TDS Return Filing
Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee's account or at the time of payment whichever happens earlier.
In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.
TDS Form 24Q
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.
TDS Form 26Q
When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26 Q every quarter.
TDS Form 27Q
Form 27 Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Nonresident India and foreigners. Form 27 Q is to be furnished every quarter or before the due date. Form 27 Q contains the details of the payments that are made and the TDS deducted on payments is made to the NRI by the deductor.
TDS Form 27EQ
Form 27 EQ contains all details about tax that is collected at the source. According to Section 206 C of the Income Tax Act 1961, this form has to be filed every quarter. The Form has to be submitted by both corporate and the government collectors and the deductors.
TDS Return Filing Procedure
Firstly, Form 27 A containing multiple columns has to be filled and in case of the hard copy of the Form, it has to be verified along with the E-TDS return that has been filed electronically.
In the next step, the tax that is deducted at the source and the total amount that has been paid needs to be correctly filled as well as tallied.
The TAN of the organizations is to be mentioned on Form 27 A. There will be difficulties in the process of verification if the mentioned TAN is incorrect.
While filing the TDS returns the appropriate challan number, the mode of the payment, and the tax details have to be mentioned. In case of the incorrect challan number or the incorrect date of the payment, there will be a mismatch and the TDS returns also need to be filed again.
To bring consistency the basic Form used for Filing the e-TDS must be used. The 7 Digit BSR has to be entered for easing the tallying process.
Physical TDS returns are to be submitted at the TIN FC, which is managed by NSDL. In case of the online filing, they can be submitted on the official website of the NSDL TIN.
If the provided information is correct then a token number or a provisional receipt is received. This is a proof that TDS return has been filed.
In case of rejection, a non-acceptance memo along with the reason for the rejection is issued and the returns have to be filed again.