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WHO IS ELIGIBLE FOR TDS RETURN FILING?
TaxBuddy extends its TDS return filing online services to a diverse range of entities. Eligible entities include employers and organizations holding a valid TAN. Individuals subject to audit under Section 44AB and holding positions in government offices or companies are mandated to file online TDS returns on a quarterly basis.
TaxBuddy accommodates various deductors, ranging from individuals and groups of individuals to HUFs, limited companies, local authorities, associations of individuals, partnership firms, and more.
According to the Income Tax Act (ITA), TDS is applicable to various payouts, including
Salary income
Income on securities
Insurance commissions
Payouts towards NSC
Earnings from winning horse races, lotteries, puzzles,
and similar sources.
Understanding TAN with TaxBuddy
TAN stands for Tax Deduction and Collection Number.It is a 10-digit alphanumeric identifier mandated for individuals responsible for deducting or collecting tax at the source.
Salaried Individuals Exemption: Salaried individuals are exempt from obtaining TAN or participating in tax deduction at the source.
Entities Requiring TAN: TAN is imperative for proprietorships and various entities making specific payments such as salaries, contractor payments, or rent exceeding Rs. 2,40,000 per year.
TaxBuddy's TAN Registration Support: TaxBuddy, through its professionals at IndiaFilings, provides support in acquiring TAN registrations.Expertise is offered to ensure a smooth and accurate TAN registration process.
Quarterly TDS Returns Obligation: Entities with a valid TAN registration are obligated to file quarterly TDS (Tax Deducted at Source) returns.
Tax Deducted at Source (TDS)
Deduct the right amount of tax, maintain proper documentation, and submit your TDS returns
What is a TDS Certificate?
TDS Certificate Importance:
After deducting TDS, it is essential for the deductor to furnish a TDS Certificate. Validating tax credits becomes easy for the deductee with a legitimate TDS Certificate from TRACES.
TDS Certificate Features:
TDS Certificates from TRACES feature a unique 7-digit certificate number. They also include a TRACES watermark for authenticity.
TaxBuddy's Emphasis on Preservation
TaxBuddy emphasizes the importance of preserving TDS certificates diligently. Proper documentation is crucial for deductees for a smooth tax journey.
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Issuance Frequency for TDS Certificates:
TDS certificates for non-salary payments are issued quarterly. Those related to salary payments are provided annually.
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Expert Support for a Hassle-Free Tax Journey:
TaxBuddy provides expert support to ensure deductees have the necessary documentation for a hassle-free tax journey.
Required Documents For TDS Return Filing With Taxbuddy
Navigating the intricacies of TDS return filing is simpler when armed with the right documents. At TaxBuddy, we prioritize your ease of compliance. Here are the essential documents you need:
General Documents for TDS Return Filing:
1
TDS Certificates
Gather all TDS certificates, providing a detailed record of tax deducted at source.
2
Tax Payment Challans (Self-assessment, Advance Tax)
Keep records of tax payment challans for self-assessment and advance tax payments made.
3
PAN Card Details
Ensure you have accurate PAN card details for both deductors and deductees.
4
Response to Income Tax Department Notices
If you've received a notice from the Income Tax department, have details of the original return or the notice response.
5
Bank Account Information
Maintain comprehensive details of all bank accounts involved in the TDS transactions.
TDS Certificates and Due Dates
Uncover details about TDS certificates issued against different TDS forms, along with due dates for filing forms related to specific quarters.
Sl No | Q | Details |
|---|---|---|
1 | Statement of tax deducted at source on salaries. | |
2 | TDS statement for payments other than salary (like interest, rent, or commission) made to residents. | |
3 | TDS statement for tax deducted on the purchase of immovable property. | |
4 | 27Q | Certificate of tax deducted at source on interest and dividend payable to NRIs and foreign companies. |
5 | Statement of TCS. |
TDS Return Filing Deadlines: Stay Informed with TaxBuddy
1
QUARTER 1
31st July
2
QUARTER 2
31st October
3
QUARTER 3
31st Jan
4
QUARTER 4
31st May
Navigating TDS Return Filing Penalties with TaxBuddy
Ensuring compliance with TDS rules is paramount, and non-compliance may lead to penalties, manifesting as fees and interest on the taxable amount.
Penalty Types: TaxBuddy understands the diverse penalties involved, such as:
Regulation Regarding Tax Deduction:
-
Tax deduction delays invite a 1% monthly interest penalty until the deduction occurs.
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Failure to deduct may restrict the person responsible from determining taxable profit from total expenditure.
Regulations Regarding TDS Payment:
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Taxpayers must remit the taxable sum to the Government of India by the 7th day of the month succeeding tax filing.
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Non or late TDS payment attracts a 1.5% monthly penalty on the total payable sum until deposited.
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3. Regulations Regarding TDS Return Filing:
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TDS returns should be diligently filed on the 31st day of January, May, July, and October each financial year.
