Filing qtrly tds return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2014 Dear Experts

I am working in a pvt ltd company in accounts dept. I know tds but don't know tds return. How to file return.
If it possible please let me know procedures of qtrly tds return (step by step) and best software name

please hepl me

CA Nitesh

CA Nitesh (Expert)
Follow

22 February 2014 Procedure For e
-
filing Of TDS Returns
1. Objective:
The basic objectives of computerization of TDS returns is to cut down the
compliance cost for deductors, to correlate deduction of taxes made by deductors
with the deposit of the deducted tax in the Go
vernment account in a designated
bank/and correlate deduction of tax by the deductors with the corresponding
credits claimed by the deductees.
In phase
-
I of TIN it is proposed to receive the electronic TDS returns of corporate
deductors and to digitise
the paper TDS returns of other deductors.
In Phase
-
II of TIN the work relating to dematerialization of TDS certificates will
be taken up so that cross verification of deduction by the Deductors with the
claims of deductees can be carried out. Some of the
issues pertaining to this
scheme are explained in the form of Frequently Asked Questions
(FAQs)
and are
available on this site.
2. Scheme for Electronic Filing of TDS returns:
The
scheme for electronic filing of TDS returns was notified on 26.8.200
3
.
T
he
Board Circular No.8
dated 19.9.2003 clarifies the procedure in this regard. The
procedure basically envisages that corporate deductors will prepare their TDS
returns in the new TDS return Forms
24
,
26
or
2
7
,
according to the
data structure
notified by
e
-
Filing Administrator
. The e
-
TDS returns in the prescribed data
structure stored on CD ROM and supported by a duly signed control chart in
Form
27A
in paper format will be submitted to an
e
-
TDS Intermediary
appointed by
the Board .
3. e
-
TDS Administrator
and e
-
TDS Intermediary:
The CBDT has appointed Director General of Income
-
tax (Systems) as e
-
TDS
Administrator. Separately, M/s National Securities Depository Limited (NSDL),
who are also the agency hosting TIN, have been appointed as e
-
TDS Intermediary
.
During the current financial year, NSDL will be opening their front offices
at 42
stations
throughout the country, for receiving e
-
TDS returns of all deductors.
NSDL w.e.f. 19.01.2004 will set up their front offices called
as
‘
TIN Facilitation
Centre
’
at 42 stations throughout the country, for receiving
e
-
TDS returns
w.e.f.
19.01.2004. NSDL will set up
their
front office
s
at 65 stations more during the
next financial year so that they will have presence at all stations where
ad
ministrative CsIT are located.
4. Procedure for allotment of TAN:
4.1
All deductors required to
e
-
file their TDS returns have to quote their
reformatted
Tax Deduction Account Numbers (TAN)
in their respective TDS
returns. A large number of deductors have
already obtained these re
-
formatted
TANs which are unique countrywide. Wherever TAN has not been allotted or old
TANs have not been reformatted, applications in Form 49B can be filed with
NSDL. All old applications for allotment of new TAN/ reformatted TA
N pending
in the Department, will be disposed at the earliest.
4.2
NSDL has also been authorised to receive
applications (
form 49B
)
for
allotment of TAN at their front offices for fee of Rs.50/
-
to be paid by the
applicant to them. The data in respect o
f such TAN applications will be entered by
NSDL and sent to National Computer Centre (NCC) of Income
-
tax Department
and the respective computer centres on
-
line . The allotment of TAN will be done
by the
IT department centres
and communicated online to NSD
L who will
intimate the same to the applicant.
5. Preparation of
e
-
TDS returns:
5.1
New forms of TDS returns in
Form No.24
,
26
, &
27
(enclosed herewith), a
control chart in
Form 27A
have been notified by the Board vide
notification
dated
31.7.2003 co
nsequent upon amendment to
Rule 30 of IT Rules, 1962
. The e
-
TDS
returns have to be prepared in these
new forms
and according to the
data
structure
prescribed by
e
-
TDS administrator. This is necessary so that the data
structure of
e
-
TDS returns is compatib
le with the departmental application
software for processing the same.
5.2
The prescribed data structure can be downloaded from this website as also of
NSDL (
http://tin.nsdl.com
) This can also be obtained from the front offices of
NSDL. While preparin
g the e
-
TDS returns, the deductor has to ensure that
following mandatory requirements listed in
Circular No.8 of CBDT
dated
19.9.2003, are complied with :
(i)
Tax deduction Account Number (TAN) of the deductor is clearly
mentioned in the TDS return as also on
Form No.27
A
, as required by
sub
-
section (2)
of section 203A of the Income
-
tax Act. However, in
cases where TAN is not available the e
-
TDS returns will also be
accepted if the same is accompanied with an application in
Form 49B
for allotment or for reform
atting.
(ii)
Full particulars relating to deposit of tax deducted at source, in the
designated bank are correctly and properly filled in the table at item
No.6 of
Form No.24
or item No.5 of
Form No.26
or item No.5 of
Form No.27
, as the case may be.
(iii)
The data
i
n the e
-
TDS return is as per the
data structure
prescribed
by the e
-
Filing Administrator.
(iv)
The Control Chart in
Form 27A
is duly filled in all columns, signed
and enclosed in paper form with the return on computer media.