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
TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-. Income Tax Department
Different etds return forms are prescribed based on the nature of payments.
First For tds deducted on salary tds form 24Q is applicable,
Second for tds deduced on interest, dividend or another sum payable to non-resident tds form 27Q is applicable,
Third, for tds deducted on all payment except salary tds form 26q is applicable
|Quarter||Form 24Q & 26Q||Form 27Q|
|April to June||31 July||31 July|
|July to September||31 October||31 October|
|October to December||31 January||31 January|
|January to March||31 May||31 May|