File your TDS return without hassle
Starting From ₹ 2,499
Get Enquirer Now
TDS Return Filing
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and An Individual or a Hindu Undivided Family whose total sale, gross receipts or turnover from business or profession carried on by him exceeds the monetary limits under Clause (a) or (b) of Sec.44AB during the preceding financial year shall also be liable to deduct tax u/s.194A,194C,194H, 194I & 194J. All persons deducting or collecting Tax at source are required to apply for and obtain a Tax Deduction/Collection Account Number (TAN)and Quarterly return will be filed.
1. What is e-TDS Return?
e-TDS return is a TDS return prepared in form No. 24, 26 or 27 in electronic media as per prescribed data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A.
2. Who is required to file e-TDS return?
As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS return is optional.
3. Under what provision the e-TDS return should be filed?
An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred.
4. Payments are made to employees and contractors. In such a case, TDS return is required to be submitted in a single Form or separate form is required for employees & contractors.
For tax deducted at source from salary paid to employees, the annual return for tax deducted at source up to financial year 2004-2005 is to be filed in Form 24 and from financial year 2005-2006 onwards, the quarterly returns are to be filed in Form 24Q. Similarly, in case of payments mad to contractors, Form 26 will have to be filed for deduction made up to financial year 2004-2005 and Form 26Q on a quarterly basis for deductions made from financial year 2005-2006 onwards.
5. Who is the e-Filing Administrator?
The CBDT has appointed the Director General of Income-tax(Systems) as e- Filing Administrator for the purpose of the Electronic Filing of Returns of Tax Deducted at Source Scheme,2003.
6. Who is an e-TDS Intermediary?
CBDT has appointed National Securities Depository Ltd., Mumbai as e-TDS Intermediary.
7 Is the bank challan number compulsory?
Yes. Challan identification number is necessary for all non government deductors.
8. Will the quarterly paper returns be accepted by the Income tax department?
No. All quarterly paper TDS/TCS returns will be received at TIN-FCs
9. Is PAN mandatory for deductor and employees/ deductees ?
PAN of the deductors has to be given by non government deductors. It is essential to quote PAN of all deductees failing which credit of tax deducted will not be given.
10. What is the due date for furnishing TDS returns for the financial year 2004-2005 and the 1st quarterly return for the financial year 2005-2006?
The due date for furnishing returns for tax deducted for the financial year 2004-2005 was 30th June, 2005 which has been extended to 31st August, 2005 in case of Government deductors only. The quarterly returns for the quarter ending 30th June become due on 15th July. However, for the quarter ending 30th June, 2005, the due date has been extended to 31st August, 2005 for all deductors.