Question: Who Is Eligible For TDS Return?

Why TDS return is filed?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN).

Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary..

When can TDS be claimed?

Basically, credit of TDS on any income can be claimed only in the FY in which the income is actually earned and not in the year in which it is has been received. Any advance payment made to you during the year on which TDS has been deducted will not be allowed to be claimed as TDS credit in that year.

How is TDS calculated?

Here’s how an individual can calculate TDS on income: Add basic income, allowances and perquisites to calculate gross monthly income. Compute the available exemptions under Section 10 of the Income Tax Act (ITA) … Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income.

What happens if employer does not deduct TDS?

Penalty for companies for not depositing or not deducting TDS on time. The employer can make the interest payment on such late payment of TDS before filing TDS returns or demand raised by TRACES. Also, the interest paid delay while depositing TDS is not allowed as an expense under the income tax provisions.

How do you get form 16 if TDS is not deducted?

Originally Answered: Can I get Form-16 without TDS ? Form 16 is “Certificate of Deduction of Tax” by employer, if no tax is deducted, Form 16 cannot be issued. However you can ask your employer to give you a Salary Certificate. This practice is followed by most corporates.

What is penalty for late filing of TDS return?

Maximum Penalty Late filing of Form 24Q (Penalty under Section 234E) Rs 200 per day until TDS return is filed. Penalty amount should not exceed tax deducted. Non- filing of Form 24Q (Penalty under Section 271H) Rs 10,000.

What is required for TDS return?

The TDS return filed should contain details of the TAN and PAN number of the deductor, PAN number of the payee, amount of tax paid, details of TDS challan, mode of payment etc. To file TDS return the employer or the organization deducting TDS must have a valid Tax Collection and Deduction Account Number (TAN).

Is TDS refundable or not?

You can claim the credit in respect of taxes deducted at source and claim refund in the return of income. Please ensure that the TDS is reflected in your Form 26AS. Once the return of income is processed, you will be entitled to receive the refund of TDS.

How long does it take to get TDS refund?

Generally, it takes 20-45 days from the date of e-verification of ITR to get your refund credited. Recently, the linking of the PAN with the Aadhaar-PAN has been made “mandatory” for those filing an Income Tax Return (ITR) and this procedure has to be “completed” by March 31 this year.

How can I file TDS return of government?

To Upload TDS, the steps are as below:Step 1: In e-Filing Homepage, Click on “Login Here”Step 2: Enter User ID (TAN), Password, and Captcha. Click Login.Step 3: Post login, go to TDS → Upload TDS.Step 4: In the form provided, select the appropriate statement details from the drop.

What if TDS return is not filed?

As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS.

What is Form 27a for TDS returns?

Form 27A is a summary of e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ), which contains control totals of ‘Amount Paid’, ‘Income tax deducted at source’& ‘Tax Deposited (Total challan amount)’. … Form 27A is required to be furnished separately for each e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ).

Is it mandatory to file TDS return?

Legally there is no need to file Quarterly TDS Return/ Statement where no tax has been deducted at source. NSDL is also of the view that it is not at all compulsory to file NIL return, if deductor has not deducted any tax at source or if there is no transaction at all for a particular period.

What is TDS salary slip?

TDS on salary basically means that tax has been deducted by the employer at the time of depositing the salary into the employee’s account. The amount deducted from the employee’s account is deposited with the government by the employer.