Learn the step-by-step process of how to file TDS returns with ease through Pkrids' expert guidance.
Collect Required Documents: Before starting the filing process, gather all necessary documents, including TAN (Tax Deduction and Collection Account Number), PAN (Permanent Account Number) of both deductor and deductees, TDS payment challan details, and previous TDS return details, if applicable.
Choose the Correct TDS Form: Depending on the nature of the payment on which TDS was deducted (e.g., salary, interest, rent), select the appropriate TDS return form, such as Form 24Q for salaries, Form 26Q for non-salary payments, etc.
Download the TDS Return Preparation Utility (RPU): The Income Tax Department provides a free software utility called RPU for preparing TDS returns. Download the latest version from the official TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.
Prepare the TDS Return: Using the RPU, input all required data, including deductor, deductee, and challan details. The software will validate your data and help rectify any errors before final submission.
Validate the Return: After entering all details, use the File Validation Utility (FVU) provided by the Income Tax Department to validate the TDS return file. The FVU checks for errors and ensures the file complies with the department's requirements.
Generate the FVU File: Upon successful validation, the FVU will generate a .fvu file, which is the final version of the TDS return ready for submission.
Submit the TDS Return: Log in to the e-filing portal of the Income Tax Department using your TAN. Navigate to the TDS section and upload the .fvu file. You may also need to attach the digital signature certificate (DSC) if mandated for your category of deductor.
Acknowledgement: After successful submission, you will receive an acknowledgement from the IT Department, which you should keep for your records.
At Pkrids, our expert can guide you on how to file TDS return, providing expert guidance every step of the way.
Revised TDS Returns
Once the TDS returns are submitted and errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit with the government will not be reflected in the Form 16A / Form 26AS. To make sure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS a revised TDS return has to be filed.
Prerequisites for submission of Revised TDS returns
The revised TDS returns can be filed only when the original TDS return is accepted by the TIN central system. The assessee can check the status of the TIN Central System. The assessee can check the status of the TDS returns that are filed online by providing the required details such as fthe PAN and the Provisional Receipt Number/ Token number on NSDL.
The revised TDS returns have to be prepared by using the most recent consolidated TDS statement. The certificate can be downloaded from the TRACES website.
Claiming TDS return
TDS Credit can be claimed by the deductor to claim the credit of the TDS the deductee must mention the details of the TDS in his returns of income. The deductee is required to take due care to quote the correct TDS certificate number and the TDS details while filing the returns of income.
In case of incorrect details that are provided by the deductee, there will be a discrepancy with the tax credit of processing the TDS returns.