TDS Return

TDS return filing and how to apply for the registration 2020

TDS means Tax Deducted at Source is a method to collect tax from income. Its is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The following is required to file TDS return in India

  • PAN of the deductor and the deductee.
  • Amount of tax paid to the government
  • TDS challan information
  • Others, if any

TDS return can be filed by employers or organizations that avail of a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments.

  • Payment of Salary
  • Income by way of “Income on Securities”
  • Income from wining lottery or any other game
  • Insurance Commission
  • Payment in respect of National Saving Scheme and many others

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How to file TDS return?

  • Step 1.
    Form 27A contains a control chart whose all columns must be filled. This form is then verified in hard copy form with the e-TDS return filed electronically
  • Step 2.
    The totals of the amount paid and the tax deducted at source have to be correctly filled and the same has to be filled in all the forms, including Form No. 27A, Form No. 24, Form No. 26 and Form No. 27.
  • Step 3.
    The assessees are required to mention their Tax Deduction Account Number (TAN) in Form No. 27A. This is similar to what is done in the case of e-TDS return. This is dictated by ‘sub-section (2) of section 203A of the I-T Act in India’.
  • Step 4.
    At the time of filing the TDS return, ensure that details relating to the depositing of tax deducted at source have been mentioned accurately.
  • Step 5.
    The basic form that has been used for the e-TDS return recommended by the department is compulsory to follow. This is because it brings consistency and a better understanding of filling the forms. It is necessary to mention the Bank Branch Code or the BSR code. It is a 7-digit code provided to the banks by the Reserve Bank of India.
  • Step 6.
    E-TDS return should be filed in clean text format avail of this format, you can use the software of your choices such as Computex, MS Excel or Tally. Also, you have the option of using the software available at the NSDL website known as Return Prepare Utility (e-TDS RPU Light) for filing the return online
  • Step 6.
    If returns are filed online, then they can be submitted directly at the NSDL TIN website. In this case, the deductor has to sign the return through a digital signature.
    While submitting the return, if all the information mentioned is accurate then a provisional receipt/token number would be issued.