Quick Answer: Who Can File TDS Return?

Can I file TDS return myself?

To file Tax Deducted at Source (TDS), user must visit NSDL website to prepare and generate the file.

Enter the following required details: FVU Version….File E-TDS Return online- Now no need to visit Facilitation Centre.StepsParticularsStep 2Click ‘Login Here’ button located at right side of the Home Page.4 more rows•Feb 24, 2020.

What is TDS full name?

According to the Indian tax system, Tax Deducted at Source (TDS) is an essential term in taxation that has a significant bearing on the taxpayers. It is a means of collecting income tax by the government and offers convenience to the deductee as it is deducted automatically.

What is the due date for TDS payment for April 2020?

8,400. In this case the due date to file TDS return for the second quarter of 2019 – 2020(July – September 2019) is October 31, 2019. Since Mr. Verma filed TDS return on April 4, 2020, there was a delay of 156 days….TDS Example (Where Penalty is More than TDS)ParticularsDaysMarch 202031April 20204Total1564 more rows•Apr 14, 2020

What is TDS and TDS return?

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.

How can I download TDS return?

Steps to Download Conso File of TDS Return from TRACESLog in to your TRACES account. … Navigate to Conso File. … Select the Financial Year, Quarter and Form Type. … KYC Validation. … Option 1: KYC Validation using DSC. … Enter the password of DSC and enter the following details: … Request for Conso File.More items…•

How is TDS on salary 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.

How TDS return is filed?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.

Is there any penalty for revised TDS return?

Penalty under section 271H can also be levied if the deductor/collector files an incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector files an incorrect TDS/TCS return.

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.

How can I file TDS return in NSDL?

Step 1: Click on “Login Here”, from E-Filing Homepage.Step 2: Enter User ID (TAN), Password and Captcha and then click Login.Step 3: After login, to go TDS->upload TDS.Step 4: In the form given, select the proper statement details from the drop down boxes for:Step 5: To Validate Statement details, Click Validate.More items…•

What is TDS example?

As the name suggests, the concept of TDS is to deduct tax at its source. Let us take an example of TDS assuming the nature of payment is professional fees on which the specified rate is 10%. … ABC, then XYZ Ltd shall deduct a tax of Rs 5,000/- and make a net payment of Rs 45,000/- (50,000/- deducted by Rs 5,000/-) to Mr.

In which form TDS return is filed?

Form 24Q. It is used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961. It has to be submitted on a quarterly basis by the deductor. It contains details like salaries paid and the TDS deducted of the employees by the employer.

Who can sign TDS return?

(b) Form No. 16A if the deduction is under any other provision of Chapter XVII-B. If the person (Deductor) Who is deducting tax at source from the payment of some one (deductee) has responsible to deduct, then the same one has to sign in the certificate to conform his deduction.

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).

Can we file TDS return without software?

Upload FVU file directly in your TDS Account present on the Income Tax website. However, one can also use the govt authorized Gen TDS software free utility which the taxpayer can free download as Gen TDS return filing software utility for all his filing requirements.

What is the last date for filing TDS return?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsOctober31st December31st JanNovemberDecemberJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)9 more rows•Sep 29, 2020

Is TDS return date extended?

Note: The due date for filing of return has been extended to December 31, 2020 vide Press Release, dated 24-10-2020.

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.

What is 26q TDS return?

At the time of paying to the payee, the payer has to deduct TDS on certain occasions. … This payment is other than payment of salary, and the payer has to file TDS return in Form 26Q. 26Q is to be submitted on a quarterly basis.

What is the 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

On what amount TDS is deducted?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.