{"id":27835,"date":"2020-01-11T19:03:08","date_gmt":"2020-01-11T13:33:08","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=27835"},"modified":"2020-01-17T12:27:18","modified_gmt":"2020-01-17T06:57:18","slug":"how-to-file-tds-return","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/how-to-file-tds-return\/","title":{"rendered":"How to file TDS Return?"},"content":{"rendered":"<p class=\"has-drop-cap\">TDS or Tax Deducted at Source is a process of collection of tax by the Government of India at the time when the transaction takes place. Here the tax is deducted from the creditor&rsquo;s account at the time of payment. The deducted amount is then deposited to the Income Tax department. Through TDS some portion of the tax is automatically transferred to the income tax department. TDS is also considered as a method of tax-reducing evasion. However, TDS is not deducted while making payments to lawyers, doctors and paying of rents. The person who makes the payment is called a deductor and the person receiving the payment is known as deductee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is TDS Return?<\/h2>\n\n\n\n<p>The deductor apart from depositing the tax should <a href=\"https:\/\/enterslice.com\/tds-return\">file TDS return<\/a>. A TDS Return is to be submitted quarterly to the Government. Different TDS deductions have various return forms. The deductors need to file TDS return on time.<\/p>\n\n\n\n<p><strong><em>TDS is deducted for the following types of payments:<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"918\" height=\"373\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/Intrest-Payments-by-Bank.png\" alt=\"TDS Deducted Types\" class=\"wp-image-28055\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/Intrest-Payments-by-Bank.png 918w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/Intrest-Payments-by-Bank-300x122.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/Intrest-Payments-by-Bank-768x312.png 768w\" sizes=\"(max-width: 918px) 100vw, 918px\"\/><\/figure><\/div>\n\n\n\n<p><strong><em>The details required to register TDS Returns are:<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"417\" height=\"363\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-2.png\" alt=\"details required to register TDS Returns\" class=\"wp-image-28057\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-2.png 417w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-2-300x261.png 300w\" sizes=\"(max-width: 417px) 100vw, 417px\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Eligibility criteria for filing\nTDS return<\/h2>\n\n\n\n<p>Organizations and employers with a valid Tax Deduction and\nCollection Account Number (TAN) can file TDS Returns. <\/p>\n\n\n\n<p><strong><em>For the below-mentioned payments TDS is to be presented:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Payment of Salary<\/li><li>Income by way of &lsquo;Income on securities&rsquo;<\/li><li>Income by way of winning puzzles, Lottery and similar types of games<\/li><li>Insurance Commission<\/li><li>Income that has been generated by winning horses<\/li><li>Payments that have been made towards National Savings Scheme and any other similar schemes<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How to file TDS Returns?<\/h2>\n\n\n\n<p><strong><em>The\nprocess to file TDS return is mentioned below:<\/em><\/strong><\/p>\n\n\n\n<ul><li>The multiple columns of Form 27A must be filled properly.<\/li><li>In case the hard copy of the form is filled, it is to be verified along with the e-TDS return that has been electronically filed.<\/li><li>The total amount paid and the tax deducted source must be accurately filled and cross-checked with the respective forms.<\/li><li>The Tax Deduction and Collection Amount Number (TAN) must be mentioned in Form 27A.<\/li><li>The correct challan number, mode of payment and the tax details must be mentioned on the TDS returns. There will be a mismatch if incorrect details are mentioned in the challan.<\/li><li>The seven-digit Basic Statistical Returns or BSR must be mentioned so that tallying becomes easy. The basic form is to be used for filing the TDS Returns.<\/li><li>Physical TDS Returns must be submitted at the Tax Information Network or TIN-FC. NSDL manages TIN-FCs.<\/li><li>In case the returns are filed online, they must be submitted on the official website of the NSDL TIN( National Securities Depository Limited).<\/li><li>Where TDS is filed online, a level 2 digital Signature must be used by the deductor.<\/li><li>After completion of all the steps, a token number or provisional receipt will be received as an acknowledgment that the TDS Returns have been filed.<\/li><li>Where TDS Returns are rejected, a non-acceptance memo along with the reasons for rejection is issued. TDS Returns must be filed again in case of rejections.<\/li><\/ul>\n\n\n\n<p><strong><em>The details of the various sections involved in the filing process are mentioned below:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"908\" height=\"337\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim.png\" alt=\"Various sections involved in the filing\" class=\"wp-image-28056\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim.png 908w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-300x111.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-768x285.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Penalty for delay in filing TDS Returns<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-3.png\" alt=\"Penalty TDS Returns\" class=\"wp-image-28058\" width=\"415\" height=\"415\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-3.png 840w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-3-150x150.png 150w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-3-300x300.