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All About TDS Return Filing Online 2024

All About TDS Return Filing Online 2024

What is TDS Return Filing Online

TDS i.e. Tax Deducted at Source, is the tax that has been deducted by the Government of India at the time of payments of some specific transactions including rent, commission, professional fees, salary, interest, etc. The person who makes the payments deducts a percentage of the amount that has been paid and that amount will be sent to the Central Government. Here, we will tell you about the process of TDS Return Filing Online.

Whereas TDS Return is the quarterly statement or summary of all the transactions related to the TDS made in the specific quarter. It includes the details of TDS that have been collected & deposited to the Income Tax Department by the deductor. TDS return comprises the following details-

  • PAN of deductor & deductee
  • TDS payments particulars
  • Details of Challan

 

Who needs to file TDS return?

It is mandatory for employers & organizations who have a valid TAN i.e. Tax Deduction & Collection Account Number to file the TDS Return every quarter. The deductor who files the TDS return can be an individual, a group of individuals, HUFs, limited companies, local authorities, associations of individuals, partnership firms, and more. TDS Return Filing centre near me can help you to file your TDS Return without any complications. 

As per the Income Tax Act, TDS return has been filed for the given types of payments:

  • Salary income
  • Income from securities
  • Insurance commission
  • Payments related to the NSC (National Savings Certificate)
  • Earnings from winning horse races
  • Earnings of winning lottery, puzzle, etc.
  • Rent payment
  • Sale or purchase of immovable property (house, shop, etc.)

Benefits of Filing TDS Return

It is a legal requirement to file TDS Return online. Some of the benefits of TDS Return Filing Online are as given below-

  • Smaller payments:

    TDS has been deducted & paid as a small amount every three months so it will become easier to manage the finances.

  • Regular Revenue:

    It ensures the stable flow of income for the government and supports welfare initiatives.

  • Tracking refund:

    By online filing, you can track your refund and can claim any excess TDS that has been deducted.

  • More convenient:

    Filing the TDS online can save your time & effort.

  • Easy calculation of TDS:

    Online tools of calculating the TDS (like TDS calculator) helps you to calculate the TDS on your salary.

TDS Return Filing Form

On the basis of type of transaction or the purpose of tax deduction, there are different forms available for filing the TDS return.

Form 

Type of transaction

24Q TDS on salary
26Q TDS on payments other than salary (for resident deductee)
27Q TDS on payments other than salary (for foreign companies which are non–resident deductees)
27 Quarterly summary of deduction of tax from interest, dividends, or other sums that are payable to certain individuals 
27EQ TCS i.e. Tax Collected at Source
26QB TDS on the sale of a property
26QC TDS on rent

TDS Return Filing Due Date

The online TDS Return Filing Date for every quarter is as given below- 

Quarter

Period of TDS Return filing

Due date

1st  1st April to 30th June 31st July
2nd  1st July to 30th September 31st October
3rd  1st October to 31st December 31st January
4th  1st January to 31st March 31st May

The last date of filing TDS Return for the period 1st October 2023 to 31st December 2023 will be 31st January 2024. However, the government has determined the last date of filing TDS Return for every quarter. 

Documents required for the online TDS return filing

To file the TDS Return online successfully, you are required the following documents-

  • TAN i.e. Tax Deduction & Collection Account Number details
  • PAN details of both the deductor & deductee
  • Tax amount that has been paid to the government
  • TDS Challan details
  • Previous TDS filing details
  • Date of business incorporation
  • Number of transactions for TDS return filing

Online TDS Return Filing Process

The process of filing the TDS Return online is as given below-

Step 1: Official portal for e-filing

First of all, you have to visit the official portal for e-filing 

Step 2: Log in to the portal

After that, you have to log in to the portal using your PAN card and password.

Step 3: Choose the option of ‘Prepare & Submit TDS Return’

You have to click on the ‘e-File’ tab given in the menu bar and then select the option of ‘Prepare and Submit TDS Return’.

Step 4: Choose the financial year and form type

You have to select the relevant year and form type for your TDS and then click on the option of ‘Continue’

Step 5: Enter the required details

Then, you have to enter all the required details including the TDS amount, PAN details of both the deductor & deductee and Tax deducted at source

Step 6: Review and submit

After that, you have to review all your details and then click on the ‘Submit’ option.

Step 7: Acknowledgment Receipt

If your TDS Return has been successfully submitted, you will get the acknowledgment receipt that you have to save or print for the future reference and if Your TDS Return has been rejected then you will get a memo of non – acceptance.

TDS Return late filing fees

We charge a very reasonable late filing fees of TDS Return from our customers just to support them in their businesses. However you must consider that If you get delay in filing the TDS Return a penalty will be imposed on you. The individuals or entities who are filing TDS return after the due date have been liable to pay the penalty of Rs. 200 for per day until they file the TDS Return. In addition to this the assessing officer can impose a penalty of up to Rs. 10,000.

Conclusion 

Congratulations to you for entering the world of online filing of TDS return. It is very important to control the tax deductions for doing the proper financial management. Understanding the process properly is evidence of your dedication. Understanding the process of TDS Return Filing online is a great move for maintaining financial accuracy. Let LegalPillers be your guide to simplify the TDS Return Filing and don’t let the complexities of the tax law distract you from your core operations.

You can get help of Legal Pillers by searching CA near me for TDS filing, there you will find reference of Legal Pillers as top service provider. We provide you this service at affordable rates. Usually, TDS Return filing fees by CA is high which causes on pocket of general persons but we bring a permanent and cost-effective solution for you.

Hurry up TDS return filing due date is approaching soon. File your TDS Return Today before it gets delay. 

Make sure that your business will stay on the right track by choosing LegalPillers as your trusted partner in TDS Return filing.