Why TDS Return Is Filed?

What is the time limit for filing revised TDS return?

As there is a provision u/s 139(5) for expiry period of filling income tax return and on another side there is no provision for expiry period of filling revise/corrected TDS return, creates the problem for deductee facing income escape assessment & concealment penalty..

How many times we can file revised TDS return?

1. How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.

How can I get TDS refund?

You need to file a TDS refund claim when the employer has deducted more tax than the actual liability. You can claim the difference amount by filing an income tax return. You will have to provide the bank account number, name of the bank, and Indian Financial System Code (IFSC) details for successful processing.

What is TDS full name?

Income Tax Department > Tax Deducted at Source (TDS)

Who is responsible for filing TDS return?

27A in case of both e-TDS/TCS statements. Who is required to file e-TDS/TCS return? As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (i.e. e-TDS/TCS returns).

Can we file TDS return without Challan?

If you have not deducted any TDS and wants to file TDS return, in this case you can use NIL CHALLAN to file NIL TDS return. NIL TDS Return is with no deductions in deduction details and no challans (NIL CHALLAN Indication).

How is TDS penalty calculated?

Due Date of TDS Return :Delay in filing TDS Return (In Days) :Late fee for fiing TDS Return u/s 234E amounting to Rs 200 per day (maximum to TDS amount) :Penalty u/s 271H is applicable which is Rs 10,000 (may be exteded to Rs 1,00,000) :

What is the TDS percentage?

TDS Rates Applicable for Resident of IndiaTDS Rate (%)TDS Rates from 01.04.2020 to 13.05.20205 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)55 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016)5(a) 2 (b) 102 101 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 101 5 1022 more rows•7 days ago

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.

Can TDS return be revised?

Once you have filed your TDS returns with NSDL, you might realise that there is an error in the returns. … Whatever might be the case, the TDS return will have to be revised. To revise your TDS returns, you will need to have the consolidated file and justification report.

What is penalty for not filing TDS return?

Late filing fee (Sec 234E) Deductor will be liable to pay the way of fee Rs. 200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which statement was required to be filed.

How do I know my TDS return has been filed?

Step 1: Visit the income tax e-filing portal at the URL http://www.incometaxindiaefiling.gov.in/home. Step 2: Log in to the e-filing portal with your log in credentials. Step 3: Select the ‘View Filed TDS’ option under the ‘TDS’ tab.

Can we file first TDS return online?

Step 5: How to upload TDS return online on E-filing portal To file Tax Deducted at Source (TDS), user must visit NSDL website to prepare and generate the file.

How much is TDS on salary?

Section 192 of the Income Tax Act, 1961 deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from the salary payable to you….2. When is TDS Deducted under section 192.AgeMinimum incomeResident in India below 60 yearsRs 2.5 lakhSenior Citizens between 60 years and below 80 yearsRs 3 lakh1 more row•6 days ago

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.

Is there any annual return for TDS?

The due date to submit TDS return in Form 24Q for Q1 and Q2 of FY 2020-21 is 31 March 2021. At the time of paying salary to an employee, the employer deducts TDS u/s 192. The employer has to file salary TDS return in Form 24Q. 24Q is to be submitted on a quarterly basis.

What is TDS example?

Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.

Is it mandatory to file TDS return?

As per the Income Tax Act, 1961 and the Income Tax Rules, it is not mandatory to file a NIL TDS Return. As NIL TDS Return is not mandatory, the TRACES is having a problem distinguishing between: Deductors required to file the return but not filed the TDS Return.

What is the meaning of TDS return?

tax deducted at sourceTDS stands for tax deducted at source. … The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government.

What if TDS return is not filed?

As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS.

Is Form 27a mandatory?

Form 27A is required to be furnished separately for each e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ). … With effect from February 1, 2014, it is mandatory to submit Form 27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along with the TDS/TCS statement(s).