(Types of TDS returns,How to file for TDS return,TIME and COST )
When a tax collector deducts taxes, he is supposed to file for TDS return. It is compulsory to file for return of TDS. A fine of Rs.200 per day is levied upon delay of filing return.
Types of TDS returns:
- Annual return of TDS for salary- Form 24
- Annual return to TDS except salary- Form 26
- Quarterly return on interest, dividend and any other payment- Form 27
- Annual return of tax- Form 27E
- Quarterly return of TDS for salary- Form 24Q
- Quarterly return of TDS except salary- Form 26Q
- Quarterly return on interest, dividend and any other payment- Form 27Q
How to file for TDS return?
- Select file format
- Prepare TDS return in clean text ASCII format with ‘txt’ as filename extension. TDS can be prepared using the e-TDS Return Preparation Utility provided by NSDL.
- After filing, it is to be verified using the File Validation Utility (FVU) provided by NSDL
- If errors are detected, rectify them. And verify the file again by FVU
- The file now needs to be submitted at any TIN-FC.
TIME TAKEN FOR TDS RETURN
Time taken for return filing is 3-5 working days.
COST FOR TDS RETURN
Difference lies with vendor to vendor. Generally ranges between INR 800-1500.