File for TDS Return
Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.
TDS return filling process
It is filled by those employers and organizations that get the benefit of the tax deduction as well as the deduction account number.
Firstly, you need to fill the 27A form on the NDSL website.
The tax deducted amount must be filled correctly in the forms.
The TAN number of the organization is compulsory to be filled in 27A form.
Make sure you fill challan number and the mode of payment correctly. If any incorrect details fill in terms of both details then you have to fill the form again.
Next, the 7 digit BSR number must be entered correctly.
Lastly, after the submission of all the details, you will get a token number or a provisional receipt; it works as confirmation that your TDS returns have been filed properly.
If there is an error when filing TDS return such as incorrect PAN Number, or challan details. In that case, you need to fill again.
Yes, there are two types of certification. For a salaried person, there is a form 16, the deducted amount is mentioned in it. Furthermore, For Non-salaried there is a form 16A in which tax deductions and all the payment details.
You can claim TDS refund on the Income Tax website, the refund will be credit to your bank account in working 6 months.