12 June 2008
What is the procedure of TDS - 1) Deducting 2)Depositing 3) Return filing 4) claiming refund.
Who issue TDS Certificate? If tds certificate is issued by deductor (e.g. employer in case of salaries) What we receive as authentication of depositing of return / challan from income tax dept.
Which is the prescribed return & challan for filling TDS return & challan.
22 June 2008
Hi Preeti, reply to your query are as follows:
1. First of all you have to dicide under which the payment falls like whether it is professional income, rental income, payment to contractor or subcontractor or salary etc. Then u have to deduct the tax accordingly.
2. You have to deposit the tds of a particular month latest by the 7th of succeeding month through different challans Itns 281 in the designated bank.
3. You have to file quarterly returns in two forms - (a) form 24 Q for salary (b) form 26 Q for others & the same is to be filed with the intermediaries like NSDL, Karvy or UTI.
4. for claming refund of the over payment of tax first of all you have to file your return with in due dates prescribed by the dept for different asseesses.
23 June 2008
Thankyou Sir. It has resolved my queries very much but still i want to know :-
a) Who issue TDS Certificate? If tds certificate is issued by deductor (e.g. employer in case of salaries) what we receive as authentication of depositing of return / challan from NSDL.
b) What is the use of Form 16?
c) What is the process of filing E-TDS returns.
d) After filing return in due date how to claim refund & in which challan?
Looking forward for your further consideration with regards.
23 June 2008
a) The deductor /employer issues TDS certificate. The TDS certificate carries the acknowledgement no. of the TDS return filed and all tax depoait details. b) It is used for Income tax purpose ie for claiming TDS against the total tax liability payable and then paying only the balance ti the IT dept. d) No refund can be claimed of TDS. There is no such provision.
23 June 2008
Why cant we claim refund of TDS. If the total TDS deducted is more than the person is liable to pay tax at the end of F.Y. then he can claim refund.
I am asking about that refund. Please tell me the procedure.
02 July 2008
In case the tax deducted more than that should be deducted, the deductee can claim that much of amount as refund in his/its return of income provided the same is filed on or before the due dates prescribed by the income tax act. The deductor has nothing to do with that refund.
For E-TDS you have to download e-tds return preparation facility from the site www.tin-nsdl.com. Then you can prepare your return which will be in the form 24Q which is for salary paid & form 26Q which is for other payments like fee for professional, payment to contractor, rent, interest & the like. In these forms you have to fill up all the details like deductee name, pan , total amount paid, tds deducted & bank details like challan date, BSR code of the bank, challan serial no. etc. After that you have to run file validation utility which also u can download from the same site. If all the information is correct in both the forms your return will be ready. In that way you can file your Etds returns by saving these seperate returns on the CD with three intermediaries prescribed by the income tax dept.--- NSDL, Karvy & UTI. You can find out the address & other details about these intermediaries on the same site as mentioned above.
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