Skip to main content

How to Claim TDS Refund (Deductee) and File TDS Return (Deducter)?

It stands for 'Tax Deduction at source'. It is a way of tax collection where the percentage of certain amount is deposited in a time with the government as taxes on behalf of the receiver of such payments. The tax can be deducted on the behalf of source of earning, it can range from 1% of sale proceeds to 30%.

How to Claim Refund of TDS Deducted

Filling the e-TDS return is mandatory for company and government deductions as per section 206 of Income Tax Law. TDS return is required to be filed by the employer who has deducted the TDS. TDS returns are required to be filed after specified intervals and details to be furnished in this form include fields like TAN No., TDS Payment, the amount deducted, types of payment, PAN No. etc.

If your total income exceeds the total taxable limit (Describe by Income Tax Department) then your employer (Deductor) can deduct TDS. The e-TDS can be be filled by both employee and employer.

For Employee or Deductee

  • If you want to claim a refund of TDS then you have to submit your ITR.
  • For this you can download utilities provided by ITD (Income Tax Department Website), fill all relevant data, fill the details of TDC/TCS deducted and submit your income tax return in the appropriate ITR form.
  • But for this, firstly you should be aware which ITR is applicable and relevant provisions of the income tax Act, if you want to remove all such burdens from your side then you can use our software.
Benefits to use SAG Infotech TDS Software:
  • Auto selection of applicable ITR form.
  • Auto calculation of total taxable income after chapter VI A deduction.
  • Import TDS/TCS detail from your 26AS statement within a single click (no need to insert TDS detail manually).
  • Auto calculates the refund amount and easy uploading ITR.
How to file TDS return (For an Employer and Deducted)

Firstly, you have to apply for TAN number, after receiving the TAN number, you can file your TDS return. TDS returns are uploaded quarterly or annual basis forms are depending on employer or deducted. If you are an employer then you can file 24Q and any other case you need to upload 26Q. Both returns are compulsory to be e-file.
  • Download 24Q/ 26Q from TRACES,
  • Fill all relevant data, including Challan details with deductee/employee information.
  • Upload the return on TRACES by using user id and password provided by NSDL.
By using our software you can upload your TDS/TCS return very quickly.
  • Employer/deducter master to insert details of person deducting TDS.
  • TAN verification from Traces.
  • Challan verification from TIN.NSDL.
  • Annual / monthly salary calculation with all adjustments of allowances and Perks and chapter VI-A deductions.
  • Auto selection of TDS rates by selections of relevant head of income.
  • Easy uploading of return with data validation check facility.

Comments

Popular posts from this blog

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA.  MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma