TDS Return Filing

TDS (Tax Deducted at Source) return filing is a mandatory process for entities and individuals who deduct TDS while making certain payments. TDS is deducted to ensure that the government receives tax at the source of income. Here's a guide on how to file TDS returns in India:

Determine TDS Applicability: Identify the types of payments that attract TDS. Common instances include salary, rent, professional fees, interest, and commission payments.

Obtain TAN: Obtain a Tax Deduction and Collection Account Number (TAN) if you are responsible for deducting TDS. TAN is a 10-digit alphanumeric code.

TDS Deduction and Deposit: Deduct TDS at the prescribed rates while making payments. Deposit the deducted TDS amount to the government within the stipulated time frame.

TDS Return Forms: TDS returns are filed using various forms based on the nature of payments. The common forms include:

Form 24Q: For TDS on salaries

Form 26Q: For TDS on payments other than salaries

Form 27Q: For TDS on payments to non-residents

Form 27EQ: For TCS (Tax Collected at Source) returns

Filing Frequency: File TDS returns quarterly. The due dates for filing are generally July 31, October 31, January 31, and May 31 for the respective quarters.

Prepare TDS Return: Gather details of TDS deducted, including deductee details, PAN, TDS amount, and other relevant information.

TDS Return Software: Use TDS return filing software approved by the Income Tax Department for preparation and submission of returns.

Verification of Challan Details: Verify that the details of the TDS payments made, as reflected in the TDS return, match the details of the challans deposited.

File TDS Return Online: TDS returns must be filed online using the e-filing portal of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/).