This Time Important things to note before filing TDS returns

The last date to file the tax deducted at source (TDS) return for the first quarter of FY23 is July 31, 2022. Any delay would attract a fine of Rs 200 for each day till the return is filed. TDS is basically aimed at collecting tax from the very source of income.

A taxpayer or a salaried individual can easily claim their TDS amount by filing their ITR.

For the uninitiated, TDS takes place when a person (deductor) who is liable to make payments of specified nature to another person (deductee) — shall deduct tax at the source and remit the same into the account of the Central Government. The deductee from whom taxes have been deducted at source would be entitled to get a credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

To claim the same, the taxpayer would need form 16/16A which is a certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. The details of the amount deducted as TDS, TCS, and advance tax paid can be verified along with self-assessment tax under form 26AS.

Due dates for TDS returns

The due date for filing TDS for the April-June 2022 quarter is for July 31, 2022. The deadline for July to September quarter is October 31, 2022; for December 2022 quarter is January 31, 2023 and the timeline for filing TDS for the fourth quarter of FY23 is May 31, 2023.

A TDS return is generally filed by deductors i.e. employers who deduct TDS on salary. Usually, an individual will deduct and deposit TDS when buying a property and TDS is deducted from payment made to the seller. It also needs to be cut by the buyer at the time of making the payment to the seller. This TDS must be deposited within a period of 30 days from the end of the month in which the deduction is made.

It must be noted that an individual, before uploading a TDS return on the income tax portal, will need a Tax Deduction Account Number (TAN) and quote the same in all the documents pertaining to TDS. The taxpayer must also have a valid DSC registered for e-filing.

Also make sure that your PAN is linked with your Aadhaar unique code, along with checking that your mobile and bank account details are updated and active.

Here’s how you can upload your TDS statement on the income tax portal:

Step 1: Go to http://incometaxindiaefiling.gov.in/ and click on ‘Login Here’.

Step 2: Enter your login credentials and click on ‘Login’. Your user ID will be your TAN.

Step 3: Once you’ve logged in, click on the ‘Upload TDS’ option under the TDS tab.

Step 4: You will be provided with a form where you will need to select the correct details. Once the details are selected, click on Validate.

Step 5: The returns can be validated through the following modes:

– Validate using DSC or Digital Signature Certificate.

Once it is uploaded, a success message will appear on the screen and a confirmation mail will be sent to your registered email ID.

– Then validate using EVC or Electronic Verification Code. If, after the fourth step, you didn’t generate a DSC, you will be able to validate the TDS statements using an EVC.

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