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TDS Returns


TDS returns

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FAQ on ‘TDS Returns’

What is E – TDS?

Electronic TDS Return [or e-TDS return] is the process of converting the TDS information’s for various payments into an electronic form and file the e-TDS Return/statement in the specified format prescribed by the NSDL. E-TDS return is prepared in form No.24, 26 or 27 in electronic media as per prescribed data structure in either a floppy or a CD ROM.

Who all are required to file their TDS return electronically?

As per Income Tax Act, all corporate and government deductors are compulsorily required to file their  E – TDS return on electronic media. It is the duty of above mentioned deductors to deduct the amount of income tax before paying to others and prepare return in form No.24, 26 or 27 or 24Q, 25Q or 26Q in electronic media as per prescribed data structure.

What are the various forms available for filing annual/quarterly TDS/TCS returns?

TDS is filed under section 206 of the Income Tax Act. A list of the various forms available for filing annual/quarterly TDS/TCS returns are mentioned below:

  • Form 24: Payments made under the head “Salaries”
  • Form 26: Payments made on heads other than “Salaries”
  • Form 27: Statement of tax deduction made against payments on dividend and interest
  • Form 27E: Annual statement of tax collection
  • Form 24Q: Quarterly TDS statement of payments under “Salaries”
  • Form 26Q: Quarterly TDS statement of payments other than “Salaries”
  • Form 27Q: Quarterly TDS statement of interest, rent and dividend
  • Form 27EQ: Quarterly statement of tax collected at source (TCS)

In which Form the certificate should be issued for TDS deducted from various payments?

Form 16 should be issued in case of TDS from Salary. In all other cases, Form 16A will be applicable.

What are the due dates of filing TDS return?

The due dates for filing quarterly TDS return is 14th of the month following the quarter, except for the quarter Jan – March to be filled by 14th May. In case of E – TDS Return, 15th of the month following the quarter is the due date.

What are the important points to be taken into consideration while filing E – TDS Return?

  • Each E – TDS return should be accompanied by a duly filled and signed Form No. 27A in physical form.
  • Label should be fixed in each CD/ Floppy mentioning the name of the deductor, his TAN, form no.(24, 26 or 27) and the period to which it pertains.
  • E – TDS / TCS Return file should contain TAN of the deductor/collector without which, the return will not be accepted.
  • No bank challan or copy of TDS / TCS certificate should be filed along with e-TDS/TCS return file.

 

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  3. Submit Form 15G and 15H for non-deduction of TDS – Individual Taxation
  4. File Tax Returns/ IT Returns even if tax is deducted at source (TDS)
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