Nareshv and Associates

TDS Return Filing

Expert assistance at your fingertips

Steps

1. Fill out the Form

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from our nareshv & associates CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

2. List of Documents Required

Documents Required to File TDS Return Online

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

3. TDS Return Filing Procedure

Step-1:

Go to the website of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/home) and log in to your account using your PAN and password

Step-2:

Click on the 'e-File' tab on the top menu and select 'Prepare and Submit TDS Return'

Step-3:

Select the appropriate financial year and form (Form 26Q for TDS on salaries, Form 24Q for TDS on non-salaries, Form 27Q for TDS on foreign companies, etc.) and click 'Continue'

Step-4:

Enter all the required details, including the TDS amount, PAN of the deductee, and the tax deducted at source

Step-5:

Verify the details and click on 'Submit'

Step-6:

You will receive an acknowledgement receipt of TDS return filing, which you can save or print for future reference

Step-7:

If you have made any errors or omissions in the TDS return, you can file a revised return by following the same process. Just select the 'Revised Return' option instead of 'Original Return' while filing.

4. Benefits of TDS Return Filing Online

As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are

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

Now you can calculate TDS on salary online at Vakilsearch. With the help of the online TDS Interest Calculator, you can calculate your TDS while you sit at home.

5. How many types of TDS returns are there?

There are different types of TDS returns based on the nature of payment and the status of the deductor. These include Form 24Q for TDS on salary, Form 26Q for TDS on payments other than salary, Form 27Q for TDS on payments made to non-resident Indians (NRIs), and Form 27EQ for TCS (Tax Collected at Source).

TDS Return Filing

File Your TDS Return Online - An Overview

The concept of TDS was introduced to collect taxes at the sources of income. According to this idea, a person (deductor) who must pay another person (deductee) must withhold tax at the source and remit it into the central government's account. Based on Form 26AS or a TDS certificate issued by the deductor, the deductee from whose income tax source deductions have been made is entitled to receive credit for the amount so deducted.
Online TDS return is a statement given to the IT department on every quarter. Every deductor needs to deposit income tax and file for TDS return on time. Vakilsearch assists and guides you on online TDS returns in 3 easy steps. The process is very easy and can be done with no delays. Just book an appointment now and get legal assistance!

Frequently Asked Questions

1. How do TDS returns work?

The TDS concept was introduced in order to collect tax directly from the source of income. This theory states that a person (the deductor) who is required to pay a particular kind to another person (the deductee) is required to withhold tax at source and remit it to the Central Government's account.

2. Who may receive a TDS refund?

You can now request a TDS refund for the additional amount deducted if you pay taxes at a rate of 5%. Similarly, you can request a TDS refund for any excess TDS deducted from your pay because your employer did not receive your 80C investment proofs or rent receipts for your house rent allowance.

3. Is the TDS return required?

Even if a person's income is below the basic exemption limit, the government has now made filing income tax returns mandatory if the person's total TDS/TCS during the financial year is ₹25,000 or more.

4. Who issues the TDS certificate?

The employer on behalf of the employees issue the TDS certificate.

5. What is the duration required for a TDS refund?

It usually takes 3-6 months for the refund amount to be credited.