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WHO IS ELIGIBLE FOR TDS RETURN FILING?
TaxBuddy extends its TDS return filing online services to a diverse range of entities. Eligible entities include employers and organizations holding a valid TAN. Individuals subject to audit under Section 44AB and holding positions in government offices or companies are mandated to file online TDS returns on a quarterly basis.
TaxBuddy accommodates various deductors, ranging from individuals and groups of individuals to HUFs, limited companies, local authorities, associations of individuals, partnership firms, and more.
According to the Income Tax Act (ITA), TDS is applicable to various payouts, including
Salary income
Income on securities
Insurance commissions
Payouts towards NSC
Earnings from winning horse races, lotteries, puzzles,
and similar sources.
Understanding TAN with TaxBuddy
TAN stands for Tax Deduction and Collection Number.It is a 10-digit alphanumeric identifier mandated for individuals responsible for deducting or collecting tax at the source.
Salaried Individuals Exemption: Salaried individuals are exempt from obtaining TAN or participating in tax deduction at the source.
Entities Requiring TAN: TAN is imperative for proprietorships and various entities making specific payments such as salaries, contractor payments, or rent exceeding Rs. 2,40,000 per year.
TaxBuddy's TAN Registration Support: TaxBuddy, through its professionals at IndiaFilings, provides support in acquiring TAN registrations.Expertise is offered to ensure a smooth and accurate TAN registration process.
Quarterly TDS Returns Obligation: Entities with a valid TAN registration are obligated to file quarterly TDS (Tax Deducted at Source) returns.
Tax Deducted at Source (TDS)
Deduct the right amount of tax, maintain proper documentation, and submit your TDS returns
What is a TDS Certificate?
TDS Certificate Importance:
After deducting TDS, it is essential for the deductor to furnish a TDS Certificate. Validating tax credits becomes easy for the deductee with a legitimate TDS Certificate from TRACES.
TDS Certificate Features:
TDS Certificates from TRACES feature a unique 7-digit certificate number. They also include a TRACES watermark for authenticity.
TaxBuddy's Emphasis on Preservation
TaxBuddy emphasizes the importance of preserving TDS certificates diligently. Proper documentation is crucial for deductees for a smooth tax journey.
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Issuance Frequency for TDS Certificates:
TDS certificates for non-salary payments are issued quarterly. Those related to salary payments are provided annually.
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Expert Support for a Hassle-Free Tax Journey:
TaxBuddy provides expert support to ensure deductees have the necessary documentation for a hassle-free tax journey.
Required Documents For TDS Return Filing With Taxbuddy
Navigating the intricacies of TDS return filing is simpler when armed with the right documents. At TaxBuddy, we prioritize your ease of compliance. Here are the essential documents you need:
General Documents for TDS Return Filing:
1
TDS Certificates
Gather all TDS certificates, providing a detailed record of tax deducted at source.
2
Tax Payment Challans (Self-assessment, Advance Tax)
Keep records of tax payment challans for self-assessment and advance tax payments made.
3
PAN Card Details
Ensure you have accurate PAN card details for both deductors and deductees.
4
Response to Income Tax Department Notices
If you've received a notice from the Income Tax department, have details of the original return or the notice response.
5
Bank Account Information
Maintain comprehensive details of all bank accounts involved in the TDS transactions.
TDS Certificates and Due Dates
Uncover details about TDS certificates issued against different TDS forms, along with due dates for filing forms related to specific quarters.
Sl No | Q | Details |
|---|---|---|
1 | Statement of tax deducted at source on salaries. | |
2 | Certificate of tax deducted at source on interest and dividend payable to NRIs and foreign companies. | |
3 | Statement of tax deducted against the payment of immovable property. | |
4 | 27Q | Certificate of tax deducted at source on interest and dividend payable to NRIs and foreign companies. |
5 | Statement of TCS. |
TDS Return Filing Deadlines: Stay Informed with TaxBuddy
1
QUARTER 1
31st July
2
QUARTER 2
31st October
3
QUARTER 3
31st Jan
4
QUARTER 4
31st May
Navigating TDS Return Filing Penalties with TaxBuddy
Ensuring compliance with TDS rules is paramount, and non-compliance may lead to penalties, manifesting as fees and interest on the taxable amount.
Penalty Types: TaxBuddy understands the diverse penalties involved, such as:
Regulation Regarding Tax Deduction:
-
Tax deduction delays invite a 1% monthly interest penalty until the deduction occurs.
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Failure to deduct may restrict the person responsible from determining taxable profit from total expenditure.
Regulations Regarding TDS Payment:
-
Taxpayers must remit the taxable sum to the Government of India by the 7th day of the month succeeding tax filing.
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Non or late TDS payment attracts a 1.5% monthly penalty on the total payable sum until deposited.
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3. Regulations Regarding TDS Return Filing:
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TDS returns should be diligently filed on the 31st day of January, May, July, and October each financial year.
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Non-filing or late filing accrues a Rs.200 daily penalty (Section 234E of the Income Tax Act) until the return is submitted, capped at the total tax levied.
Simplify TDS with TaxBuddy: Comprehensive Solutions for Easy Filing"
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1. TDS Return Filing:
We facilitate seamless TDS return filing for businesses and individuals and support the filing of various TDS returns such as Form 24Q, 26Q, and 27Q. Users can easily upload the necessary details, reconcile TDS data, and generate the required TDS return files for submission to the income tax department.
