TDS i.e. Tax Deducted at Source, is the tax that has been deducted by the Government of India at the time of payments of some specific transactions including rent, commission, professional fees, salary, interest etc. TDS Return is the quarterly statement or summary of all the transactions related to the TDS made in the specific quarter. It includes the details of TDS that has been collected & deposited to the Income Tax Department by the deductor.
Benefits of TDS Return Filing
- Promotes Compliance
- Distributes Tax Burden
- Financial Discipline
- Accurate Reporting
- Easy Refunds
- Reduces Tax Evasion Penalties
TDS Return Filing Process
- Step 1 — Official portal of e- filing: First of all, you have to visit the official portal of e- filing.
- Step 2 — Log in to the portal: After that, you have to log in to the portal using your PAN card and password.
- Step 3 — Choose the option of ‘Prepare & Submit TDS Return’: You have to click on ‘e-File’ tab given in the menu bar and then select the option of ‘Prepare and Submit TDS Return’.
- Step 4 — Choose financial year and form type: You have to select the relevant year and form type for your TDS and then click on the option of ‘Continue’
- Step 5 — Enter the required details: Then, you have to enter all the required details including the TDS amount, PAN details of both deductor & deductee, and Tax deducted at source.
- Step 6 — Review and submit: After that you have review all your details and then click on the ‘Submit’ option.
- Step 7: Acknowledgment Receipt: If your TDS Return has been successfully submitted, you will get the acknowledgment receipt that you have to save or print for the future reference.
Documents Required For TDS Return Filing
- TAN Details
- PAN Details
- Last TDS Filing Details (if applicable)
- Incorporation Date of Company
- Bank Statement
- Number of Transactions Needed to File TDS Return
- The Name & type of the company
Conclusion
It is very important to control the tax deductions for doing the proper financial management by Filing TDS Return Online. Understanding the process properly is the evidence of your dedication. It is a great move to understand the TDS Return Filing Process in order to maintain the financial accuracy.