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/01\/imgpsh_fullsize_anim-3-768x768.png 768w\" sizes=\"(max-width: 415px) 100vw, 415px\"\/><\/figure><\/div>\n\n\n\n<p>The TDS is to be deposited with the Government within 30 days from the end of the month when the deduction is made. Failure to do so will attract penalties and interest. Not <a href=\"https:\/\/enterslice.com\/tds-return\">filing TDS Returns as per due dates<\/a> attract monetary penalties.<\/p>\n\n\n\n<ul><li><strong>Penalty\nunder Section 271H<\/strong>: If the deductor fails to file the TDS\nReturn within a year from its due date or gets rejected because of incorrect\ninformation, the penalty imposed can range between Rs. 10,000 to Rs. 1 lakh on\ncase to case <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a>.<\/li><\/ul>\n\n\n\n<ul><li><strong>Penalty under Section 234E<\/strong>: A penalty of Rs. 200 is deducted daily if the return is not filed as per the due date until the department receives valid returns. The total payment shall not exceed the tax amount deducted<\/li><\/ul>\n\n\n\n<p>There is an <strong>exception under Section 271 H of the Income Tax Act<\/strong> where the penalty is not charged even when returns are not filed in the due date, provided following conditions are applicable:<\/p>\n\n\n\n<ul><li>The TDS is paid to the Government&rsquo;s credit<\/li><li>The filing of TDS Return id done prior to the expiry of 1 year from the due date.<\/li><li>The late filing fees and interest is paid to the Government&rsquo;s credit.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Interest Rate for TDS Payment<\/h2>\n\n\n\n<p>Section 201(1A) of the <a href=\"https:\/\/en.wikipedia.org\/wiki\/The_Income-tax_Act,_1961\">Income Tax Act,1961<\/a> provides interest rates for the following two situations if tax is not deducted at source:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  Issue\n  <\/td><td>\n  Interest Rates\n  <\/td><td>\n  Period of Interest\n  <\/td><\/tr><tr><td>\n  Delay in deduction of TDS\n  <\/td><td>\n  1% per month\n  <\/td><td>\n  From the due date of deduction \n  <\/td><\/tr><tr><td>\n  Delay in payment of TDS\n  <\/td><td>\n  1.5% per month\n  <\/td><td>\n  From the month in which TDS was deducted to the\n  date of payment of Tax\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\">How and when to file TDS\nReturns?<\/h2>\n\n\n\n<p>TDS needs to be\nsubmitted quarterly. Various due dates are mentioned in the box\nbelow:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>TDS\n  on salary &ndash;Form&nbsp; 24Q<\/strong>\n  <\/td><td>\n  Quarter 1-31<sup>st<\/sup> July\n  Quarter 2-31<sup>st<\/sup> October\n  Quarter 3- 31<sup>st<\/sup> January\n  Quarter 4- 31<sup>st<\/sup> May\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  <strong>TDS\n  on all forms except salaries-Form 26 Q<\/strong>\n  <\/td><td>\n  Quarter 1-31<sup>st<\/sup> July\n  Quarter 2-31<sup>st<\/sup> October\n  Quarter 3- 31<sup>st<\/sup> January\n  Quarter 4- 31<sup>st<\/sup> May\n  &nbsp;\n  <\/td><\/tr><tr><td>   <strong>TDS on all payments made to non-residents except salaries-Form 27Q<\/strong>   <\/td><td>\n  Quarter 1-31<sup>st<\/sup> July\n  Quarter 2-31<sup>st<\/sup> October\n  Quarter 3- 31<sup>st<\/sup> January\n  Quarter 4- 31<sup>st<\/sup> May\n  &nbsp;\n  <\/td><\/tr><tr><td>\n  <strong>TDS on sale of\n  <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Property&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume,(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/property\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>property<\/a>-Form 26 QB<\/strong><strong><\/strong>\n  <\/td><td>\n  30 days from the end of the month in which TDS is deducted\n  <\/td><\/tr><tr><td>\n  <strong>TDS on rent<\/strong><strong><\/strong>\n  <\/td><td>\n  30 days from the end of the month in which TDS is deducted\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\">Enterslice\nhelps in Filing TDS Returns<\/h3>\n\n\n\n<p>Our experts help in the quick <a href=\"https:\/\/enterslice.com\/tds-return\">filing of TDS Returns<\/a> before the due date. Follow the due date from preventing you from paying penalties.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Conclusion<\/h4>\n\n\n\n<p>TDS\nis deducted on the gross amount, which is paid by the payee to the receiver.\nThe filing of TDS returns is mandatory as per the general provisions of the\nIncome Tax Act, 1961. The returns should be filed quarterly. The penalty is\nimposed for late payment of TDS Returns. It is advised to use a professional&rsquo;s\nhelp to prevent oneself from getting in all types of hassles. The experienced\nprofessional checks on all the prerequisite documents and completes the process\naccordingly.<\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/file-the-income-tax-refund\/\" target=\"_blank\" rel=\"noopener noreferrer\">File the Income Tax Refund with the Help of Experts<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>TDS or Tax Deducted at Source is a process of collection of tax by the Government of India at the time when the transaction takes place. Here the tax is deducted from the creditor&rsquo;s account at the time of payment. The deducted amount is then deposited to the Income Tax department. Through TDS some portion [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":27838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2435],"tags":[],"acf":{"service_id":"90"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to File TDS Return Online - Step by Step Guide<\/title>\n<meta name=\"description\" content=\"Organizations and employers with a valid Tax Deduction and Collection Account Number (TAN) can file TDS Return. 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