that you deducted TDS of ₹5000 on 13 May 2022, and that you file your first quarter's return on 17 November 2022, rather than the required 31 July 2022.
The delay is 109 days long, measured from 1 August 2022, to 17 November 2022.
The result of the calculation is ₹200 times 109 days, or ₹21,800. Since the total late fee amount is greater than the TDS amount of ₹5000 you will be required to pay ₹5000 as a late filing fee. You must also pay interest for any TDS deposit delays, which is described in the section below. WIth the help of Vakilsearch’s TDS deposit online, you can avoid TDS deposit delays.
Penalty (Sec 271H)
The officer has the right to order a penalty with the defaulters. The assessing officer can demand up to ₹10000 as penalty if the TDS is not submitted within the deadline. There is a penalty under this section in addition to the late filing charge under Section 234E.
Every deductor must submit a TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome, and if not done on time, you may attract huge penalty.
The IT department sets the rate of TDS based on expenses recognised by them. Hence the prescribed rate of the deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
Once you choose us, our affiliates prepare the account and file a TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. Vakilsearch does all the paperwork for you and ensures that every government interaction is smooth. Our process is truly transparent and always meets your expectations. We take care of:
For any person who has a TDS reduction in their pay, TDS return can be filed online. Return preparation has to be done within the prescribed time frame because for individuals who are deemed as regular defaulters in India, a grave penalty can be charged. Therefore submitting an e-TDS Return in the prescribed time is essential.
For the deductor, it is vital to deposit the subtracted TDS to the concerned government department along with the details.
The period within which the deductor should deposit the amount, and the deductee has to file for TDS refund, are given below. It is essential to stick to the schedule to avoid incurring a penalty.
For online TDS returns, everyone who has made the TDS deduction should file the TDS return without fail. The deductor should make the quarterly submissions at the Income Tax department. Different types of forms are available in accordance with the change in the intent of the TDS deductions made. The PAN details of both the deductees and the deductor should be added in the statement. The statement should also contain information about the TDS challan and the tax details, among other important details.
In online TDS return, the statement/ TDS return is defined as the summary of every transaction made in relation to the quarterly TDS payments. This statement should be submitted by the deductor to the department of income tax for filing income tax returns.
For all deductors, the submission of TDS return is mandatory. It contains the details of TDS deductions and deposits made by the deductor. It should also contain PAN card details of both deductees and deductor, tax paid particulars, information about TDS challan and any other extra information the form demands.
Step 1: Go to the website of the Income Tax Department (https://eportal.incometax.gov.in/iec/foservices/#/login) and log in to your account using your PAN and password
Step 2: Click on the 'e-File' tab on the top menu and select 'Prepare and Submit TDS Return'
Step 3: Select the appropriate financial year and form (Form 26Q for TDS on salaries, Form 24Q for TDS on non-salaries, Form 27Q for TDS on foreign companies, etc.) and click 'Continue'
Step 4: Enter all the required details, including the TDS amount, PAN of the deductee, and the tax deducted at source
Step 5: Verify the details and click on 'Submit'
Step 6: You will receive an acknowledgement receipt of TDS return filing, which you can save or print for future reference
Step 7: If you have made any errors or omissions in the TDS return, you can file a revised return by following the same process. Just select the 'Revised Return' option instead of 'Original Return' while filing.
Filing Revised TDS Returns
In the case of online TDS return, if there are any errors committed due to incorrect challan details, incorrect PAN details or lack of PAN card details, the amount which is credited as the tax will not be reflected in the Form 16A/Form16/Form 26AS. In such cases a revised TDS return must be filed.
To file a revised TDS return, you need two files - a consolidated file containing the details of the deductions made in the quarter; and the one is the justification report containing the information on the errors filed in the return.
The Period of Filing TDS Refund
While filing online TDS returns, if you pay in excess of the actual tax amount payable, you will be eligible to claim TDS refund. The time within which the refund is done depends on whether you have made the income tax return filing before or after the due date. If the returns were filed on time, you will receive the refund of the excess amount within 3-6 months.
In online TDS return, if there is a case of late filing or failure to file the returns, the individual or the company will have to face two types of penalties:
The following documents have to be submitted for filing the TDS returns.
The TDS concept was introduced in order to collect tax directly from the source of income. This theory states that a person (the deductor) who is required to pay a particular kind to another person (the deductee) is required to withhold tax at source and remit it to the Central Government's account.
You can now request a TDS refund for the additional amount deducted if you pay taxes at a rate of 5%. Similarly, you can request a TDS refund for any excess TDS deducted from your pay because your employer did not receive your 80C investment proofs or rent receipts for your house rent allowance.
Even if a person's income is below the basic exemption limit, the government has now made filing income tax returns mandatory if the person's total TDS/TCS during the financial year is ₹25,000 or more.
The deadline for the government to deposit tax withheld is 7 April. The tax must be deposited by 30 April for all other deductors.
It usually takes 3-6 months for the refund amount to be credited.
It is mandatory for all catering establishments, even the railways, defence and airport to get an FSSAI license.
Section 234E requires a penalty of Rs 200 each day. You can still pay TDS after the deadline. The deductor is responsible for paying the fine for each day that the failure persists. Don’t delay, with the help of Vakilsearch’s TDS payment online option, you won’t have to miss out on dates.
Yes. You must file an income tax return whether your employer withheld tax at source (TDS) from your pay or you paid tax yourself.
The employer on behalf of the employees issue the TDS certificate.
TDS traces stands for TDS Reconciliation Analysis and Correction Enabling System, which is an online portal of the Income Tax Department. It serves as a means of communication between all parties engaged in the administration and implementation of Tax Deducted at Source and Tax Collected at Source.
The tax that is deducted from payment by a person or business is known as the TDS amount. TCS amount refers to the tax that the seller collected at the time of the sale.
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