TDS returns
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Start Your Tax Deducted at Source (TDS) Returns with OUTBAY
OUTBAY makes filing your TDS return service simple and efficient. Our platform can easily help you upload the relevant files, complete forms accurately, and submit them within the stipulated deadline to the Income Tax Department. Features of OUTBAY such as automated reminders for TDS return submission, real-time tracking, and easy connectivity with other banking apps facilitate hassle-free administration of TDS returns for you.
What Is TDS Returns?
TDS Returns (Tax Deducted at Source Returns) are quarterly statements filed by those entities that deduct tax at source. These returns contain details of the tax deducted and deposited to the Income Tax Department. TDS is levied to collect tax at the source of income, ensuring that there is always a steady inflow of revenues to the government and minimizing the evasion of tax.
Various types of forms are required to be used to file TDS returns, based on the type of deduction involved. For example,
Form 24Q: for TDS deducted from salary
Form 26Q: for TDS deducted on payments other than salaries
Form 27Q: for TDS deducted from interest, dividends or any other sum payable to a non-resident
Form 26QB: for TDS deducted on payments for immovable property
Form 26QC: for TDS deducted on rent
Form 27EQ: for TCS collected.
These returns help ensure that taxes are collected at the point of income and deposited with the government in a timely manner.
Our TDS Returns Services Include:
- Document Collection
- Form Preparation
- Validation and Verification
- Timely Filing
- Correction of Errors
- Compliance Management
- Real-Time TrackingList Item
- Automated Reminders
- Audit Support
- Detailed Reporting
Frequently Asked Questions
What is a TDS return, and who is required to file it?
A TDS return is a quarterly statement submitted to the Income Tax Department of India by deductors (employers or businesses) detailing the tax deducted at source from various payments like salaries, interest, rent, etc., and deposited with the government. Any person or entity responsible for deducting TDS must file TDS returns.
What are the various types of TDS returns that can be filed?
The types of TDS returns include:
- Form 24Q: For TDS on salaries
- Form 26Q: For TDS on all payments other than salaries
- Form 27Q: For TDS on payments to non-residents and foreign companies
- Form 27EQ: For TCS (Tax Collected at Source)
What documents are required for GST registration?
The due dates for filing TDS returns are as follows:
- Q1 (April-June): 31st July
- Q2 (July-September): 31st October
- Q3 (October-December): 31st January
- Q4 (January-March): 31st May
Filing late can result in penalties, including a late fee of ₹200 per day and interest on the outstanding TDS amount.
What is the procedure to file TDS returns online?
To file TDS returns online, follow these steps:
- Prepare the data: Gather all required information, including details of TDS deducted, challans for tax payment, and PAN numbers.
- Use TDS software: Use government-approved software to prepare the return file (Form 24Q, 26Q, 27Q, or 27EQ).
- Generate Form 27A: Form 27A is a summary of the TDS return.
- Submit the file: Log in to the TIN NSDL website (www.tin-nsdl.com) and upload the TDS return file.
- Verify with DSC: Verify the return using a Digital Signature Certificate (DSC) or through electronic verification (EVC).
- Acknowledge receipt: Download the acknowledgment receipt for future reference.
What penalties can be imposed for non-filing or incorrect filing of TDS returns?
Penalties for non-filing or incorrect filing of TDS returns include:
- Late filing fee: ₹200 per day until the return is filed, subject to a maximum of the TDS amount.
- Penalty for incorrect details: Up to ₹10,000 for furnishing incorrect details like PAN or TDS amount.
- Interest: 1.5% per month on the outstanding TDS amount from the due date to the actual date of deposit.
- Prosecution: In severe cases, the deductor may face prosecution and imprisonment ranging from three months to seven years.