2. TDS Compliance:
We ensure TDS compliance by keeping users updated on the latest TDS rules and regulations. The platform provides comprehensive guidance on deducting the correct TDS amounts, adhering to TDS rates, and complying with filing timelines. Through regular updates and alerts, TaxBuddy.com assists businesses in staying compliant with TDS regulations, minimizing the risk of penalties and ensuring smooth interactions with tax authorities.
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3. TDS Reconciliation & Reporting:
We offer robust TDS reconciliation and reporting features. The platform enables users to reconcile TDS deducted with TDS deposited, helping to identify and rectify any discrepancies. Detailed reports provide insights into TDS deductions across different heads, making it easier for businesses to ensure accuracy in their financial records.
Frequently asked questions
Q
When is the TDS return due date?
A
The TDS return due date is typically on the 31st of July for the first quarter, 31st of October for the second quarter, 31st of January for the third quarter, and 31st of May for the fourth quarter of the financial year.
Q
What is the due date for filing TDS return?
A
The due date for filing TDS return is on or before the 31st of July for the first quarter, 31st of October for the second quarter, 31st of January for the third quarter, and 31st of May for the fourth quarter of the financial year.
Q
How can I file TDS return online?
A
TDS return can be filed online through the Income Tax Department's e-filing portal. You need to log in, select the appropriate form, fill in the details, and submit the return online.
Q
What is the TDS return filing due date for FY 2020-21?
A
The TDS return filing due date for FY 2020-21 is on or before the 31st of July 2021 for the first quarter, 31st of October 2021 for the second quarter, 31st of January 2022 for the third quarter, and 31st of May 2022 for the fourth quarter.
Q
What is the TDS return filing due date for FY 2021-22?
A
The TDS return filing due date for FY 2021-22 is on or before the 31st of July 2022 for the first quarter, 31st of October 2022 for the second quarter, 31st of January 2023 for the third quarter, and 31st of May 2023 for the fourth quarter.
Q
When is the TDS return filing date?
A
The TDS return filing date is on or before the 31st of July for the first quarter, 31st of October for the second quarter, 31st of January for the third quarter, and 31st of May for the fourth quarter of the financial year.
Q
What is the penalty for late filing of TDS return?
A
The penalty for late filing of TDS return can vary, but it is generally Rs. 200 per day of delay. The amount may increase based on the duration of the delay and the amount of TDS.
Q
What is the TDS return filing due date for FY 2022-23?
A
The TDS return filing due date for FY 2022-23 is on or before the 31st of July 2023 for the first quarter, 31st of October 2023 for the second quarter, 31st of January 2024 for the third quarter, and 31st of May 2024 for the fourth quarter.
Q
What is the procedure for TDS return filing?
A
The procedure for TDS return filing involves logging into the Income Tax Department's e-filing portal, selecting the appropriate form, entering the required details, verifying the information, and submitting the return online.
Q
What is the last date to file TDS return?
A
The last date to file TDS return is on or before the 31st of July for the first quarter, 31st of October for the second quarter, 31st of January for the third quarter, and 31st of May for the fourth quarter of the financial year.
Q
What is TDS return filing, and why is it important?
A
TDS return filing is the process of submitting details of tax deducted at source. It is crucial for businesses and individuals who deduct TDS to comply with tax regulations. Filing TDS returns ensures accurate reporting and adherence to tax laws.
Q
How can TaxBuddy simplify the TDS return filing process?
A
TaxBuddy streamlines TDS return filing by providing a user-friendly platform. You can enter TDS details, generate the required forms, and submit your returns online. Our system ensures accuracy and compliance with TDS regulations.
Q
Which TDS return form should I use, and how can TaxBuddy assist in selecting the right one?
A
TaxBuddy guides you in selecting the appropriate TDS return form based on your specific requirements. Our platform ensures that you use the correct form for accurate reporting, minimizing errors and potential issues.
Q
Can TaxBuddy assist in filling out the TDS return form accurately?
A
Absolutely. TaxBuddy provides step-by-step guidance to fill out the TDS return form accurately. Our platform includes validation checks to minimize errors and ensure that your TDS return is filed correctly.
Q
Is it mandatory for TDS return filing online, and how does TaxBuddy facilitate online filing?
A
No, it is not mandatory to file TDS returns online. But, TaxBuddy simplifies this process by providing an online platform where you can enter TDS details, generate forms, and submit returns electronically, ensuring efficiency and compliance.
Q
Can I track the status of my TDS return filing online with TaxBuddy?
A
Absolutely. TaxBuddy allows you to track the status of your TDS return filing through your dashboard. Real-time updates keep you informed about the progress, providing transparency and peace of mind.
Q
How does TaxBuddy determine the TDS return filing date for users?
A
TaxBuddy considers the specific quarter and associated due dates to determine your TDS return filing date. Our platform provides personalized notifications and reminders, ensuring you file your TDS returns on time.
Q
Can TaxBuddy assist in meeting last-minute TDS return filing deadlines?
A
Yes, TaxBuddy's timely reminders and efficient platform are designed to help you meet even last-minute TDS filing deadlines. Our goal is to keep you on track and compliant with TDS regulations.