By a notification dated 24th June 2020, followed by a Press Release, CBDT has extended the last date for filing TDS / TCS Returns for quarter ending March 2020 from 30th June 2020 till 31st July 2020. Apart from depositing the tax, the deductor should also file a TDS return. This declaration should be signed in the presence of a notary and include your left thumbprint. Overview-Request for conso file from Traces Portal.-Download the conso file & open in utility-Update the correction in utility.-Upload on E-filing portal or at TIN-FC (TIN FACILITATION CENTER). The details required to file TDS returns are: PAN of the deductor and the deductee; Amount of tax paid to the government; TDS challan information 35/2020, dated 24-06-2020. It becomes the responsibility of the Deductor to deduct the TDS before making the payment and deposit it to the government. Deadline for e-filing of Monthly TDS Return The return should be filed electronically not later than 20 days from the end of the month following which the tax was deducted. Period. Due Date for Filing TDS Return. Facing problem in revising the TDS return; here is the procedure how to file TDS revised return. Online TDS Return filing is required to be filed by any person who is liable to deduct tax at source. It serves as a summary of the TDS deducted and deposited. According to the Income Tax Act 1961, filing TDS Return is mandatory for an individual or any business entity. Original Notification & Press Release can be viewed as under: The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. TDS return for the first quarter of the year 2018-19 is filed by KL Sharma LTD on 4-4-2019. A TDS return is generally filed with a TDS return form available online including – Form 24Q – For TDS on Salary Form 27Q – For TDS deducted, where deductee is a non-resident or foreign company Form 26QB – For TDS on payment made for the transfer of an immovable property It is compulsory for deductors or payer to submit a return on time to the Income Tax department. TDS returns are due quarterly. With effect from February 1, 2014, it is mandatory to submit Form 27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along with the TDS/TCS statement(s). Online application can be made either through the portal of NSDL (http://tin.tin.nsdl.com/pan/index.html) or portal of UTITSL (https://www.utiitsl.com/UTIITSL_SITE). The assessing officer has the power to direct the defaulter to pay the penalty, which can be a minimum of Rs. PROCEED TO BUY ONLINE. Professional staff of Corpbiz assisted me at every step for the formation of my company. Filing TDS returns is mandatory as per the prevailing provisions of the Income Tax Act in India. In case payment is by internet banking or by credit card or by debit card, then the payment need to be made at the time of filling in PAN application form, after which payment receipt will be given. TDS Return Filing Due Dates for FY 2019-20. Penalty under Section 271H. Registration Procedure TDS from another source of earning such as Dividend funds, interest from savings, or fixed deposits. Tax Deducted at Source (TDS) is a means of tax collected at the very source of income. Is there any penalty in case of incorrect TDS return filing? TDS return is a quarterly statement to be given to the I-T department. It should contain all details of TDS … Form 27EQ. Please take care of this at the time of filling in PAN application form. Before sending this, you will need to attach proof of identity, proof of address and proof of date of birth document alongwith the acknowledgment form. Individuals whose accounts are audited under u/s 44AB. ", "I recommend Corpbiz, because they have a team of highly experienced professionals for providing wide range of services like taxation, valuation, financial advisory related consulting for individuals and even for those who runs a business/company. So, do they need to file Nil TDS return every quarter and what would happen if they don’t file Nil TDS return. Select the Type of Return i.e, Regular or Correction Regular return is the original TDS Return and Correction is the revised TDS Return. General information for Electronic Filing of Annual TDS Return for income year ended 30 June 2020: Kindly read the instructions below before starting to file your Annual TDS Return. Ltd. to Public Limited. TDS stands for Tax Deducted at Source and TDS return is a quarterly statement to be furnished with Income Tax Department by Tax deductors. A person needs to make an application within a month of deducting TDS for allotment of Tax Deduction and collection number in FORM 49B. ", AAR: Applicability of GST & its Registration for Charitable Medical Stores & Security Service, Approvals Required to Meet the Requirement of Face Mask and PPE Kit License, Key Highlights of 39th GST Council Meeting. TDS Return filing on time helps the government in tracking the records of the inflow of Income. Each payday, deduct TDS payments as calculated and deposit those amounts to the credit of the Central Government. By individuals and HUF ( Hindu Undivided family smart and easy TDS software for filing returns. Revising the TDS Return filing forms prescribed under TDS: TDS for allotment of PAN can be minimum. We have the Auto-PAN bulk verification to avoid chances of errors in your TDS / TCS returns easily at pricing. Generates TDS returns processed for a relevant financial year, quarter and type! 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