1. What is TDS return filing?
TDS return filing is the process of submitting details of tax deducted at source on various payments made by a deductor to the Income Tax Department.
2. Who needs to file TDS returns in India?
Any person or entity responsible for deducting TDS while making payments like salaries, interest, rent, etc., needs to file TDS returns.
3. What are the different forms for TDS return filing?
Commonly used TDS return forms include Form 24Q for salaries, Form 26Q for non-salary payments to residents, and Form 27Q for payments to non-residents.
4. What is the due date for filing TDS returns?
The due dates for filing TDS returns vary depending on the type of deduction and are typically quarterly.
5. Is it mandatory to file TDS returns online?
Yes, the Income Tax Department mandates filing TDS returns online using the e-filing portal.
6. What happens if TDS returns are not filed on time?
Late filing of TDS returns can attract penalties and interest, calculated from the due date of filing.
7. How can one rectify errors made in TDS returns?
Errors in TDS returns can be rectified by filing a correction statement, such as TDS correction statement or revised return, to rectify the mistakes.
8. Can TDS returns be filed without deducting TDS?
If there were no transactions attracting TDS during a specific period, a Nil TDS return can be filed.
9. What documents are required for TDS return filing?
Documents such as TDS certificates, challans, PAN details of deductees, and details of transactions attracting TDS are necessary for accurate TDS return filing.
10. Is it possible to revise TDS returns after filing?
Yes, TDS returns can be revised to rectify errors or update information within a specified time frame.
11. What is the penalty for non-filing or late filing of TDS returns?
Late filing or non-filing of TDS returns can attract penalties ranging from a fixed amount to a percentage of the tax deductible.
12. How can one verify the status of filed TDS returns?
Taxpayers can check the status of filed TDS returns through the Income Tax Department’s online portal using their login credentials.
13. Is it necessary to retain TDS-related documents after filing returns?
Yes, it’s crucial to retain TDS-related documents, including certificates and challans, as they may be required during tax assessments or audits.
14. Can one rectify errors made in earlier financial years’ TDS returns?
Rectification of errors in earlier financial year TDS returns is possible within a specified time frame by filing the appropriate correction statements.
15. What should one do if they receive a notice regarding discrepancies in TDS returns?
Respond promptly to notices received, and if there are discrepancies, rectify them by filing revised returns or providing necessary explanations as required.
16. Can I file TDS returns after the due date has passed?
Yes, TDS returns can be filed even after the due date. However, late filing might attract penalties and interest, so it’s advisable to file at the earliest to avoid such consequences.
17. What is the procedure for filing correction statements for rectifying errors in TDS returns?
Correction statements, known as TDS correction returns, can be filed online through the TRACES portal to rectify errors made in the original TDS return.
18. Are there any consequences if TDS returns are not filed at all?
Failure to file TDS returns can result in penalties and legal consequences. Additionally, it might lead to disallowance of the expenses on which TDS should have been deducted.
19. Can I file TDS returns for multiple deductors through a single TAN (Tax Deduction and Collection Account Number)?
Yes, TDS returns for multiple deductors can be filed using a single TAN, provided all necessary details and documents for each deductor are accurately furnished.
20. What should I do if there’s a mismatch between TDS amounts deducted and credited in Form 26AS?
In case of discrepancies between the TDS amounts deducted and the amounts reflected in Form 26AS, it’s crucial to reconcile and rectify the mismatches by providing proper explanations to the tax authorities.
21. Can I claim credit for TDS deducted but not reflecting in Form 26AS?
Yes, taxpayers can claim credit for TDS deducted but not reflecting in Form 26AS by providing necessary evidence and details to the tax authorities.
22. Is it necessary to file TDS returns if no tax was deducted due to the deductee’s exemption?
Even if no tax was deducted due to an exemption granted to the deductee, filing a TDS return with relevant details is necessary to report the transaction.
23. What is the consequence of not issuing TDS certificates to deductees?
Failure to issue TDS certificates (Form 16/16A) to deductees can lead to penalties imposed by the Income Tax Department.
24. Can a taxpayer claim a refund of excess TDS deducted while filing returns?
Yes, taxpayers can claim a refund of excess TDS deducted by filing their income tax returns and providing details of TDS in the return filing process.
25. Is it possible to file TDS returns manually offline?
No, the Income Tax Department mandates online filing of TDS returns. Manual filing of TDS returns is not accepted.
For specific queries or detailed guidance on TDS return filing, consulting a tax professional or visiting the official Income Tax Department portal is recommended.
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