TDS or the Tax Deducted at Source is the way of deducting the Tax by the government. TDS is chargeable on the time of releasing the payment to the receiver. The Tax has to be deducted on the time money gets credited or at the time of payment, whichever is earlier. There are different rules for TDS for different types of payments. The insurance payments and the salary payments have TDS deducted at the time of payment. For some other payments, the TDS is chargeable when the deductee receives the payment.
In India, the range of Tax Deducted at Source is 1% to 10% for different types of transactions. Almost all of the businesses doing legit transactions should deduct TDS or get TDS deducted. The companies and even the individuals will have to file the TDS Return. The deductor, which has deducted the tax at source, should deposit the same to the Income-tax department. After doing that, he should file the TDS return with the Income Tax Department of India.
TDS Returns Filing Online in Mumbai – Eligibility, Process, and FAQ
What is TDS Return?
TDS Return is the quarterly statement given to the Income Tax department of India. The Quarterly TDS return is filed by the deductor, with the information about the amount, Tax liability, and the PAN information of Deductor and Deductee.
Everything is filed with the Income-tax department of India. The deductor has to pay the TDS and then file the return. The Deductee can claim the deductions of TDS from his tax liability while he is filing the income tax return.
Eligibility for Filing TDS Return
Not every individual or the company has the right to file the TDS return. Only the eligible companies should file the TDS returns. Here are the details of the eligibility criteria for filing the TDS return with the Income Tax Department of India.
- Employers and Organizations with Valid Tax Collection and Deduction Account Number
- Income from Salary
- Insurance Payments
- Income By Winning Lottery, or Prizes
- Income from National Savings Scheme and others.
Forms for TDS Returns
The TDS return requires the filling of different forms for different types of income and deductions. Here is the list of all of the forms for TDS return, which you should fill and submit accordingly. Filling and submitting the wrong form will result in a Defective Return. So, it will attract the penalty from the department of Income Tax.
Form No –
- 24Q – TDS on Salary
- 27Q – TDS for Foreign Company or non-resident of India
- 26QB – TDS on Payment or Transfer of Immovable Property
- 26Q – TDS Any other Case
Along with the relevant TDS forms, the company should keep all of the details in prescribed Form 27A with appropriate signed verification.
TDS Returns Filing
The accountants, professionals, and consultants of the company must record all of the details in a proper format. According to the Department of Income Tax, the companies should keep the signed verification of Form 27A. The form contains the control chart, which has all of the details and the columns, which need to be filled with information. After that, the form should be signed on Hard-copy, along with the e-TDS return.
There are two ways to submit TDS returns: the offline way and online way. The e-TDS is the easiest way to file the TDS return. The same can be done from the official website. Also, there is the offline way, which requires the companies to submit the hardcopy of the return with concerned officials.
Both ways are efficient for quick TDS returns filing. But the process is quite tedious for small companies. That’s why it is better to hire the professional TDS returns filing services, which is better than Efiling.co.in TDS returns filing services? Hiring professional services for labor-intensive tasks like e-TDS returns. Because, after outsourcing the TDS returns filing tasks, you can focus on the business operations more effectively.
Frequently Asked Questions on TDS Returns Filing
#Q1. What is TDS Return Filing?
TDS Return is the quarterly statement. Income Tax Department of India should receive the TDS return from Eligible institutions. The eligible deductors must file the TDS returns with the IT department each quarter.
#Q2. Which Form is Required for Filing TDS Returns?
There are numerous forms for different deduction heads for TDS. Form 26Q, 26QB, 27Q,24Q, etc., are the most common ones used for filing the TDS returns each quarter.
#Q3.What is Form 16A?
Form 16A is the TDS certificate, which has all the information about the Nature of TDS, the amount deducted, and the deposited TDS payments with the Department of Income Tax. Form 16A is for the salaries of individuals.
#Q4.What is Form 16AS?
Form 16AS is the TDS certificate and it has all the information about the Nature of TDS, Amount Deducted, and the deposited TDS payments with the Department of Income Tax. Form 16AS is applicable for the TDS from the non-salary payments.
#Q5.How to Generate Form 27A?
Form 27A comes along with the TDS/TCS File Validation Utility. The file validation utility generates the Form 27A with control charts when the user completes the TDS registration. Form 27A has the control chart, TAN information, name, and the amounts of TDS for the companies.
Professional TDS Returns Services from Efiling.co.in
Nowadays, it is hard to manage company operations and also payments and most of the time, the accounts department only handles the tedious part of accounting entries and payments. But for the important Tax-related regulations, you should hire professionals or professional services. The tax professionals at Efiling.co.in are experts in handling the TDS returns filing. So, all you have to do is to contact Efiling.co.in staff and send the necessary documents to get your job done. It’s a quarterly requirement for a business to File TDS returns to the Income Tax Department. So, It is better not to avoid the same and attract penalties.