Understanding TDS Returns
- Filing a TDS (Tax Deducted at Source) return in India is a crucial process for entities that deduct tax on behalf of the government.
- This includes employers, banks, and companies, all of whom must submit quarterly statements to the Income Tax Department detailing the TDS they have deducted and deposited.
Who Needs to File TDS Returns?
- Any entity that deducts TDS is required to file TDS returns quarterly.
- This responsibility falls on various organizations, such as companies and financial institutions, ensuring that the tax collection system functions effectively.
- The filing involves submitting essential information like the Tax Deduction and Collection Account Number (TAN), PAN of both the deductor and deductees, and other relevant challan and deduction details.
Steps to File TDS Returns Online
- To file your TDS return online, follow these steps:
- Make Excel sheet with payment date, Challan Date,BSR Code, Pan Number, Vendor Name, Taxable Amount & TDS Amount etc.
- Prepare TDS Return File: Utilize the Return Preparation Utility (RPU) or TDS software to compile necessary deductee and challan details.
- Validate Your File: Use the File Validation Utility (FVU) to ensure accuracy before preparation of the .txt file.
- Login to the TRACES or Income Tax Portal: Access the portal via this link using your TAN credentials.
- Upload TDS Return: Select the appropriate return form (24Q for salaries, 26Q for non-salaries, etc.) and upload your validated .fvu file.
- Receive Acknowledgment: Upon successful upload, obtain and save your acknowledgment number as proof of submission.
- By adhering to this guide, you can ensure that your TDS returns are filed correctly and on time, avoiding any penalties or complications with the tax authorities.
Due Dates for TDS Returns
- Q1- Apr To Jun – Due Date 31st July
- Q2- Jul To Sep – Due Date 31st Oct
- Q3- Oct To Dec – Due Date 31st Jan
- Q4- Jan To Mar – Due Date 31st May
