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How to File TDS Return?

TDS is the tax deducted at source by the employer/payee on employee’s behalf. Know to file your TDS return here.

  • Feb 08, 2022

TDS is the income tax withheld by the persons who make various payments, such as rent, profit, service charges, wage, interest, and so on. TDS on income is a tax that is deducted by the employer from an employee’s salary. The purpose of TDS was to collect tax directly from the source of revenue. The submission of TDS return is required for all tax payers who fall within the Income Tax Department’s tax slabs. TDS return must be e-filed, which may be done using the authorized Income Tax e-filing system, and TDS return must be filed on time by the deductors. The information of the TDS return will appear on the payee’s Form 26AS once they have been filed online. To make the process easier, we’ll guide you through the steps of filing a TDS return.

Before you begin the filing process, double-check that you have the following information.

  • Both the deductee and the deductor have a Permanent Account Number (PAN).
  • Information from the TDS challan.
  • The sum of money collected in taxes by the government.
  • Any more essential information, if applicable.

Step by Step Guide for Filing TDS Return

Step 1:

First, Form 27A, which has numerous fields, should be entirely filled out. If a printed copy of the form is filled out, it must be checked together with the digitally submitted e-TDS return.

Step 2:

The TDS and the total amount deducted must be punched in accurately and totaled in their corresponding forms.

Step 3:

Under Form 27A, the TAN of the company submitting the TDS filings must be stated. Whenever the wrong TAN is provided, the verification procedure gets more complex.

Step 4:

The TDS returns must include the relevant challan number, form of payment, and tax information. There will be a discrepancy if there are any inaccurate facts in the dates of payments or challan numbers, and the TDS returns will also have to be lodged afresh.

Step 5:

The basic form for submitting an e-TDS should be utilized since it will ensure uniformity. To make tallying easier, the 7-digit BSR should be provided. The BSR is a code given by the Reserve Bank of India to all the registered banks and is used for filing TDS/TCS returns.

Step 6:

TDS returns must be delivered to the TIN-FC in person. The NSDL is in charge of all TIN-FCs. If you want to submit your returns electronically, go to the NSDL TIN’s official website. However, if TDS returns are filed electronically, the deductor must use a level 2 digital signature.

Step 7:

If all of the information supplied is correct, you will be given a token number or a provisional receipt. This acknowledgement serves as proof that the TDS Returns were properly submitted. A non-acceptance note is provided if the TDS Returns are denied, along with the grounds for the refusal. TDS Returns must be submitted anew in such circumstances.

Tax Benefit

TDS does not necessarily imply a deduction from your earnings. There is also the option of filing a TDS refund claim and tax benefits. Filing TDS returns reduces the lump-sum tax payment at the end of the year by splitting the amount across several months. As a result, the burden on taxpayers is reduced. You will be entitled to a TDS return claim if the TDS paid exceeds the amount specified in the tax slab.

To summarize, filing a TDS return online will be quite simple if you carefully follow the instructions outlined above.

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