I am working in a pvt ltd company in accounts dept. I know tds but don't know tds return. How to file return. If it possible please let me know procedures of qtrly tds return (step by step) and best software name
22 February 2014
Procedure For e - filing Of TDS Returns 1. Objective: The basic objectives of computerization of TDS returns is to cut down the compliance cost for deductors, to correlate deduction of taxes made by deductors with the deposit of the deducted tax in the Go vernment account in a designated bank/and correlate deduction of tax by the deductors with the corresponding credits claimed by the deductees. In phase - I of TIN it is proposed to receive the electronic TDS returns of corporate deductors and to digitise the paper TDS returns of other deductors. In Phase - II of TIN the work relating to dematerialization of TDS certificates will be taken up so that cross verification of deduction by the Deductors with the claims of deductees can be carried out. Some of the issues pertaining to this scheme are explained in the form of Frequently Asked Questions (FAQs) and are available on this site. 2. Scheme for Electronic Filing of TDS returns: The scheme for electronic filing of TDS returns was notified on 26.8.200 3 . T he Board Circular No.8 dated 19.9.2003 clarifies the procedure in this regard. The procedure basically envisages that corporate deductors will prepare their TDS returns in the new TDS return Forms 24 , 26 or 2 7 , according to the data structure notified by e - Filing Administrator . The e - TDS returns in the prescribed data structure stored on CD ROM and supported by a duly signed control chart in Form 27A in paper format will be submitted to an e - TDS Intermediary appointed by the Board . 3. e - TDS Administrator and e - TDS Intermediary: The CBDT has appointed Director General of Income - tax (Systems) as e - TDS Administrator. Separately, M/s National Securities Depository Limited (NSDL), who are also the agency hosting TIN, have been appointed as e - TDS Intermediary . During the current financial year, NSDL will be opening their front offices at 42 stations throughout the country, for receiving e - TDS returns of all deductors. NSDL w.e.f. 19.01.2004 will set up their front offices called as ‘ TIN Facilitation Centre ’ at 42 stations throughout the country, for receiving e - TDS returns w.e.f. 19.01.2004. NSDL will set up their front office s at 65 stations more during the next financial year so that they will have presence at all stations where ad ministrative CsIT are located. 4. Procedure for allotment of TAN: 4.1 All deductors required to e - file their TDS returns have to quote their reformatted Tax Deduction Account Numbers (TAN) in their respective TDS returns. A large number of deductors have already obtained these re - formatted TANs which are unique countrywide. Wherever TAN has not been allotted or old TANs have not been reformatted, applications in Form 49B can be filed with NSDL. All old applications for allotment of new TAN/ reformatted TA N pending in the Department, will be disposed at the earliest. 4.2 NSDL has also been authorised to receive applications ( form 49B ) for allotment of TAN at their front offices for fee of Rs.50/ - to be paid by the applicant to them. The data in respect o f such TAN applications will be entered by NSDL and sent to National Computer Centre (NCC) of Income - tax Department and the respective computer centres on - line . The allotment of TAN will be done by the IT department centres and communicated online to NSD L who will intimate the same to the applicant. 5. Preparation of e - TDS returns: 5.1 New forms of TDS returns in Form No.24 , 26 , & 27 (enclosed herewith), a control chart in Form 27A have been notified by the Board vide notification dated 31.7.2003 co nsequent upon amendment to Rule 30 of IT Rules, 1962 . The e - TDS returns have to be prepared in these new forms and according to the data structure prescribed by e - TDS administrator. This is necessary so that the data structure of e - TDS returns is compatib le with the departmental application software for processing the same. 5.2 The prescribed data structure can be downloaded from this website as also of NSDL ( http://tin.nsdl.com ) This can also be obtained from the front offices of NSDL. While preparin g the e - TDS returns, the deductor has to ensure that following mandatory requirements listed in Circular No.8 of CBDT dated 19.9.2003, are complied with : (i) Tax deduction Account Number (TAN) of the deductor is clearly mentioned in the TDS return as also on Form No.27 A , as required by sub - section (2) of section 203A of the Income - tax Act. However, in cases where TAN is not available the e - TDS returns will also be accepted if the same is accompanied with an application in Form 49B for allotment or for reform atting. (ii) Full particulars relating to deposit of tax deducted at source, in the designated bank are correctly and properly filled in the table at item No.6 of Form No.24 or item No.5 of Form No.26 or item No.5 of Form No.27 , as the case may be. (iii) The data i n the e - TDS return is as per the data structure prescribed by the e - Filing Administrator. (iv) The Control Chart in Form 27A is duly filled in all columns, signed and enclosed in paper form with the return on computer media.
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