TDS Return

TDS (Tax Deducted at Source) is a source of tax collection f When a company or a person makes a payment, TDS is deducted, if the payment exceeds threshold limits. Then, this deducted amount is deposited to the Income Tax Department. Usually, tax deductions are made within a range of 1 % – 20 %

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Required Documents

  1. PAN of deductor and deductee
  2. TAN details
  3. TDS Challans details
  4. Transaction details

Steps for TDS Return

Step 1
Submit scanned copy of PAN and TAN
Step 1
Step 2
Fill an excel template
Step 2
Step 3
We Prepare your return
Step 3
Step 4
We Submit and File Return
Step 4
Step 5
Acknowledgement is mailed to you.
Step 5
Step 6

TDS Return

TDS i.e. Tax Deducted at Source is a survey of collecting tax by the Indian Government at the time when a transaction takes place. The tax is required to be deducted at the time of payment or when money is deducted at the time of payment or when money is credited to the payer’s account, whichever is earlier.

Tax is deducted usually in a range of 1% to 10%. Apart from depositing the tax, the deduction should also file a TDS Return which is a quarterly statement to be given to the Income Tax Department (ITD). It is compulsory to submit TDS Return on time by the deductors.

TDS is deducted on:

  • Salaries
  • Commission
  • Rent
  • Professional services
  • Consultation services
  • Contract and Labor work
  • On winning Lotteries, Puzzles etc.

Eligibility criteria:

TDS Return can be filed by organizations or employers who avail a valid Tax Collection and Deduction Account Number (TAN). Deduction of tax at source is required for anyone who is making specified payments which are mentioned under the IT Act. Assesses who are liable to submit TDS Return electronically within due date.

Following are assesses who are liable to file quarterly TDS Return electronically:

  1. People holding an office under the Government
  2. People whose accounts are Audited under Section 44AB
  3. Company


FORM 24Q – TDS on Salary

FORM 26Q – For Companies and in any other cases

FORM 26QB – For Immovable property

FORM 27Q – For Non-residents and Foreign companies

Benefits for filing TDS Return:

  1. Helps in regular collection of taxes
  2. Offers an easy mode of tax payment to the payer
  3. Helps in spreading the entire tax payment over a number of months which makes it easier for the tax payer and reduces the burden of lump-sum tax payment to the taxpayer
  4. Ensures a flow of regular income to the Government

Penalty for delay in filing TDS Return:

According to Section 234E, a penalty of Rs.200/- per day shall be paid by the assessee until the time the default continues, if the assessee fails to file TDS Return before the due date. However, the total penalty should not exceed the TDS amount

Non-filing of TDS Return: if a person has furnished incorrect information or has not filed the return within one year from the due date of filing return, he/she shall be liable for penalty, which should not be less than Rs.10,000/- and not more than Rs.1,00,000

Why US:

I Connect Financial Solutions provide assistance in all kinds of registrations and return filing. We make the process easier, hassle-free as well as time and cost effective. We know the importance of time for working person thus understand, acknowledge and then give our best services. You just need to give us information and submit the documents we prepare return computation, get your approval and file the return for you before due date. Get associated with us we are just a call away!!

What You Get

(Choose Accordingly or set the turnover limits)

  • TDS return filing up to __entries (for one month)
  • Return filing for 1st quarter
  • Return filing for 2nd quarter
  • Return filing for 3rd quarter
  • Return filing for 4th quarter
  • Form 24Q, 26Q or 27Q (as per transaction & applicability)

TDS return form 16A (quarterly basis/you can add employee limit)

Frequently Asked Questions

  1. What is NSDL?
    • National Securities Depository Limited i.e. NSDL is the first and largest depository in India, which was established in 1996 for handling securities in dematerialized form.
  1. What is TAN?
    • Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumerical number. It is issued to people who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. TAN is used in all TDS Certificates, all TDS Returns and TDS payment challans.
  1. What is ASCII clean text format?
    • The e-TDS has to be in clean text ASCII format where the file name extension should be ‘txt’. The user can go for third party software, in-house software or the NSDL’s software which is Return Preparation Utility (e-TDS RPU Light) for the same.
  1. What is Challan Serial Number given by the Bank?
    • Bank Challan Number is a receipt number given by the bank branch where TDS is deposited. You are required to mention this challan number in the e-TDS return. Each challan deposited is given a separate receipt number.
  1. Is it mandatory to mention TAN in TDS Return?
    • Yes, it mandatory to mention the 10-digit (new) TAN in your e-TDS Return.
  1. What is BRC?
    • RBI has allotted a unique 7-digit code to each bank branch. This code is called as the Bank Branch Code, which is to be mentioned in the e-TDS Return.
  1. Where do I get BRC from?
    • You can get the BRC from the bank branch where TDS amount is deposited
  1. Are the forms used for e-TDS Return same as that for physical return?
    • Yes, the forms used for e-TDS Return are same as that for physical returns, however, e-TDS Return is to be prepared as a clean text ASCII file in accordance with the specified data structure prescribed by ITD.
  1. Is the Challan Identification Number compulsory?
    • Yes, the Challan Identification Number is compulsory for all non-Government deductors.
  1. Is PAN mandatory for deductors and employees/deductees?
    • It is important to quote PAN of all deductees failing which credit of tax deducted will not be given and PAN of the deductors has to be given by non-Government deductors.
  1. Is there any way I can check/verify whether the e-TDS Return prepared by me, conforms to the prescribed data structure or file format?
    • Yes, you can check/verify the e-TDS Return prepared by you, by using the File Validation Utility (FAU) which is freely downloadable from the NSDL TIN website.
  1. What is FVU?
    • File Validation Utility i.e. FAU is a program developed by NSDL, and it is used to ascertain whether the e-TDS Return file contains any format level errors.
  1. What are the platforms for execution of FVU?
    • Java has to be installed to run FVU for Quarterly Returns
  1. Can I update or add a Challan?
    • Yes, you can update as well add a Challan

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