Question: What Are The Documents Required For TDS Return?

What is the last date to file TDS returns?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsOctober31st December31st JanNovemberDecemberJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)9 more rows.

How can I know my TDS amount?

Check TDS OnlineStep 1: Go to 2: Register and Login to the portal.Step 3: Go to ‘My Account’ tab and click on view Form 26AS (Tax Credit)Step 4: Select year and PDF format to download the file and proceed further.Step 5: Open the downloaded file.More items…

What is TDS full name?

Income Tax Department > Tax Deducted at Source (TDS)

On what amount TDS is deducted?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.

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.

Who is eligible for income tax return?

If you are less than 60 years of age and your total annual gross income exceeds Rs. 2,50,000. If you are a senior citizen i.e. 60 years or above and below 80 years of age, and your total annual gross income exceeds Rs3,00,000.

What is the due date for TDS payment for April 2020?

8,400. In this case the due date to file TDS return for the second quarter of 2019 – 2020(July – September 2019) is October 31, 2019. Since Mr. Verma filed TDS return on April 4, 2020, there was a delay of 156 days….TDS Example (Where Penalty is More than TDS)ParticularsDaysMarch 202031April 20204Total1564 more rows•Apr 14, 2020

Who is responsible for filing TDS return?

27A in case of both e-TDS/TCS statements. Who is required to file e-TDS/TCS return? As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (i.e. e-TDS/TCS returns).

How can I file my first TDS return?

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 documents are needed to file income taxes?

Here are the 10 documents you must keep in handy while filing your ITR for FY 2017-18:Form-16. … Salary slips. … Interest certificates from banks and post office. … Form-16A/Form-16B/Form-16C. … Form 26AS. … Tax-saving investment proofs. … Deductions under section 80D to 80U. … Home loan statement from bank/NBFC.More items…•

How can I file TDS return?

STEP 1: Accessing the TDS Software. … Adding Deductors. … Starting Work on the Returns: Update the required data (challans,STEP 4: Verify the PAN of Deductees by using TRACES: … STEP 5: Challan Verification with OLTAS: … STEP 6: Validate the Return: … STEP 7: Generate FVU file and download to submit:

How many types of TDS is there?

two typesTDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the Income Tax Act, 1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax. The deductor is liable to provide this form to the deductee.

How do you show proof of income?

Ways to show proof of incomePay stubs. If you work a full-time or part-time job where you earn a regular paycheck, you’ll have access to a pay stub. … Tax returns. … Bank statements. … Letter from employer. … Social security documents. … Disability insurance. … Pension. … Court-ordered payments.More items…•

What happens if I do not file income tax return?

If you fail to file a tax return or contact the IRS, you are subject to the following: Penalties and interest will be assessed and will increase the amount of tax due. … If your return is over 60 days late, the minimum penalty for late filing is the smaller of $135 or 100% of the tax owed.

What is TDS example?

As the name suggests, the concept of TDS is to deduct tax at its source. Let us take an example of TDS assuming the nature of payment is professional fees on which the specified rate is 10%. … ABC, then XYZ Ltd shall deduct a tax of Rs 5,000/- and make a net payment of Rs 45,000/- (50,000/- deducted by Rs 5,000/-) to Mr.

Is it mandatory to file TDS return?

As per the Income Tax Act, 1961 and the Income Tax Rules, it is not mandatory to file a NIL TDS Return. As NIL TDS Return is not mandatory, the TRACES is having a problem distinguishing between: Deductors required to file the return but not filed the TDS Return.

Is there any penalty for revised TDS return?

Penalty under section 271H can also be levied if the deductor/collector files an incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector files an incorrect TDS/TCS return.