As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits.
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File your TDS Return Online - An Overview
TDS return is a statement given to the IT department every quarter. It is essential for every deductor to deposit income tax and file for TDS return on time.
Vakilsearch assists and guides you on online TDS return in 3 easy steps:
TDS Return for individuals and businesses
An employer or company that has valid TAN – Tax Collection and Deduction Account Number can file for TDS return. Any individual or business who makes a particular payment which is stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
An assessee can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the assessee to file within the due date or be liable to pay a penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
Benefits of TDS Return Filing
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
How we help in Filing TDS Return?
It is mandatory for every deductor to submit TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome and if not done on time, you may attract huge penalty.
The rate of TDS is set by the IT department based on expense recognized by them. Hence the prescribed rate of deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
Once you choose us, our affiliates prepare the account and file TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of refund, we act as your consultants. Vakilsearch not only does all the paperwork for you, but also makes sure that every government interaction is smooth. Our process is truly transparent and always meets your expectations.
We take care of:
Things to remember before Filing TDS Return on time
For any person who has TDS reduction in their pay, TDS return can be filed online. Return preparation has to be done within the prescribed time frame because for individuals who are deemed as a regular defaulter in India, a grave penalty can be charged. Therefore submitting e-TDS Return in the prescribed time is essential.
For the deductor, it is vital to deposit the subtracted TDS to the concerned government department along with the details.
The time period within which the deductor should deposit the amount and the deductee has to file for TDS refund are given below. It is important to stick to the schedule to avoid incurring a penalty.
Due dates for online TDS Return Submission
A TDS return has a time frame same as a tax payment. Though the return can be filed online, there is a due date for each quarterly submission. To ensure you are ahead of the deadline, MyLegaltax Google Calendar has predefined compliance dates marked for every month. You will be receiving a notification of the approaching due date well in advance and never incur a penalty for missing it.
Documents required to file TDS Return online
The following documents have to be submitted for filing the TDS returns.
FAQs on TDS Return
To view Refund/ Demand Status, follow the below steps:
– Login to e-Filing website with the user ID, password, date of birth/date of incorporation and captcha.
– Go to “My Account” and click on “Refund/Demand Status”.
– Below details would be displayed.
Assessment Year, Status, and Reason (for refund failure, if any)
– Login to e-Filing website with the User ID, Password, Date of Birth / Date of Incorporation and Captcha.
– Go to My Account and click on “Refund/Demand Status”.
Below details would be displayed. Assessment Year. Status. Reason (for refund failure, if any)