TDS Filing

TDS Filing

TDS (tax deducted at source) or TCS (tax collected at source) are deducted and collected by both types of entities either corporate or non-corporate while making payment to third parties known as deductees as per Income Tax Act. TAN is a 10 digit alpha number which is must and should be obtained by the person deducting the TDS or TCS.

These are deducted by the authorized person (deductor) on the behalf of the government and it is the responsibility of the deductor to deposit the collected amount in the credit of the Central Government. Salaried Individuals and then Hindu Undivided Family are exempted to obtain TAN or deduct TDS, but in case where total sales, gross receipts or turnover from business or profession carried on by him exceeds the monetary limits under Clause (a) or (b) of Sec.44AB during the preceding financial year then Hindu Undivided Family and Individuals shall also be liable to deduct tax at source. Tax should be deducted by all other entities such as Proprietorship business, Companies, LLP while making payments such as salary, contractor or sub-contractors payments, rent payments exceeding Rs.1,80,000 per year and many more. Quarterly returns should be filed by the deductors.

Document Required

Documents Required for Filing E TDS Return:

One of the major concern for salaried employee is to gather information around their income related taxes. AS TDS return filing is compulsory for all the individuals who fall under the tax slab as prescribed by the Income Tax Department. It is mandatory to e-file the TDS returns. Thus to ease up the process, the government has taken certain initiatives to make it a seamless and easy process. Hence, it can be done through the official Income Tax e-filing portal.

According to The tax law in India through Income Tax Act, 1961, states that income tax returns must be filed annually for an individual or business that have received income during the year, be it any legal source of income. A tax return is generally the tax that is used to file income tax. If you have all the necessary documents ready and available, the process of Filing e TDS return becomes easy and convenient. Gather these documents, which we have listed below. You will not be requiring all the documents as they may vary on the case basis. The below-mentioned documents required for filing e TDS return.

General Documents for Filing e TDS return:

1. PAN card/Pan Number
2. Tax payment Challans (Self-assessment, advance tax, if you have deposited the same)
3. All Bank account information
4. In response to a notice received from Department of Income Tax – You need the details of Original return/details of notice.
5. Abstract of bank statements
6. Proof of investments and Form 16 (Salary certificate issued by the employer)
7. Form 16A / TDS certificate
8. Proof of investments in property
9. Documents on purchase and sale of investments/assets
10. Collect the TDS certificate
11. Collect home loan certificate