TDS Return Online Filing

TDS return is a tax deducted at source by an individual or entity, known as the Deductor, who pays more than the prescribed threshold limit to another person named the Deductee. Employers or organizations can file TDS returns with a valid Tax Collection and Deduction Account Number. 

TDS return filing requires submitting documents like TAN, PAN, amount deducted, TDS payment, and mode of payment. The Income-tax Department regulates the rate at which TDS filing is removed. 

The Deductor or employee is responsible for deducting TDS return utility before making payment or salary to the Deductee and depositing it to the government. Filing Buddy simplifies the TDS Return filing process with its online verification process to avoid errors.

Payment categories for TDS Return submission:

1. Any person whose account is audited under section 44AB
2. Any individual holding government office
3. Salary of any person
4. Assesses required to file penalty for late filing within the prescribed date

Categories qualified for TDS Return filing online every quarter:

1. Company
2. Income or insurance commission from other sources (e.g. puzzles, lottery, etc.)
3. Payment or income from National Saving Scheme

According to the Income Tax Act 1961, TDS e-filing is mandatory for both individuals and business organizations.

1. Filing TDS returns within the specified time frame helps the government to track income reports and records.
2. The amount collected from TDS Return filing is utilized for the benefit of the public.
3. The tax burden on individuals is reduced since they can pay the tax in installments on a quarterly basis.

1. Permanent Account Number or PAN
2. Tax Collection and Deduction Account Number or TAN
3. Incorporation Date or registration date of the Business
4. The time span for which the TDS has to be filed
5. The details of previous TDS filing

The process of TDS Return filing includes all relevant information related to the deposited amount by the Deductor, the total amount of TDS deducted, TAN and PAN of both the Deductor and Deductee, and the details of the challan, among other things.

The following are the various types of TDS Return filing forms based on TDS

For the quarterly TDS returns, it is necessary to attach a signed Form 27A along with the return statement as it summarizes the TDS deducted and deposited.
 

While TDS Return can be filed electronically, it is important to file it within the specified deadline for each quarterly submission. For example in the financial year 2023-24

Note that the deadline to file a revised TDS return, which was deducted according to section 1941A for the month of March, falls on the due date of April 30.

Failure to submit the TDS Return by the specified due date can result in penalties or late filing fees for individuals or entities.

Late TDS Return Filing Penalty under Section 234E:

For each day of delay in filing the TDS Return, a penalty of Rs. 200 is imposed, subject to a maximum amount equal to the income tax TDS return. The late filing fee for TDS Return must be paid before filing the return.

Penalty under Section 271H:

The assessing officer can impose a penalty of at least Rs. 10,000 and up to a maximum of Rs. 1 lakh for non-compliance. This penalty is in addition to the late filing fee for TDS Return.

Incorrect TDS Return filing:

Apart from the TDS return filing utility, penalties can also be imposed for incorrect TDS return filing.