Easy TDS Return Filing Online
Don’t wait until the last minute to file your TDS return! Filing TDS returns on time is not only a legal requirement, but it also helps you avoid late filing fees and penalties. With the right guidance and support, the process of TDS return filing can be quick and hassle-free. Contact now to get started!
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Online TDS Return Filing With Advisource
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Online TDS Return Filing
TDS Return Filing
TDS Return Filing in India is the process of submitting information about tax deducted at source (TDS) to the Income Tax Department. It is a mandatory compliance for all entities who are responsible for deducting TDS from payments made to individuals or businesses. TDS return filing is important as it helps the government to keep track of the tax that has been deducted and deposited. TDS return must be filed regularly and on time to avoid any late fee or penalty.
The due date for filing TDS returns is usually within a month after the end of the quarter for which TDS has been deducted. TDS Return filing can be done online through the official e-filing portal of the Income Tax Department, which makes it convenient and easy to file.
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TDS Return for Businesses and Individuals
Employers or companies with a valid TAN (Tax Collection and Deduction Account Number) can file for an online TDS return. Any individual or business that makes certain payments outlined in the Income Tax Act must deduct tax at source and deposit it within the specified timeframe. These payments include salary, insurance commission, income from horse racing, income from securities, lottery winnings, National Saving Scheme payments and more. Assessees who have had tax deducted from their income can submit an e-TDS return. It is the responsibility of the assessee to file within the due date or face penalties for delay. The categories of assessees eligible to file TDS returns electronically every quarter are companies, individuals whose accounts are audited under section 44AB and government officials.
Forms for Filing TDS Returns
| Form | Description |
|---|---|
| Form 24Q | Quarterly TDS statement for tax deducted on salary payments. |
| Form 27Q | Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company. |
| Form 26Q | Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc. |
What is TDS Certificate
A TDS certificate, also known as a Form 16 or Form 16A, is a document issued by an employer or deductor to an employee or deducee, respectively, as proof of tax deducted at source (TDS) on their income. It contains details of the amount of TDS deducted, the rate at which it was deducted, and the period for which it was deducted. The certificate also includes the PAN (Permanent Account Number) of the deductor, the deducee, and the amount of tax paid to the government on the deducee’s behalf. The TDS certificate is used to claim credit for the TDS paid while filing the income tax return. It is important to keep the TDS certificate safe as it will be required to be produced at the time of filing of the return of income.
TDS Payment Due Dates FY 2022 – 2023
| Quarter ending | Month of deduction | The due dates for payment of tax deducted (FY 2022-23)* | Due date for filing TDS Return for the FY 2022-23 for all the deductors |
|---|---|---|---|
| 30th June 2022 | April 2022 May 2022 June 2022 | 7th May 2022 7th June 2022 7th July 2022 | 31st July 2022 |
| 30th September 2022 | July 2022 August 2022 September 2022 | 7th August 2022 7th September 2022 7th October 2022 | 31st October 2022 |
| 31st December 2022 | October 2022 November 2022 December 2022 | 7th November 2022 7th December 2022 7th January 2023 | 31st January 2023 |
| 31st March 2023 | January 2023 February 2023 March 2023 | 7th February 2023 7th March 2023 7th April 2023 | 31st May 2023 |
| 7th April (for tax deducted by govt. office) | |||
| 30th April 2023 (for other deductors) |
Advantages of TDS Return Filing Online
The advantages of TDS return filing online include:
Convenience: TDS return filing online is a convenient and easy process, which can be done from the comfort of one’s own home or office.
Time-saving: Online TDS return filing eliminates the need for physical submission of forms and documents, saving time and effort.
Accurate and error-free: Online TDS return filing allows for easy and accurate input of data, reducing the chances of errors and mismatches in the TDS return.
Real-time tracking: Online TDS return filing enables real-time tracking of the status of the TDS return, allowing for quick resolution of any issues or discrepancies.
Easy access to previous returns: Online TDS return filing allows for easy access to previous returns, making it easier to track and compare data over time.
Faster processing and refunds: Online TDS return filing can lead to faster processing and quicker issuance of refunds, if any.
Cost-effective: Online TDS return filing eliminates the need for paper forms and stamps, making it a cost-effective option.
Better compliance: Online TDS return filing ensures compliance with the Income Tax Department’s regulations, helping to avoid penalties and fines for non-compliance.
Interest on Late Deposit of TDS
| Section | Nature of Default | Interest subject to TDS/TCS amount | Period for which interest is to be paid |
|---|---|---|---|
| 201(1A)(i) | TDS not deducted (fully/partly) | 1% per month | From the date on which tax is deductible to the date on which tax is actually deducted. |
| 201(1A)(ii) | TDS not deposited to the government after deduction (fully or partly) | 1.5 % per month | From the date of tax deduction to the date of deposit |
Documents Required to File TDS Return Online
The following information and documents are required to be submitted when filing TDS returns:
1. TAN number
2. PAN number
3. Information from the last TDS filing, if applicable
4. The duration for which TDS needs to be filed
5. The date when the business was established
6. Number of transactions for filing TDS returns
7. The legal structure of the entity, i.e., Proprietorship, Partnership, Company, LLP.