What is TDS Return, What is its Due Date and How to File TDS Return

What is TDS Return ?

A TDS (Tax Deducted at Source) return details the tax that was withdrawn from payments given to another party by an individual or an organisation, such as salary, interest, rent, and professional fees. The Indian Income Tax Department receives it from the deductor.

What are the Due Dates of TDS Return ?

The due dates for various TDS returns vary depending on the form that needs to be filed. The deadlines for submitting TDS returns for the fiscal year 2022-2023 are as follows:

• 31st July 2023: For the first quarter (April to June) of the financial year

• 31st October 2023: For the second quarter (July to September) of the financial year

• 31st January 2024: For the third quarter (October to December) of the financial year

• 31st May 2024: For the fourth quarter (January to March) of the financial year

How to File TDS Return ?

Ask the Income Tax Agency for a TAN (Tax Deduction and Collection Account Number) if you don't already have one.

Download the necessary form from the Income Tax Department's website. The type of form relies on the method of payment and the status of the deductor.

In the appropriate fields on the form, enter the TDS deduction amounts and the deductee's details.

Use a programme provided by the Income Tax Department to produce an XML file.

Before submitting the XML file to the Income Tax Department's website, it should be authenticated using a digital signature.

A receipt will be generated once the return has been filed correctly. Save this receipt as proof of filing.

To avoid fines and interest charges, TDS returns must be submitted on time. Also, it's crucial to ensure that TDS is deducted at the proper rate and returned to the government on time.

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How to revise TDS Return ?

A TDS (Tax Deducted at Source) return can only be modified by taking the steps detailed below:

To access the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website, enter your TAN (Tax Deduction and Collection Account Number) and password.

After selecting "Defaults" from the menu, click "Request for Correction".

Provide the relevant details, such as the Financial Year, the Quarter, the Form Type, and the most current statement that is acceptable.

After selecting "Online" as the correction mode, click "Proceed".

Make the necessary adjustments where they are necessary.

Create an updated fvu (File Validation Utility) file using the most recent version of the FVU software.

You should save the updated fvu file to your computer.

The updated fvu file should be re-uploaded to the TRACES website.

Once the file has been submitted, a confirmation page displaying the details of the modifications performed will appear.

Verify the data before sending the rectification statement.

After submitting the modified statement, you must provide the deductee with the amended TDS certificate and have them download it from the TRACES website.

The most recent fiscal year is the only one for which TDS returns may be modified, so keep that in mind. 

The process for revising TDS returns can be complicated, therefore it is advisable to seek expert assistance to ensure that the revision is finished properly, In case if looking for assistance, kindly connect us over at info@returnfiler.com, Our Team is efficient and economical on pocket , our vision is to make everyone compliant.