Question: What Is TDS Return Filing?

Can TDS return be revised?

Points to Ponder While Filing a Revised TDS Return Online changes can be done only in the PAN and challan.

For any other revision in the return, one needs to make changes through TIN-FC.

Only those TDS returns can be revised, the statements for which is issued after the fiscal year 2007-08..

Is TDS is refundable?

You can claim the credit in respect of taxes deducted at source and claim refund in the return of income. Please ensure that the TDS is reflected in your Form 26AS. Once the return of income is processed, you will be entitled to receive the refund of TDS.

Is TDS deducted every month?

An employer is required to deduct TDS at the time of payment of salary to employees. Since the employer is paying salary every month, he is liable to deduct TDS every month else he shall be liable to pay interest and penalty.

When we can claim TDS refund?

A person can claim the refund of the excess tax paid/deducted during a financial year by filing his or her income tax returns for that year. As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the refund.

Is it mandatory to file TDS return?

As per the Income Tax Act, 1961 and the Income Tax Rules, it is not mandatory to file a NIL TDS Return. As NIL TDS Return is not mandatory, the TRACES is having a problem distinguishing between: Deductors required to file the return but not filed the TDS Return.

How is TDS calculated?

Here’s how an individual can calculate TDS on income: Add basic income, allowances and perquisites to calculate gross monthly income. Compute the available exemptions under Section 10 of the Income Tax Act (ITA) … Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income.

What if TDS return is not filed?

A person who fails to file the TDS/TCS return or does not file the TDS/TCS return by the due dates prescribed in this regard has to pay late filing fees as provided under section 234E and apart from late filing fees he shall be liable to pay penalty under section 271H.

How do you get form 16 if TDS is not deducted?

Originally Answered: Can I get Form-16 without TDS ? Form 16 is “Certificate of Deduction of Tax” by employer, if no tax is deducted, Form 16 cannot be issued. However you can ask your employer to give you a Salary Certificate. This practice is followed by most corporates.

Who can file TDS return?

TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are: PAN of the deductor and the deductee.

What is TDS 24q?

Form 24Q is an online TDS return form used for the amount deducted on salary under section 192 of the Income Tax Act. It is a quarterly compliance form. One can submit Form 24Q online as well as offline.

What is a good TDS ratio?

While the guidelines state that your GDS should be no more than 32% and your TDS should be no more than 40%, most borrowers with good credit and a reliable income will be allowed to exceed these guidelines.

What is TDS and TDS return?

1. What is TDS? TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.

What is the meaning of TDS return?

Tax Deducted at SourceTDS stands for ‘Tax Deducted at Source’. … TDS works on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at source and deposit the same into the government’s account.

What is the minimum amount for TDS deduction?

Rs. 30,000Minimum Amount of Payment for Deduction of TDS under Section 194C. If the payment that is being made to the contractor does not exceed Rs. 30,000, No TDS on payment to contractor is required to be deducted. However, if the total of all such payments made or to be made during a financial year exceeds Rs.

What is penalty for late filing of TDS return?

Late filing fee Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS.

Is TDS and income tax same?

Income tax: It is paid on the annual income where taxes are computed for a particular financial year. TDS: It is deducted at source on a periodic basis in the particular year. Income Tax: The taxpayer determines his liability and makes the payment directly to the government.

What is current TDS rate?

TDS Rates Applicable for Resident of IndiaTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.2020TDS Rates from 14.05.2020 to 31.03.20211 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 100.75 3.75 7.510 210 27.5 1.510107.510107.522 more rows•Sep 29, 2020

Is TDS return date extended?

Getty Images Last year too, the govt had extended the last date for filing TDS returns for FY 2018-19 to June 30, 2019 and deadline to issue Form 16 to July 10, 2019. The government, on May 13 announced the extension of income tax return (ITR) filing deadline for FY 2019-20 to November 30, 2020 from July 31, 2020.

What is the due date for filing of TDS return?

No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India, the due date for filing of TDS/TCS return for Q1 & Q 2 of FY 2020-21 is 31st March 2021….TDS Due Dates of FY 2020-21 for Return Filing.QuarterPeriodLast Date of Filing2nd Quarter1st July to 30th September31st March 20213 more rows•Aug 12, 2020

What is required for TDS return?

The TDS return filed should contain details of the TAN and PAN number of the deductor, PAN number of the payee, amount of tax paid, details of TDS challan, mode of payment etc. To file TDS return the employer or the organization deducting TDS must have a valid Tax Collection and Deduction Account Number (TAN).

How can I file TDS return of government?

To Upload TDS, the steps are as below:Step 1: In e-Filing Homepage, Click on “Login Here”Step 2: Enter User ID (TAN), Password, and Captcha. Click Login.Step 3: Post login, go to TDS → Upload TDS.Step 4: In the form provided, select the appropriate statement details from the drop.