TDS Return Filing

What is TDS Return Filing?

TDS returns serve as a quarterly summary of all tax deductions and deposits recorded within a specific timeframe. TDS return filing typically involves reporting the TDS collected and deposited by the deductor to the Income Tax Authority. The following information must be included in a TDS return statement.:

• Both the deductor and deductee's PAN details are required;
• Details of TDS paid Challan, and
• Details of the Challan

The payee’s Form 26AS contains the same details as those reported in the online TDS return form. Anyone who falls under the tax slabs defined by the IT department is required to have it. Typically, eligible individuals can file TDS returns using the Income Tax Department’s e-filing portal. If a person does not file for TDS returns within one year of the due date, then he or she has to pay some penalty.

If any wrong or false information is given, then a penalty must also be paid. Under Section 234, taxpayers who delay filing their TDS return must pay a penalty for each day the return remains unfiled. Regardless, the total charge can never be more than the TDS owed.

If you are looking for TDS return filing services in Delhi, then Startup Club India is here to help you out. As a leading TDS Return Filing Consultant in India, we will make sure your TDS return filing is done smoothly and in a hassle-free way.

Who is required to file TDS returns?

Anyone who deducts TDS is also responsible for filing a return for it. To avoid penalties, it is essential to file the TDS return within the given deadline. The following taxpayers must file TDS returns every quarter if they fall under these categories:

• A person employed in a governmental position
• One whose accounts are audited
• A CompanyForms required to file a TDS return

How to for TDS Return Online?

Steps to filing TDS Returns online:

• First, you need to fill out Form 27A, which contains multiple columns. If you're submitting a paper copy, it must be validated along with the electronically filed E-TDS return.

• Next, make sure to accurately enter the tax deducted at the source and calculate the total payment.
• Form 27A must contain the organisation’s TAN. If the TAN is incorrect, the verification process becomes more complicated.
• When filling out TDS reports, you must provide the correct challan number, payment method, and tax details.
• If the challan number or payment date is incorrect, it will cause a mismatch in the TDS returns.
• To complete the process, physical TDS returns must be handed over to the NSDL-managed TIN FC. If you're filing online, you can submit them through the official NSDL TIN website.
• If all the information is correct, you’ll get a token number or provisional receipt, indicating that your TDS return has been successfully filed.
• When a return is not accepted, a memo detailing the rejection reason is provided, and resubmission is required.

Process for TDS Return Validation

The process for TDS return validation is as follows:

• Make sure that the file contains all relevant details.

• After entering the information, it must be updated using the validation utility tool available on the portal.
• The NSDL website offers this tool for free.
• If the file contains errors, the File Validation Utility (FVU) will detect and report them.
• Modify the file as needed before sending it for verification.

What You Must Know Before Filing a TDS Return

• Make sure Form 27A is filled correctly.

• Form Verification Process in e-TDS Return Filing.

• All forms, such as Form 27A, Form 24, Form 26, and Form 27, must be completed accurately, ensuring the payment amount and TDS details are correct.
• Ensure that Form 27A includes the correct Tax Deduction Account Number (TAN).
• Confirm that the TDS deposit details are correctly filled in.
• Include all the details as instructed by the authorities.
• Make sure that your TDS return file is correctly filled.
• You can file TDS return forms at any NSDL-managed TIN-FC.

Key Details to Check Before Filing a TDS Return

The following details must be verified for accuracy before filing a TDS return. Failure to do so may result in a default notice:

• PAN of the deductees

• Challan details
• Certification details - Lower/ No deduction (if any)

Details submitted in TDS return filing

TDS return filing transmits the following information to the ITD:

• Deductor

• Deductee
• Deduction
• Challan

TDS Income Tax Return Filing in Delhi is an important compliance requirement for individuals and businesses deducting TDS. Ensuring accuracy in deductions, challan details, and PAN information prevents penalties. With professional TDS Income Tax Return Filing Services in India, taxpayers can simplify the process, ensuring hassle-free submissions.