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Non-filing or late filing accrues a Rs.200 daily penalty (Section 234E of the Income Tax Act) until the return is submitted, capped at the total tax levied.
Simplify TDS with TaxBuddy: Comprehensive Solutions for Easy Filing"
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1. TDS Return Filing:
We facilitate seamless TDS return filing for businesses and individuals and support the filing of various TDS returns such as Form 24Q, 26Q, and 27Q. Users can easily upload the necessary details, reconcile TDS data, and generate the required TDS return files for submission to the income tax department.
2. TDS Compliance:
We ensure TDS compliance by keeping users updated on the latest TDS rules and regulations. The platform provides comprehensive guidance on deducting the correct TDS amounts, adhering to TDS rates, and complying with filing timelines. Through regular updates and alerts, TaxBuddy.com assists businesses in staying compliant with TDS regulations, minimizing the risk of penalties and ensuring smooth interactions with tax authorities.
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3. TDS Reconciliation & Reporting:
We offer robust TDS reconciliation and reporting features. The platform enables users to reconcile TDS deducted with TDS deposited, helping to identify and rectify any discrepancies. Detailed reports provide insights into TDS deductions across different heads, making it easier for businesses to ensure accuracy in their financial records.
Frequently asked questions
Q
When is the TDS return due date for FY 2025-26?
A
TDS return due dates are:
-
Q1 (Apr–Jun): 31 July 2025
-
Q2 (Jul–Sep): 31 October 2025
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Q3 (Oct–Dec): 31 January 2026
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Q4 (Jan–Mar): 31 May 2026
Q
Which TDS return form should I use?
A
-
Form 24Q: Salary payments
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Form 26Q: Non-salary payments to residents
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Form 27Q: Payments to NRIs/foreign companies
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Form 26QB / 26QC: Sale or rent of immovable property
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Form 27EQ: TCS details
Q
How can I file my TDS return online for FY 2025-26?
A
You can file through the Income Tax Department’s TRACES/e-filing portal or directly via TaxBuddy, where experts calculate liability, prepare challans, and file returns error-free across all forms.
Q
What are the documents required for TDS filing?
A
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TAN & PAN of deductor and deductees
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Challan details (CIN)
-
Salary or payment sheets
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Property sale/rent details (for 26QB/26QC)
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Bank and NRI transaction details (for 27Q)
Q
What is the penalty for late TDS filing?
A
A penalty of ₹200 per day applies under Section 234E (capped at the total TDS amount).
If delayed beyond one year, ₹10,000 – ₹1,00,000 under Section 271H may apply.
Q
How does TaxBuddy help in TDS on sale or rent of property (Form 26QB / 26QC)?
A
TaxBuddy:
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Calculates exact TDS liability
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Generates & pays challan
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Files Form 26QB/26QC online
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Downloads Form 16B / 16C
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Handles any post-filing queries
Q
What services does TaxBuddy provide for quarterly TDS filing (Forms 24Q / 26Q)?
A
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Monthly TDS computation for salary & vendor payments
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Challan generation & payment support
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Quarterly return filing for 24Q & 26Q
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Download of Form 16 / 16A
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After-filing support & error resolution
Q
Does TaxBuddy handle TDS for NRI payments (Form 27Q)?
A
Yes. We manage:
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TDS computation as per DTAA
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Challan & return filing under Form 27Q
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Form 16A download
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Notice handling & post-filing help
Q
What is included in TaxBuddy’s TDS Correction / Rectification service?
A
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PAN, amount, or challan mismatch corrections
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Validation with TRACES
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Filing of corrected return
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Support until the rectified status is confirmed
Q
What if I need comprehensive TDS support for NRIs or multiple properties?
A
TaxBuddy offers end-to-end filing, covering NRI or multiple property transactions, challan preparation, filing, certificate downloads, and notice management.
Q
Can TaxBuddy help me apply for a new TAN?
A
Yes. TAN application costs ₹1,499 + GST and includes:
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Form 49B preparation & submission
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Document support
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Status tracking till TAN is issued
Q
How can I check my TDS return status through TaxBuddy?
A
After filing, you can view real-time updates and acknowledgments directly on your TaxBuddy dashboard until the return is processed successfully.
Q
What if I receive a TDS notice or processing error?
A
TaxBuddy experts review the notice, correct data if needed, file rectification statements, and ensure full compliance to close the notice quickly.
Q
Can I get recurring TDS compliance support for the entire year?
A
Yes. TaxBuddy provides quarterly and annual TDS compliance plans covering monthly payments, challan filing, quarterly returns, and end-of-year reconciliation.
Q
Why choose TaxBuddy for TDS return filing?
A
Because we offer:
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Filing for 24Q, 26Q, 26QB, 26QC, 27Q
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Automated TDS liability computation
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Correction & rectification services
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TAN application support
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Expert assistance for property & NRI filings
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Real-time status tracking & post-filing help