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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

Reasons to Register a Limited Liability Partnership

Penalty for delay in filing TDS Return

According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.

Non-filing of TDS Return

If an assessee has not filed the return within 1 year from the due date of filing return or if a person has furnished incorrect information, he/she shall also be liable for penalty. The penalty levied should not be less than Rs 10,000 and not more than Rs 1,00,000.

TDS Return Preparation Utility

Deductors/collectors are required to prepare e-TDS/TCS statements as per these file formats using, NSDL e-Gov. Return Preparation Utility or in-house software or any other third party software and submit the same to any of the TIN-FCs established by NSDL e-Gov.

Revised TDS Return

After submitting the return, if any error is detected, such as incorrect challan details or PAN not provided or incorrect PAN provided, the tax amount credited with the government will not reflect in the Form16/ Form 16A/ Form 26AS.

TDS Refund

TDS is the tax amount deducted at the time of payment. At the year end, while assessing the total tax liability, there is a difference between the total tax deducted during the year and the actual tax liability. If the tax deducted at the source is less than the actual tax liability

TDS Refund period

The excess TDS paid by the assessee gets refunded. The time period of TDS refund amount depends on whether you have filed your income tax return on or before the due date or not. If you have filed it on time, then excess TDS amount will be refunded between three to six months.

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