TDS RETURN FILING

TDS RETURN FILING

TDS stands for Tax Deducted at Source. It is a system in which the payer of an income, such as salary, interest, or rent, deducts a certain amount of tax from the payment and remits it to the government on behalf of the payee.For every such kind of transaction and payment, there is a specified rate of interest. Only if the deductor has filed the TDS return on time can the deductee claim the tax deducted.

Advantages of TDS Filing

  1. Maintaining good records. Filing your TDS returns on time can help you to maintain    good records of your TDS payments. This can be helpful if you are ever audited by the government.
  2. Tracking TDS payments. Filing your TDS returns on time can help you to track your TDS payments and ensure that they are accurate. This can help to avoid problems with the government in the future.
  3. Improves compliance and transparency by maintaining correct records, lessens the likelihood of errors and makes it simple to fix them, thereby increasing accuracy and transparency.

Cost-effective and efficient

  • When compared to traditional paper filing, electronic TDS return submission is not only quicker, but also more economical and efficient. It makes access to previous returns simple and lowers the expenses of paperwork, storage, and postage. This enables companies to focus on their main business activities while streamlining their tax compliance procedure.

List of Documents required for TDS Return Filing

The documents required for filing the TDS Return are divided in as general and specific:

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TDS Certificates of assessee

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PAN Card information of the deductee

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Bank account details associated with it

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Challans of payment of tax either self assessed or employer assessed.

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To respond to a notice from the IT department, the original return is required to be furnished

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Transaction details for filing the TDS Return

Specific Documents for Salary Income

Following mentioned are the specific documents required for salary payment individual:

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The Form 16

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The Salary Certificate

Specific Documents for Interest Statement

The specific documents required for Interest Statement is as follows:

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TDS Certificate of Bank

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Interest statement for FD

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Bank statement for interest on savings account for RD

Tax return

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