TDS Return
As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits.
PAN & TAN Registration
PAN & TAN Registration
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HERE’S HOW IT WORKS
Information Collection
Our agents will set up a seamless process for data collection
Return Preparation
Your return will be prepared as required
Return Filing
Before you know it, your return will be ready for filing.
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File your TDS Return Online – An Overview
File your TDS Return Online – An Overview
TDS return is a statement given to the IT department every quarter. It is essential for every deductor to deposit income tax and file for TDS return on time.
Vakilsearch assists and guides you on online TDS return in 3 easy steps:
- Information Collection
Our agents will set up a seamless process for data collection - Return Preparation
Your return will be prepared as required - Return Filing
TDS Return for individuals and businesses
An employer or company that has valid TAN – Tax Collection and Deduction Account Number can file for TDS return. Any individual or business who makes a particular payment which is 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:
- Salary
- Insurance commission
- Income from winning horse races
- Income by way of “Income on Securities”
- Income by way of winning the lottery, puzzles, and others
- Payment in respect of National Saving Scheme and many others
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 a penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
- Company
- Persons whose accounts are audited u/s44AB
- Persons holding an office under the Government
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Benefits of TDS Return Filing
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying tax lump sum as the payment is done every three months for the whole year
How we help in Filing TDS Return?
It is mandatory for every deductor to submit 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 rate of TDS is set by the IT department based on expense recognized by them. Hence the prescribed rate of 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 TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of refund, we act as your consultants. Vakilsearch not only does all the paperwork for you, but also makes sure that every government interaction is smooth. Our process is truly transparent and always meets your expectations.
We take care of:
- Computing your TDS payments
- e-filing the TDS return
- Adherence to compliance with regulations
Things to remember before Filing TDS Return on time
For any person who has 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 a regular defaulter in India, a grave penalty can be charged. Therefore submitting 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 time period within which the deductor should deposit the amount and the deductee has to file for TDS refund are given below. It is important to stick to the schedule to avoid incurring a penalty.
Due dates for online TDS Return Submission
A TDS return has a time frame same as a tax payment. Though the return can be filed online, there is a due date for each quarterly submission. To ensure you are ahead of the deadline, Vakilsearch’s Google Calendar has predefined compliance dates marked for every month. You will be receiving a notification of the approaching due date well in advance and never incur a penalty for missing it.
Documents required to file TDS Return online
The following documents have to be submitted for filing the TDS returns.
- TAN details
- PAN details
- Last TDS filing details, if applicable
- The period for which TDS has to be filed
- Date of incorporation of the business
- No. of transactions for filing TDS returns
- Name of the entity – Proprietorship/ Partnership/ Company/ LLP
Frequently Asked Questions
Q. Who needs to file TDS Return?
Q. Is PAN mandatory for deductors and employees?
Q. How do I deposit TDS in the central government?
Q. What are the duties of the person deducting tax at source?
Q. What is TAN? Is it required to file TDS return?
Q. Is PAN mandatory for deductors and employees/deductees?
Q. How do I deposit TDS in the central bank?
Q. What is TDS justification report?
Q. How can I know my TDS refund status?
To view Refund/ Demand Status, follow the below steps:
– Login to e-Filing website with the user ID, password, date of birth/date of incorporation and captcha.
– Go to “My Account” and click on “Refund/Demand Status”.
– Below details would be displayed.
Assessment Year, Status, and Reason (for refund failure, if any)
– Login to e-Filing website with the User ID, Password, Date of Birth / Date of Incorporation and Captcha.
– Go to My Account and click on “Refund/Demand Status”.
Below details would be displayed. Assessment Year. Status. Reason (for refund failure, if any)
