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TDS Returns: Eligibility, Filing Process, Due Dates & Revised TDS Return
Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.
Tax is deducted usually over a range of 1% to 10%.
Validation of the TDS Return File
The procedure for the validation of TDS return file is given below:
- Fill in the required details in the file
- After filling in the details, update it in the portal validation utility tool
- The tool is available on NSDL website for free
- In case any error is found in the file, FVU will provide a report for the same
- Make the necessary changes and verify the file again through the FVU
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