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What you need to Know
What is TDS return?
TDS is short for tax deducted from the source. According to the Income Tax Act any person or company making a payment must deduct tax from the payment if it exceeds certain threshold limits. TDS must be deducted according to the rates set by the tax department, and TDS returns need to be filed on the appropriate TDS return forms.
Important notes:
- Anyone who is required to deduct taxes at source must file a TDS return.
- This is a statement that has to be sent to the Income Tax Department of India.
- If you are a tax deductor, it is compulsory to submit TDS return.
- You should include all the details of TDS you have deducted and deposited for that quarter.
Prerequisites for TDS return filing
- You will need a valid TAN and PAN to file a TDS return.
- Details of the transaction and payment.
- All types of payments, such as salaries, interest, professional fees, payments to contractors, rent of machinery, rent of buildings, etc., are usually covered by liable payments.
- The Income Tax Act of 1961 prescribes rates for all types of TDS payments.
Read this for more information Chart of TDS rates for FY 2023-24
Types TDS Return Forms:
TDS form 24Q: Statement of tax deducted from salary
TDS form 26Q: Statement of tax deducted from all payments, other than salary.
TDS form 27Q: Statement of tax deduction for income received as interest, dividends or any other sum payable by non-residents.
TDS form 27EQ: Statement on the collection of tax at Source.
If you have made any payments to Indian residents in relation to the above, then you must file Forms 24Q (TDS for salary payments) or 26Q (TDS for payments other than salaries). These forms should be filed on a quarterly base. You must file Form 27Q quarterly if you made payments to non-residents.
If you have filed your TDS returns correctly, then Form 16 (TDS Certificates), and Form 16A (TDS Certificates), can be generated.
TDS returns filing - Mandatory norms
Quarterly Reports
The due dates for filing quarterly TDS returns are as follows:
-April-June-31st July
– July-September-31st October
-October to December – 31st January
– January – March – 31st May
Return Forms
Form 26Q, also known as a TDS return form, is used to report non-salary TDS. TDS Form 24Q, a return form, is used to provide information about Salary TDS. TDS Form 27Q, meanwhile, is used to detail non-resident payments.
Late filing
The late filing of TDS returns attracts a fee of Rs. 10,000 The late filing of TDS returns attracts a fee of Rs. You should file your returns on time to avoid paying late fees. It is mandatory to pay late fees when filing TDS
Documents Required for TDS Returns
Quick Checklist
Your TAN
Challans of TDS payment
Details of deduction
TAN and Challans:- All we need is your TAN and challans of TDS paid by you. An acknowledgment of TDS amount deposited online will be generated from your bank website. All you need to provide is this two pieces of information to get going.
Why you should file your income tax returns
Points to make your decision easy
Return preparation
You will be required to provide us with TANs, Challans, and details of the Deductee. We will process these and prepare returns 24Q,26Q and 27Q.
Filing Tax Returns
Online filing is required for these returns. Individual acknowledgment receipts are generated once the returns have been filed. You will receive these along with your filed returns.
Form 16 and 16A
If you choose the January to March TDS package, Form 16 is generated annually. On a quarterly basis, Form 16A is generated and sent to you.
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