Service Info:
- Short Name : TDS Returns
- Category : Income Tax
- Subcategory : TDS
- Amount : ₹0.00
Description :
TDS is the amount of tax that the payer deducts from the amount against the payment of the services as specified in the Income Tax Act.
Service Description:
Introduction:
TDS is Tax deducted at source is an advance tax that is deducted from an individual’s income before the amount is actually paid or credited to the receiver’s account. In other words, TDS is the amount of tax that the payer deducts from the amount against the payment of the services as specified in the Income Tax Act. This helps increase the government’s revenue and minimize tax evasion.
The deductor of TDS or the collector of TCS has to submit a TDS return every quarter. These TDS returns can be submitted in various forms depending on certain conditions. This guide is a comprehensive resource that consists of all that you must know about TDS returns and the various TDS forms available.
What is a TDS Return?
Every person making specified payments mentioned under the income tax act is required to deduct TDS at the time of making such specified payments.
TDS returns are quarterly statements that contain the information pertaining to TDS deducted and deposited. It is submitted by the person deducting TDS, i.e., TDS deductor, to the income tax department.
What are the different TDS Return Forms?
Different forms have been prescribed for filing TDS returns depending upon the nature of the TDS deduction, such as
| FORM | PARTICULARS |
|---|---|
| Form 24Q | The quarterly statement for tax deducted at source (TDS) from “Salaries.” |
| Form 26Q | The quarterly statement for tax deducted at source in respect of all payments except ‘salaries.’ |
| Form 27Q | Quarterly statement of deduction of tax from interest, dividend, or other sum payable to non-residents or foreign companies. |
| Form 26QB | Statement of TDS deducted against the payment made for immovable property. |
| Form 26QC | It is a challan cum statement of deduction of tax u/s 194-IB against the tax deducted on the rent of the property. |
| Form 27EQ | Quarterly statement of collection of tax at source (TCS) |
Before you start uploading the return, you must ensure the following.
- You must hold a valid TAN and it should be registered for e-filing
- Your TDS statements should be prepared using Return Preparation Utility (RPU) and validated using File Validation Utility (FVU)
- You can prepare your returns in an easy manner using Clear TDS
- You should have a valid DSC registered for e-filing if you wish to upload using DSC.
- The principal contact’s bank account or Demat account details should be provided, or the principal contact’s PAN should be linked with Aadhar if you wish to upload using EVC.
How to upload TDS statements on the income tax portal
Here is a step-by-step guide on uploading TDS statements on the income tax website:
Step 2: Log in using your TAN details.
Step 3: Click on ‘e-File’, then ‘Income Tax Forms’ and then ‘File Income Tax Forms’ from the dashboard.
Step 4: Select the form you have to file.
Step 5: Proceed to ‘Upload TDS Form’: Click on the ‘Let’s Get Started’ option.
Step 6: Enter the following details and then click on ‘Proceed to e-Verify’:
Step 7: Validate the return using the OTP sent to the registered mobile number to complete the process.
Following the completion of the process, you will receive a success message. If you haven't already generated your DSC, you can use the Electronic Verification Code to validate the TDS statements (EVC).
Frequently Asked Questions
Who must submit e-TDS/TCS statements?
According to the Income Tax Act of 1961, all corporate and government deductors/collectors are expected to file their TDS/TCS statements electronically, i.e., e-TDS/TCS returns.
How can I tell whether my TDS return has been processed?
It ideally takes one week to process your return post submission. You can log in to your TRACES account and check the status of the TDS return. You can even file a correction return in case of any mistakes.
What happens once I submit my TDS return?
Once you've filed your TDS return and if it's accepted, you will see ‘Accepted at e-filing'.