How To File A TDS Return Online

     

    • All you need to know about TDS 
    • TDS Return
    • Essential documents required for filing a TDS and TDS Return
    • Procedural explanation of filing a TDS return online and in physical mode 
    • Infographic explanation of necessary forms required in filing a TDS return online 
    • Way to check your TDS return status
    • Benefits of filing a TDS return for an individual 
    • Explanation of Revised TDS return and complete process of filing it online
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For many who are not finance experts or in the field related to TDS return, filing might become a painstaking thing. But TDS return filing is not as complex as some may think. Here we are going to give you a quick guide on how to file a TDS return online and how to check your TDS return status.

 

Tax Deducted at Source (TDS)

 

TDS or Tax Deducted at Source is the financial procedure in which tax is deducted at the time of payment or when the payee’s account is credited with the money.

 

Tax Deducted at Source Return (TDS Return)

 

TDS return is termed a statement submitted to the Income Tax Department quarterly. It is compulsory for all those individuals or organizations who fall under the tax slab decided by the Income Tax Department.

 

The Procedure Of Filing TDS Return Online

 

In the present tech-savvy world, every financial thing is taking place online. A return online is much easier than filling it manually to file a TDS, as was done in earlier years.

To file a TDS return, you should have the following documents with you.

 

  • PAN cards details of Deductee (Taxpayer) and Deductor (Employer individual or organization) 
  • TDS challan details.
  • Details of the tax amount paid to the government.
  • Any other financial information, if required.

 

Step-Wise Explanation On How To File A TDS Return Online

 

The following steps will make your filing easy and systematic.

 

Step 1:  You should download form 27A from www.tin-nsdl.com. Fill in all the details carefully. If you are using a hard copy of the form, verify with an e-return filed online.

   

What is form 27A?

 

Form 27A includes e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ), with control totals of 'Amount Paid' and 'Income tax deducted at source'& 'Tax Deposited.

 

Step 2: Tally the amount paid as Tax Deducted at Source with related forms.

Step 3: Mention the organization's TAN (Tax-deduction Account Number) while filling out form 27A. The wrong TAN number will lead to the failure of the verification process.

Step 4: Correct challan number, tax details, and the mode of payment must be correctly filled on the TDS returns. Incorrect details will lead to a mismatch, and you might have to fill out the TDS return again.

Step 5: To make the tallying process easy and consistent, it is important to fill the basic form of e-TDS along with the 7- digit BSR code (Bank Branch Code). The Reserve Bank of India issues this code to banks.

Step 6: If you are filing a TDS return in physical mode, it must be submitted at the TIN-FC, which is managed by NSDL (National Security Depositories Limited). If you are willing to file your TDS return online, you can go to the official website of NSDL-TIN. Your file should have the file name extension ".txt". In case you have filed your TDS return online, the deductor must add a level 2 digital signature.

Step 7: If all the information provided is correct, you will receive a provisional receipt called the token number. This token number is the confirmation that your TDS return has been filed. In case your TDS return is rejected or fails, you will get the memo of non-acceptance with the reasons for the rejection. Then you will have to file your TDS return again.

 

TDS Returns filing for Individual

 

  • Salary details
  • Income earned by other sources
  • Income generated from securities 
  • Insurance commission details
  • Rent payment particulars
  • Interest earned
  • Sale/purchase of fixed assets
  • Any investment in National Saving Scheme and other schemes

 

Essential forms required to file a TDS return

 

Forms

Details

26QB

For the transfer of an immovable property

26Q

Other cases

27Q

Foreign companies, where deductee is a non-resident

24Q

Salary

 

You can also check your TDS return status.

 

Follow the below steps to check your TDS return status:

 

  • Go to the e-Filing website and log in to your account with the User ID, Password, Date of Birth / Date of Incorporation, and Captcha.
  • Click on My Account and then click on "Refund/Demand Status".

 

Benefits of filing a TDS return

 

  • Decrease in tax burden as tax is divided into several months.
  • Reduction in tax evasion.
  • Maintenance of income flow to the government. This is used for the development of the country.

 

A brief explanation on Revised TDS return

 

While submitting the TDS return, if there is some error or some new details must be added, a Revised TDS Return should be filed to update the existing return.

 

 

Process of filing a Revised TDS return

 

  • Visit the website www.tin.nsdl.com and download the RPU (Return Preparation Utility) file.
  • Login to your account, select TDS/TCS, and find the consolidated file. Complete the details and submit your form.
  • Validate your e-TDS return and verify it.
  • Go to download and download the file validation utility; add input to your revised file and validate it. 
  • Sounds complex
  • Team Especia is there to avail of the TDS Filing Service and make your Filing hassle-free. 

 

Why Especia?

 

Especia is one of the fastest-growing services companies. With more than 8+ years of experience 25+ expert advisors working passionately in this field, Especia is a one-stop financial services hub with its solutions and unique expertise. Here you can find optimized solutions for your financial, accounting services-related queries and will find the best-sorted solution for them under one roof. It is a customer trusted company with more than 500 happy and satisfied clients.  

 

FAQs about TDS Return Filing

 

26Q TDS return meaning?

 

Form 26Q: 26Q TDS return meaning can be understood as the Statement for TDS From all Payments excluding Salaries. The deductor needs to submit this every quarter and is applicable for TDS u/s 200(3), 193, and 194 of the Income Tax Act of 1961. 

 

27Q TDS return meaning?

 

Form 27Q: 27Q TDS return meaning is the declaration made by NRIs and foreigners. NRIs and foreigners are required to fill this declaration of TDS returns. This form includes payments of foreigners and NRIs other than salary. 

 

How to file a TDS Return physically?

 

If a TDS payee is willing to file his TDS return in physical mode, he can visit the facilitation centers under NSDL available nearby. Required forms will be available at the center, and you can follow the necessary procedure there itself.

 

What is the amount of tax deducted for any payment?

 

Generally, the tax deduction percentage varies from 1% to 10%. It depends on the amount of the payment.

 

How much is the penalty if a payee fails to file a TDS return within the deadline?

 

A TDS payee, if he fails to file his TDS return in time, has to pay a penalty of Rs 200 as mentioned under Section 234E. 

 

What is a TAN card?

 

A TAN card is a mandatory document all tax deduction individuals must obtain. This card displays a 10-digit alphanumeric unique code issued to taxpayers by the Income Tax Department.

 

What is the eligibility for TDS filing?

 

Income-earning employees can file TDS returns in the form of salary, rent, interest, or through other sources. Any specified transaction of payment that falls under the Income Tax Act is liable for TDS deduction.

 

What can you get a TDS refund? 

 

If the amount of TDS paid exceeds more than what you owe to the government, the refund is made back to your account. 

 

What is NSDL?

 

India's oldest depository institution, National Securities Depository Limited (NSDL), was formed in 1996. The country's first-ever securities depository holds securities like shares, bonds, etc., in an electronic form.

 

What is the rate of TDS if you don’t have a PAN number?

 

The rate of TDS gets higher when you don’t furnish your PAN or Aadhaar number. It is 20% or even higher. It is advised to keep ready all the required documents before TDS filing. 

 

What are the different types of TDS forms?

 

Types of TDS forms differ according to the income of the tax payee. Form 24Q, Form 26Q, Form 27Q, Form 27EQ are such types.  

 

Is it important to get the TDS certificate?

 

A TDS certificate is an essential document to be preserved by the deductee after paying the TDS. The deductor can cross-check it anytime, and you'll face the consequences if found liable. 

 

What is the time duration for a TDS refund?

 

It takes approximately 30-45 days after the E-verification of the income tax return is completed to get the refund credited to your account.