The due date for filing TDS returns under Income Tax is defined as below;
1st Quarter April –June – 31st July
2nd Quarter July –Sep – 31st Oct
3rd Quarter Oct –Dec – 31st Jan
4th Quarter Jan –Mar – 31st May
As per, Section 192 of the Income Tax Act, every person responsible for paying any income which is chargeable under the head ‘Salary’ should deduct TDS on the estimated income of the employee.
A person deducting tax is responsible for deposit of tax in the government treasury every month by 7th of following month, and for the month of March, the tax shall be deposited by 30th of April.
A person deducting & depositing TDS is required to file the quarterly TDS returns, and the issue of TDS certificates/Form16.
Different Forms are required to be submitted for the different source of income. For instance,
- The details of salary paid to the employees and TDS deducted on such payment is to be reported in Form 24Q.
- For TDS deducted on the professional income Form 26Q is to be filed.
- TDS deducted on payment made to NRI, such payment & taxes is to be reported in Form 27Q.
2. PRE-REQUISITE FOR TDS Return Filing
(a) Valid TAN Number
(b) Software /Return Preparation Utility (RPU), for preparing the TDS Statement.
(c) In-built File Validation Utility (FVU) for validation.
(d) CSI File. 2.1 will be auto-fetched from NSDL.
(e) Maintain deductee details and challan details at the time of preparation of the TDS Statement in specified excel template.
(f) Upload above-mentioned excel sheet to prepare TDS return.
It would save time when dealing with large data volume, by not referring/entering the individual details one by one at the time of preparation of TDS return.
3. PREPARATION OF FORM 24Q/26Q/27Q STATEMENT
Above-mentioned Forms can be prepared online by using https://www.taxspanner.com/file-tds-return or NSDL e- TDS Return Preparation Utility.
4. Case Study on How TaxSpanner helped a big IT company streamline its TDS compliance process
5. STEP BY STEP GUIDE TO PREPARE E-TDS RETURN
For step by step guide for preparing and filing TDS Forms using https://www.taxspanner.com/file-tds-return, refer the below link:
