Online TDS Payment and Return filing

TDS (Tax Deducted at Source) is a method for the Indian government to collect taxes. If a company or firm makes a payment that exceeds certain thresholds, TDS is deducted. This money is then deposited with the Income Tax Department. Typically, tax deductions are within the range of 1 to 10 percent. Get your TDS returns filed today!  

How do we help in Filing TDS Return ?

  • We calculate your TDS payments every month
  • We will help you in paying right amount under right section
  • Error free TDS return filing
  • Adherence to compliance with regulations
  • TDS return revisions, if needed.

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Online TDS Return Filing/ E Filing of TDS Return in India

An Overview - Online TDS Return Filing in India

Tax Deduction at Source (TDS) is a method designed by the Indian government to collect tax directly from an individual's source of income. This method was implemented to reduce tax evasion by collecting taxes partially or entirely at the site where income is earned.

TDS return is a quarterly report of tax deducted and remitted to the Income Tax Department.

Every deductor is required to file a tax return and pay income tax on time. TDS return is a summary of all TDS entries deducted and paid to the Income Tax Department.

We, KNAP Advisory, assist you in estimating the TDS liability to be paid through monthly challans based on the information you give and complete quarterly TDS return filings.

Benefit

Benefits of Online TDS Return Filing

If you file your TDS returns on time, it simplifies tax monitoring for both the deductee and the revenue authorities.

The government receives a consistent flow of revenue as a result of this. -Helps ensure that the government is able to collect taxes efficiently so that the money may be put toward improving the welfare of the nation.

The TDS credit statement 26AS assists the deductee in claiming a refund from revenue authorities.

As the tax is paid on a monthly basis, the deductee is relieved of the stress of making a lump-sum tax payment and is able to avoid interest penalties for late payment of income tax at the time of filing the income tax return.

  • Step I : The TIN NSDL website - https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html - has provided notification of the data structure or file format in which the e-TDS / e-TCS return must be created.
  • Step – II : In compliance with the file formats, the E-TDS/E-TCS return must be prepared in ASCII text format. The extension of the filename should be.txt, E-TDS/E-TCS returns may be created using the Return Preparation Utility. This utility might be provided by NSDL or a third-party software.
  • Step – III : After creating the file according to its format, the NSDL File Validation Utility should be used to validate it (FVU).
  • Step – IV : If any errors are found in the report, the FVU will generate an error report. Make the required adjustments. Verify the file again with the FVU.
  • Step – V : Upload the generated.fvu file to the incometaxindiaefiling.gov.in website. Or subitted the FVU along with signed form 27A to the Authorised NSDL centers.
  • Note: For online TDS/TCS return upload, registration at http://incometaxindiaefiling.gov.in/ is necessary.

 

Documents required for TDS Return Filing

The following items are the necessary paperwork for submitting the TDS return:-

  • Details of Tax Deduction Account Number (TAN)
  • Details of Permanent Account Number (PAN) of deductees.
  • Old Tax Deduction at Source (TDS) return filing (The last one, if applicable)
  • The TDS return period for which it is filing.
  •  Number of financial transactions for the submission of TDS return
  • Transactions on which TDS required to deduct.
  • TDS Deducted
  • Nature of Transaction
  •  TDS Payment Challans
  • Type of the deductee- Partnership/company/LLP/Proprietorship
  • Details of Authorised Signatory (In case of deductor is other than Proprietorship Firm)

 

HELP & FAQs

What is TDS return filing?

TDS return is a quarterly report of tax withheld and paid to the Income Tax Department.

Is TDS return filing necessary?

Quarterly TDS returns must be filed by every entity obligated to deduct or collect tax at source in accordance with the rules of the Income Tax Act, 1961.

What is the due date of TDS return filing?

TDS returns are due every three months. The return must be submitted on time to avoid any fines.
1st Quarter (Apr-Jun) : 31st July
2nd Quarter (Jul-Sep) : 31st October
3rd Quarter (Oct-Dec) : 31st January
4th Quarter (Jan-Mar) : 31st May

What is meant by revised TDS return filing?

If you made a mistake when completing your online TDS return owing to an inaccuracy in PAN or other information, the tax amount credited will not be recorded on Form-26AS/ Form-16A/ Form 16. You must submit a revised TDS (Tax Deductions At Source) report to the Income Tax Department in order to rectify the situation.

 

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We have been especially crucial in ensuring startups are compliant with India's complex legal structure. We accept responsibility and obligation on behalf of the business owners and co-founders for adhering to all legal requirements. We strive to deliver a wide range of quick, effective, and compliance-focused services to any company or individual with a startup mentality. We are abide by our motto:- We Care, We Deliver, We Honor.