TDS/TCS Return Filing
TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is propounded and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. TaxFreedom can help obtain TAN Registration.
Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly. Tax Freedom can help you file e file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations.
What is the full form of TDS?
TDS is Tax deduction at Source.
When TDS is required to be paid?
By 5th of next month & for MarchÂ by 30th April.
Who needs to file TDS Returns?
Those who are liable to deduct Tax at source require to file TDS return , mentioning the details of TDS being deducted by them such as gross amount, TDS amount, date of deduction etc as per prescribed format by the department. Individuals who are salaried are not required to deduct tax at source. However, individuals who run a proprietorship business are required to deduct tax at source. All other entities like LLP, Private Limited Company, Limited Company, Trust, Society, etc., are required to obtain TAN and deduct tax at source.
What are due date of Filing TDS Returns?
Quarter wise Due Date for TDS Returns:
Quarter 1 -April to June -July 15Th
Quarter 2-July to September- Oct15th
Quarter 3-October to December- Jan15th
Quarter 4-January to March-May15th
Is TAN No. required to file TDS Return?
Yes it is mandatory to file TDS return. All those persons who are required to deduct tax at source (TDS) are required to obtain TAN number.
How will we get Tax credit?
The tax credit will be reflected in your Form 26AS and hence, you can check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strictly as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.
Can late deduction in TDS attract Interest & penalty?
Delay in furnishing the e -TDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The penalty for non-filing of TDS return for more than one year from the specified date is a minimum Rs 10,000 to Rs 1 lakh.
Can excess TDS deducted be claimed back?
In such a case, the payee can claim the refund of entire/excess amount of TDS (as the case may be) by filing the return of income.