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Who is eligible for a TDS Return?

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894patel.nikita

Lvl 10
3mo ago
Updated: 1/21/2025

If you are looking forward to knowing more about TDS returns or TDS Filing, then before anything, it is important to check whether you are eligible for a TDS Return or not. Following are certain criteria to check the eligibility for the TDS Return or TDS Filing.

  1. An Individual, group of Individuals, Association of Individuals, Limited Companies, Hindu United Families, local Authorities, partnership firms, etc., are eligible to be deductors for TDS Return.

  2. According to the Income Tax Act, TDS Return Filing is done against pay-outs like Salary Income, Insurance Commission, Income on Securities, Income on Lottery winning, Horse Race winning, payout towards NSC, etc.

  3. Employers or organizations with valid TANs are eligible to file TDS returns.

  4. Individuals with accounts that are audited as per Section 44AB and hold an office under the governmental or company authority are eligible to file online TDS returns each quarter.

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894patel.nikita

Lvl 10
3mo ago

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Related Questions

Are you eligible for a TDS Return?

If you are looking forward to knowing more about TDS returns or TDS Filing, then before anything, it is important to check whether you are eligible for a TDS Return or not. Following are certain criteria to check the eligibility for the TDS Return or TDS Filing. An Individual, group of Individuals, Association of Individuals, Limited Companies, Hindu United Families, local Authorities, partnership firms, etc., are eligible to be deductors for TDS Return. According to the Income Tax Act, TDS Return Filing is done against pay-outs like Salary Income, Insurance Commission, Income on Securities, Income on Lottery winning, Horse Race winning, payout towards NSC, etc. Employers or organizations with valid TANs are eligible to file TDS returns. Individuals with accounts that are audited as per Section 44AB and hold an office under the governmental or company authority are eligible to file online TDS returns each quarter.


How many TDs did Gale Sayers have in his rookie season?

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What is a TAN card?

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.


How to File TDS Return Online?

How to File TDS Return Online?The details of step by step process for TDS Returns Filing Online is provided below;Firstly, Form 27A containing different columns have to be filled completely in case of online filing. If in case the hard copy of the aforesaid form is filled then it has to be verified along with the e-TDS return which is filled already electronically.The next step is to calculate the total amount of TDS that must be paid has to be filled correctly and the same must be tallied in specified forms.The TAN of the organization or deductee who is filling the TDS returns has to be mentioned on Form 27A. The process of verification will become difficult and complex if TAN is mentioned incorrectly.The mode of payment, challan number and other tax details has to be mentioned on the TDS returns. In case, there are any such incorrect details provided in the challan number or payment date, a mismatch will occur and the TDS returns might have to be filled in again.The basic form must be used for e-filling of TDS so that it could bring consistency. To make the tally easier the 7 digit BSR number must be entered.In case of physical TDS returns, it must be submitted at TIN FC. It is to be noted that NSDL manages all the account of TIN FCs.  If all the TDS returns are filed online, the same can be submitted on the official website of NSDL.  However, in case of online filing of TDS a level 2 digital signature should be used by the deductor.If all the information provided on the TDS return form are correct and accurate, then a provisional receipt or token number will be shown. This is an acknowledgment which will be considered as a confirmation that the filing of TDS returns has been completed. In case, the TDS return is rejected, then a non-acceptance memo containing the reasons for such rejection will be issued. In that case, the TDS returns will be filed once again.


How to file TDS step by step?

Step 1. Download & Fill the Form 27A Your first step is to download the Form 27A from the government website. This form contains multiple columns that are required to be filled out completely. Do not forget to verify the form along with the e-tds filed online if the hard copy of the form has been filled out. Step 2. Verify the TDS amount Next, you have to verify if the tax deducted at source and the gross amount paid is filled correctly and has been trailed in the respective forms. Step 3. Specify the TAN Now, you have to mention on Form 27A the TAN of the company or organization for which you are filing the TDS return; make sure it has been mentioned correctly, as incorrect information creates a series of hassles in the verification process. Step 4. Mention the details Fill in all the required details, such as the challan number, the mode of payment, and the tax, on the TDS Return. Mismatch in Information or incorrect Information will lead to rejection of the TDS Return filing, and you will have to do the TDS filing again. Step 5: TDS Submission The basic form used for e-TDS filing should be used in order to achieve consistency, and the 7-digit BSR should be entered to ease the tallying process. Afterward, submit the TDS at the TIN-FC for the physical TDS or submit the TDS through the official website of the NSDL TIN for the online TDS filing. This process will ask you to use a level 2 digital signature if you are the deductor. Step 6. Final receipt You will either receive a token number or a provisional receipt if all the Information filled in is correct, which acts as a confirmation of TDS filing. In the case where the TDS Return has been rejected, you will receive a non-acceptance memo that will show the reason for the rejection. Consequently, you will again have to do the TDS Return Filing.


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TDS?

To ensure accurate and proper filing of your tax return, it is recommended to consult a tax professional.


Who must file a tax return?

An income tax return must be filed by anyone eligible for a tax refund.


What happens when you do late TDS Filing?

In the case where you do not file the TDS Return within the prescribed timeline, you will be subject to penalty imposition under Section 234E of the Indian Income Tax Act. Consequently, Rs 200 will be imposed on you for each day delayed in the filing. However, in the matter where you do not file a TDS Return, a penalty of Rs 10,000 can be imposed on you, which can extend up to Rs. 1,00,000, along with the late filing fee. Moreover, not just non-filing but filing an incorrect TDS/TCS return can also result in penalties. However, if you can demonstrate that you have paid the due taxes, late filing fees, and any applicable interest to the government, and you have filed the return within one year from the due date, you will not incur penalties for delayed filing.


Can creditors collect my tax return?

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