TDS return filing is a compulsory process for all income tax assessees who lie within the tax slab as laid down by the Income Tax Department. Different portals are available that can help you in filing TDS returns. But, if you want to complete the process all by yourself, we are here to help you. We will provide you with every little detail and a step-by-step approach that will enable you to file TDS returns with maximum ease
It is very important that the TDS returns are submitted on time by the deductors. Filing of the TDS returns can be conveniently done online. Once the returns get submitted online, the details are received on the Payee’s Form 26AS.
Before we look into the process of TDS return filing, let’s look at the details that are needed for TDS filing:
1) PAN details of deductee as well as deductor
2) Exact information on the TDS challan
3) The amount of tax that was paid to the government
4) Different other relevant information as neededHow to file a TDS return online?
Following are the step-by-step process needed to file a TDS return online:
1) Start the process by filling up Form 27A, which contains different columns. In case you want to fill the hard copy of the form, try to verify it properly along with the e-TDS return that you have filed electronically.
2) The tax deducted at source and the total amount that you have paid must be filled correctly and should be tallied
3) The TAN number of the organization needs to be mentioned in form 27A. The verification step will become difficult if the TAN number is not mentioned correctly.
4) You also need to fill in the appropriate challan number, the mode of payment made, and other tax details appropriately. If you make any mistakes in filling up all this information, there may be a possibility of mismatch, and you may need to file the TDS return again
5) Make sure to use the basic form that is used for filling e-TDS as it will be helpful in bringing consistency. Make sure to enter the 7-digital BSR so that tallying the details becomes easier
6) Try to submit the physical TDS at the TIN-FC. The NSDL has the responsibility to manage all TIN-FCs. In case the returns are filed online, they can also be submitted at the official website of NSDL TIN. But, you will need a level 2 digital signature in case the returns are filed online
6) In case all information is correct, a token number or a provisional receipt may be needed. This acknowledgment works like a confirmation that you have filled the TDSWhat are the eligibility criteria for TDS returns?
All organizations and employees who have a valid Tax Deduction and TAN number are eligible to file TDS returns. TDS can be filed for the below-mentioned payments under the Income Tax Act:
1) For the payment of salary
2) If you have gained any amount by wining puzzles, lotteries, and similar game types
3) Insurance commission
4) Any income that has been generated due to income on securities
5) If you have made any income by winning a horse race
6) The payment that has been made for the National Saving Scheme or other similar schemesHow to complete the procedure for validation of TDS returns?
Following are some of the major processes that are used for validations of TDS returns:
1) All relevant details should be mentioned in the file
2) Once the details get filled in, it must be updated at the validation utility tool that is available on the portal
3) The tool is freely available on the NSDL website
4) In case there are errors in the file, the FVU (File Validation Utility) will report the error
5) The requirement changes must be made on the file before you send it through the verification processCan you revise the TDS return?
In case you made an error when filing the TDS returns, for example, if you have filled an incorrect PAN number or challan details, the tax amount that you paid to the government won’t come up in form 16, form 16A, and Form 26AS. Under any of these circumstances, you need to file the TDS returns again.Is there any prerequisite to fill the revised TDS returns?
Following are the major prerequisite for filing the revised TDS returns
1) The filing of the revised TDS return can only be done if the TIN central system accepts the original return.
2) You can easily check the status of the return by providing the provisional receipt number and PAN details available at the official website of NSDL.
TDS payment can be seen as an advance deduction if your tax liability is found to be less than the TDS amount. But, if your income falls under the highest tax bracket, TDS will help you in keeping the pressure away from your pocket at the end of the year. So, follow the process we have mentioned above for TDS filing and let us know if you need additional details.