Tax Deducted at Source, as the name signifies, refers to deduction of tax from the source of income. The details furnished in the TDS Returns are captured in Form 26AS for the deductee, basis which they can avail the credit of the TDS, while filing their Income Tax Returns.
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TDS is generally required to be deducted at the time of payment getting due or actual payment, whichever is earlier.
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Tax deducted up to the month of February (in a Financial Year) is required to be deposited on or before 7th of the next month. However, tax deducted in the month of March can be deposited on or before 30th April of the financial year immediately following the financial year in which tax has been deducted.
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After deducting and remitting the taxes to the Central Government, the deductor is required file a statement with the Income Tax Department showing the details of taxes deducted and deposited during a particular period to substantiate that the quantum of taxes deposited is in line with the taxes deducted. This statement is known as TDS Return.
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TDS Returns are required to be filed quarterly.
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TDS Returns are filed in the various forms depending on the purpose of deduction. Following forms are available for TDS Return filing:
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The failure to remit TDS in the government’s account within stipulated time-limit would attract interest, penalty and rigorous imprisonment of up to seven years.
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Step by Step procedure to file TDS Returns is as follows:
e-TDS Return is required to be prepared (using departmental utility or third-party software) in clean text ASCII format with ‘.txt’ as filename extension.
Verify the prepared file using the File Validation Utility (FVU) provided by NSDL. In case file has any error, FVU file will give its report. Rectify the errors and verify the file again through FVU.
Generated .fvu file can be submitted at TIN-Facilitation Centre or uploaded at www.incometaxindiaefiling.gov.in website using TAN based login feature of the e-filing portal.
Request for downloading TDS certificates is required to be submitted on traces portal. Deductor is liable to download and issue TDS certificates in Form 16/16A to the deductee. These certificates serve as a proof that the deductor has deducted and deposited the taxes with the government and TDS credit can be accordingly claimed by the deductee.
PAN of the deductor.
PAN of the deductee
Amount of taxes paid to the government.
TDS Challans (They reflect the basic details pertaining to taxes paid).
DSC (Digital Signature Certificate) of the Authorized Signatory.
TDS Returns are required to be filed by every person who is deducting taxes. Every person includes Companies, Limited Liability Partnerships, Partnership Firms, Individuals etc. who have a valid Tax Collection and Deduction Account Number (TAN).
The delayed or Non-filing of TDS returns have following consequences:
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Status of TDS Returns can be checked on www.tin-nsdl.com. At the home page, go to Services>e-TDS/e-TCS>Status of TDS/TCS Statements. The details which are required to be entered are TAN of deductor and Provisional Receipt Number (PRN) of the statement whose status is being checked.
TDS Certificates are issued by the deductors to the deductee as a proof to the fact that the TDS has been deposited and returns have been filed so as to let the deductee claim the necessary amount of TDS Credit. Two types of TDS Certificates include:
A TDS Return which has been filed with some errors can be revised by filing the Correction Statements on www.tdscpc.gov.in. Correction can be done offline as well as online and can be done multiple times.
TDS Returns are compulsorily required to be filed by the deductors as non-filing or late filing will attract fees, penalties and interests and may also qualify the deductor as an ‘Assessee in default’. Non-Compliance of TDS Provisions can result in fees, interest and penalties for the deductors. Following are the penal consequences of TDS returns: