TDS RETURN

What is TDS Return?

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. The deductor deposits this TDS amount to the Income Tax (I-T) department. TDS is considered as a method of reducing tax evasion. Tax is deducted usually over a range of 1% to 10%.

Due Dates for Payment of TDS:-

	Amount paid/credited	Due date of TDS deposit
Government Office	Without Challan	Same Day
	With Challan	7th of next month
	On perquisites opt to be deposited by employer	7th of next month
Others	In month of March	30th April
	In other months	7th of next month

Due Dates for TDS Return Filing:-

Quarter	Quarter Period	TDS Return Due Date
1st Quarter	1st April to 30th June	31st August 2018
2nd Quarter	1st July to 30th September	31st October 2018
3rd Quarter	1st October to 31st December	31st January 2019
4th Quarter	1st January to 31st March	31st May 2019

TDS Forms:-

Particulars	Form No.
TDS on Salary	Form 24Q
TDS where deductee is a non-resident, foreign company	Form 27Q
TDS on payment for transfer of immovable property	Form 26QB
TDS in any other case	Form 26Q

Procedure to File TDS Return:-

1. Form 27A contains a control chart whose all columns must be filled. This form is then verified in hard copy form with the e-TDS return filed electronically.
2. The totals of the amount paid and the tax deducted at source have to be correctly filled and the same has to be filled in all the forms, including Form No. 27A, Form No. 24, Form No. 26 and Form No. 27.
3. The assesses are required to mention their Tax Deduction Account Number (TAN) in Form No. 27A.
4. The physical returns are submitted at any TIN-FC’s managed by NSDL.
5. If returns are filed online, then they can be submitted directly at NSDL TIN website. In this case, the deductor has to sign the return through digital signature.
6. While submitting the return, if all the information mentioned is accurate then a provisional receipt/token number would be issued. This provisional receipt/token number is considered as an acknowledgment, stating the fact that the return has been filed. In case, the return is not accepted, then a non-acceptance memo will be issued along with the reasons for rejections.

Documents required for TDS Return:-

1. PAN of the deductor and the deductee

2. TAN details

3. Last TDS filing details, if applicable

4. The period for which TDS has to be filed

5. The period for which TDS has to be filed

6. No. of transactions for filing TDS returns

7. Amount of tax paid to the government

8. Name of the entity - Proprietorship/ Partnership/ Company/ LLP

9. TDS challan information