Any person or business who deducts TDS needs to file TDS return, It is filed with Government every quarter, the purpose of it is to inform on the TDS deducted on the payments made by deducter and also and the TDS deposited by deducter in particular quarter. TDS return is filed online. TDS refund is possible only id compliance of filing is completed by party deducting TDS. The smart way is to consult your Chartered Accountant to ensure you are complying with TDS law and getting your TDS refund in a correct manner.
TDS Provision compliance
TDS you pay every month, you receive a challan, this Tds paid Challan is useful at the time of return filing, where you give details on tds deducted and paid by you. TDS filing every quarter is mandatory, The Return form of TDS is prescribed by the Government. The filing has to be done as per TDS due dates specified. Non-filing of return as per TDS provisions attracts penalty. Noncompliance to file TDS provisions gets reported to authorities through financial reporting. The objective is to keep a check on TDS payment status and compliance with the provision of TDS also TDS refund is possible only when filing compliances are complete. TDS refund can be claimed through filing ITR only if your tax computation shows that excess tax has been deducted in your case. Consult a Chartered Accountant to get help on TDS matters
How to know if TDS deducted has been deposited after deduction ?
If your tds has been deducted, you can check the same online through form 26AS in income tax India Government website
Types of TDS Return Forms
TDS Return Form 24Q : Form 24Q is filed in case TDS is being deducted from salary. An employer files it. TDS return form 24q contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.
TDS Return Form 26QB : On payment being made for the transfer of immovable property, if tds is being deducted Form 26 Q is filed in that case.
TDS Return Form 27Q : If a payment to non-resident required TDS deduction. In this case, TDS filing is done through form 26QB.
TDS Return Form 26Q : TDS return form 26Q is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.
Documents Required for filing e-TDS Return
TDS certificates (if TDS has been deducted by other)
Payment details like TDS challan date, number, bsr code and tds challan amount
In response to a notice received from the Department of Income Tax – You need the details of Original return/details of notice.