With CAONWEB you can manage TDS Return Filing, know your Tds Return Status
Any person or business who deducts TDS needs to file TDS return, It is filed with Government every quarter, the purpose of it is to inform on the TDS deducted on the payments made by deducter and also and the TDS deposited by deducter in particular quarter. TDS return is filed online. TDS refund is possible only id compliance of filing is completed by party deducting TDS. The smart way is to consult your Chartered Accountant to ensure you are complying with TDS law and getting your TDS refund in a correct manner.
TDS you pay every month, you receive a challan, this Tds paid Challan is useful at the time of return filing, where you give details on tds deducted and paid by you. TDS filing every quarter is mandatory, The Return form of TDS is prescribed by the Government. The filing has to be done as per TDS due dates specified. Non-filing of return as per TDS provisions attracts penalty. Noncompliance to file TDS provisions gets reported to authorities through financial reporting. The objective is to keep a check on TDS payment status and compliance with the provision of TDS also TDS refund is possible only when filing compliances are complete. TDS refund can be claimed through filing ITR only if your tax computation shows that excess tax has been deducted in your case. Consult a Chartered Accountant to get help on TDS matters
If your tds has been deducted, you can check the same online through form 26AS in income tax India Government website
Form 24Q is filed in case TDS is being deducted from salary. An employer files it. TDS return form 24q contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.
On payment being made for the transfer of immovable property, if tds is being deducted Form 26 Q is filed in that case.
If a payment to non-resident required TDS deduction. In this case, TDS filing is done through form 26QB.
TDS return form 26Q is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.
An individual or a business makes payment if such payment exceeds the limit specified as per income tax act, the payer has to deduct tax before making the payment, this portion of tax is called tds. Basically here the person making payment is collecting tax on behalf of the Government. The party which deducts tax and makes payment is deducted and the party receiving payment is deducted. Every party deducting tds shall mandatorily do the tds e-filing or online TDS Filing.
Party whose tax has been deducted can claim this TDS deducted as TDS refund forfor the financial year in which TDS has been deducted. TDS refund can be claimed at the time of ITR Filing. In order to claim TDS refund, it is important that the party which has deducted your TDS has done the proper TDS filing
TDS is the abbreviation that is used for Tax deducted at source. As its name suggests, it’s a system that was introduced with the motive of Income tax collection at the very source of income generation. According to the Income tax act, any individual/company is required to deduct income tax at the prescribed rate if the payment exceeds a certain threshold limit. Income Tax Department
TDS is deducted on the following type of payments:
Go to Income tax official website [https://www.incometaxindiaefiling.gov.in/home]
Yes, an individual can file a return on their own, but there are certain technicalities involved in TDS return online filing which can be better interpreted by some field expert viz. Chartered accountant/company secretary/Income tax consultant etc.
April to June
July to September
October to December
January to March
TDS Return can be filed by employers or organizations that have a valid Tax collection & deduction account number (TAN). Any payment which is specified under the IT Act are required to deduct tax at source and need to deposit such amount with the government account within the stipulated time frame. Payment which attracts TDS are as follows:
Tax deducted at source (TDS) from salaries
Tax deducted at source (TDS) on all payments other than salaries.
Tax deduction on income received from interest, dividends, or any other sum payable to non-residents.
Tax collection at source.
Follow the 5 simple steps which will make it convenient for you to download forms:
Unlike the traditional system where you need to visit the Income tax departments physically to get your TDS return status, Now in the digital era, it’s much easier to check your TDS return status online just by following the mentioned steps.
Non-filing or late TDS return filing will attract some penalty as per the provisions of Income tax act, 1961.
Section 234E of Income tax act: The deductor will be charged INR 200/day until TDS is paid [Subject to the maximum of the TDS amount]
Section 271H of Income tax act: In case wrong details are submitted such as Incorrect PAN, Income tax amount etc. then the penalty may range between INR 10,000 – 1, 00,000
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