Yes. You must file an income tax return whether your employer withheld tax at source (TDS) from your pay or you paid tax yourself.
TDS Return Filing
Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department.
It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS.
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Benefits of TDS Return Filing
Acquiring Loan
While you apply for a loan most of the bankers will ask you for your tax returns of past few years. If you do not have it, it will be difficult for you to get a loan from banks.
Processing Visa
In case you plan for visiting abroad, you need to have a tax returns filing for past few years.
Refund
However, if you have made investments that are tax deductibles, it reduces your taxable income. So, the TDS deducted can be refunded, but only If you file your taxes.
Avoid Penalties
You may not immediately receive a notice from the tax department for failing to file taxes, you may eventually receive one.
Documents Required for TDS Return Filing
The following documents have to be submitted for filing the TDS Returns.
- TAN details
- PAN details
- Last TDS filing details, if applicable
- The period for which TDS has to be filed
- Date of incorporation of the business
- No. of transactions for filing TDS returns
- Name of the entity – Proprietorship/ Partnership/ Company/ LLP
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Procedure to get TDS Return Filing
Types of TDS forms
There are different types of forms has been prescribed depending on the purpose of the deduction, they are mentioned below:
- Form 24Q:
This form applies the statement for tax deduction at source from salaries - Form 26Q:
Statement for tax deduction at source on every payment, but here salary is not applicable. - Form 27Q:
Statement for deduction of tax from interest, dividend, or any other sum payable to non – residents - Form 27EQ:
Statement for collection for Tax at source. - Form 27A:
It is a controlled chart of quarterly TDS statement. It is control of TDS return plan and a chart which shows the amount paid and tax deducted on the same.
TDS Payment Due Dates and Penalties
The table below lists the deadlines for depositing tax withheld at source and filing TDS returns for each deductor's fiscal year 2022–2023. Check for the TDS rates as well every year.
|
S.no.
|
Form 27 A
|
Deduction month
|
Payment due dates for deduction of tax (2022-2023)
|
Filing due dates of TDS returns for the year ( 2022-2023)
|
|---|---|---|---|---|
|
01
|
30 June 2022
|
April 2022, May 2022, June 2022
|
7 may 2022, 7 June 2022, 7 July 2022
|
31 July 2022
|
|
02
|
30 September 2022
|
July 2022, August 2022, September 2022
|
7 August 2022, 7 September 2022, 7 October 2022
|
31 October 2022
|
|
03
|
31 December 2022
|
October 2022, November 2022, December 2022
|
7 November 2022, 7 December 2022, 7 January 2023
|
31 January 2023
|
|
04
|
31 March 2023
|
January 2023, February 2023, March 2023
|
7 February 2023, 7 March 2023, 7 April 2023 for tax deducted by govt. office), 30 April 2023 (for other deductors)
|
31 May 2023
|
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What People Frequently Ask…
How do TDS returns work?
The TDS concept was introduced in order to collect tax directly from the source of income. This theory states that a person (the deductor) who is required to pay a particular kind to another person (the deductee) is required to withhold tax at source and remit it to the Central Government's account.
Who may receive a TDS refund?
You can now request a TDS refund for the additional amount deducted if you pay taxes at a rate of 5%. Similarly, you can request a TDS refund for any excess TDS deducted from your pay because your employer did not receive your 80C investment proofs or rent receipts for your house rent allowance.
Is the TDS return required?
Even if a person's income is below the basic exemption limit, the government has now made filing income tax returns mandatory if the person's total TDS/TCS during the financial year is ₹25,000 or more.
When ought a TDS return be submitted?
The deadline for the government to deposit tax withheld is 7 April. The tax must be deposited by 30 April for all other deductors.
Can I file my own TDS return?
The deductors are required to submit the TDS returns on time. TDS return filing can be done online. The payee's Form 26AS will reflect the information once the TDS returns have been electronically submitted.
What is the duration required for a TDS refund?
It usually takes 3-6 months for the refund amount to be credited.
What is the penalty for delay in TDS payment?
Section 234E requires a penalty of Rs 200 each day. You can still pay TDS after the deadline. The deductor is responsible for paying the fine for each day that the failure persists. Don’t delay, with the help of Rapid Tax TDS payment online option, you won’t have to miss out on dates.
Is it necessary to tax after TDS?
Who issues the TDS certificate?
The employer on behalf of the employees issue the TDS certificate.
What is TDS reconciliation?
TDS traces stands for TDS Reconciliation Analysis and Correction Enabling System, which is an online portal of the Income Tax Department. It serves as a means of communication between all parties engaged in the administration and implementation of Tax Deducted at Source and Tax Collected at Source.
What are TDS and TCS?
The tax that is deducted from payment by a person or business is known as the TDS amount. TCS amount refers to the tax that the seller collected at the time of the sale.
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