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All About TDS Return Filing Online 2024.pptx
- 1. Process Benefits Documents Due Date
- 2. What is TDS Return Filing Online TDS i.e. Tax Deducted at Source, is the tax that has been deducted by the Government of India at the time of payments of some specific transactions including rent, commission, professional fees, salary, interest etc. TDS Return is the quarterly statement or summary of all the transactions related to the TDS made in the specific quarter. It includes the details of TDS that has been collected & deposited to the Income Tax Department by the deductor.
- 3. Who needs to file TDS Return? As per Income Tax Act, TDS return has been filed for the given types of payments: Salary income Income from securities Insurance commission Payments related to the NSC (National Savings Certificate) Earnings of winning horse races Earnings of winning lottery, puzzle, etc. Rent payment Sale or purchase of immovable property (house, shop etc.)
- 4. Benefits of Filing TDS Return Smaller payments: TDS has been deducted & paid as small amount in every three months so it will become easier to manage the finances. Regular Revenue: It ensures the stable flow of income for the government and supports the welfare initiatives. Tracking refund: By online filing, you can track your refund, and can claim any excess TDS that has been deducted. More convenient: Filing the TDS online can save your time & effort. Easy calculation of TDS: Online tools of calculating the TDS (like TDS calculator) helps you to calculate the TDS on your salary.
- 5. TDS Return Filing Form On the basis of type of transaction or the purpose of tax deduction, there are different forms available for filing the TDS return. Form Type of Transaction 24Q TDS on salary 26Q TDS on payments other than salary (for resident deductee) 27Q TDS on payments other than salary (for foreign companies which are non resident deductees) 27 Quarterly summary of deduction of tax from interest, dividends, or other sums which are payable to certain individuals 27EQ TCS i.e. Tax Collected at Source 26QB TDS on the sale of a property 26QC TDS on rent
- 6. TDS Return Filing Due Date The online TDS Return Filing Date for every quarter is as given below- Quarter Period of TDS Return Filing Due Date 1 st 1 st April to 30 th June 31 st July 2 nd 1 st July to 30 th September 31 st October 3 rd 1 st October to 31 st December 31 st January 4 th 1 st January to 31 st March 31 st May
- 7. Documents required for online TDS Filing To file the TDS Return online successfully, you are required the following documents- TAN i.e. Tax Deduction & Collection Account Number details PAN details of both deductor & deductee Tax amount that has been paid to the government TDS Challan details Previous TDS filing details Date of business incorporation Number of transactions for TDS return filing
- 8. Online TDS Return Filing Process Step 1: Official portal of e- filing First of all, you have to visit the official portal of e- filing Step 2: Log in to the portal After that, you have to log in to the portal using your PAN card and password. Step 3: Choose the option of Prepare & Submit TDS Return You have to click on e-File tab given in the menu bar and then select the option of Prepare and Submit TDS Return. Step 4: Choose financial year and form type You have to select the relevant year and form type for your TDS and then click on the option of Continue
- 9. Step 5: Enter the required details Then, you have to enter all the required details including the TDS amount, PAN details of both deductor & deductee, and Tax deducted at source Step 6: Review and submit After that you have review all your details and then click on the Submit option. Step 7: Acknowledgment Receipt If your TDS Return has been successfully submitted, you will get the acknowledgment receipt that you have to save or print for the future reference and if Your TDS Return has been rejected then you will get a memo of non acceptance.
- 10. TDS Return late filing fees The individuals or entities who are filing TDS return after the due date have been liable to pay the penalty of Rs. 200 for per day until they file the TDS Return. In addition to this the assessing officer can impose a penalty of up to Rs. 10,000.
- 11. Conclusion Congratulations to you for entering the world online filing of TDS return. It is very important to control the tax deductions for doing the proper financial management. Understanding the process properly is the evidence of your dedication. Let LegalPillers be your guide to simplify the TDS Return Filing and dont let the complexities of the tax law distracts you from your core operations. Make sure that your business will stay on the right track by choosing the LegalPillers as your trusted partner in TDS Return filing.