What is a TDS return?
TDS return is a statement filed to the government to declare the amount of TDS deducted by you under various sections before due dates.
A few examples of TDS returns are Form 24Q, 26Q, 27Q etc.
Who are eligible to file TDS returns?
Any employer with a valid Tax Collection and Deduction Account number can file a TDS return. Given below are some payments for which TDS returns must be filed
- Salary
- Casual incomes
- Commission
- Professional fees
- Any payment to Non residents
- Interest
What are the TDS return forms?
- 24Q for TDS on payment of salary
- 27Q for TDS on payments to Non resident or foreign company
- 27EQ for TCS
- 26Q for TDS on payment in any other cases.
Who are liable to file quarterly TDS returns electronically?
- Company
- Persons subject to audit u/s 44AB of the Income Tax Act
- Government
How to file a TDS return?
Filing a TDS return is easy if you follow the steps below:
- Proceed to http://incometaxindiaefiling.gov.in/
Head over to login and enter your login details.. Enter your TAN as user id - Click on the TDS tab. You will see the Upload TDS option. Click on it.
- Enter the correct details in the form provided. For eg. if you want to file 24Q, select 24Q. Also select quarter and financial year
- Hit the Validate option
- Now you need to upload the TDS statement. You can choose to validate either through DSC or EVC. If you choose DSC, you will be asked to upload the digital signature certificate.
- For EVC, you will be required to e-verify and generate an EVC.
- The TDS statement is uploaded and you will get a confirmation email on your registered email id.
FAQs
Can a revised TDS return be filed?
Yes, it can be filed
Which section of the Income Tax Act provides for filing of TDS returns?
Sec 206 of the Income Tax Act, 1961 mandates filing of TDS returns.
Is Form 24 filed annually?
Yes, unlike 24Q it is filed yearly
What is form 26Q?
It is the form for filing of TDS deducted other than salary
When is form 24Q filed?
Form 24Q is filed quarterly
Can there be separate 26Q forms?
No, only single form needs to be filed
Is it mandatory to quote Bank branch code?
Yes, it is mandatory. The code can be obtained from the branch where TDS is deposited.
What is CIN?
It is the Challan Identification number used for payment of TDS.
What is FVU?
It is short for File Validation Utility which highlights any format level error.
What is form 26AS?
It is a summary of all TDS deducted in a financial year for an assesse.