Question: Is It Compulsory To File Nil TDS Return?

What if TDS return is not filed?

As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs.

200 for every day during which the failure continues.

The amount of late fees shall not exceed the amount of TDS..

How do you know whether TDS return is filed or not?

Status of e-filing of TDS Statement by your deductorStep – I. Visit https://www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml.Step – II. Enter the Captcha code and click on Proceed.Step – III. Fill the requisite details such as “PAN of Deductee” , “TAN of Deductor”, “Financial Year”, “Quarter” and “Type of Return” and click on “Go”

Who is liable for TDS return?

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments : Payment of Salary.

Can we file TDS return without DSC?

After step 4, if you haven’t generated a DSC, you will be able to validate the TDS statements using an electronic verification code (EVC). Upload the TDS zip file and click on ‘Click here to E-verify’. The next screen will give you the option to use an EVC already generated or generate a new EVC.

Is nil return mandatory for TDS?

As per the Income Tax Act, 1961 and the Income Tax Rules, it is not mandatory to file a NIL TDS Return. As NIL TDS Return is not mandatory, the TRACES is having a problem distinguishing between: Deductors required to file the return but not filed the TDS Return.

Is nil return mandatory?

Nil tax return is filed to declare to the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year. When you are just at the beginning of your career and your total annual income is less than Rs2. 5 lakhs per annum, filing income tax returns is not mandatory.

How can I get TDS refund?

You need to file a TDS refund claim when the employer has deducted more tax than the actual liability. You can claim the difference amount by filing an income tax return. You will have to provide the bank account number, name of the bank, and Indian Financial System Code (IFSC) details for successful processing.

How can I file TDS correction?

How to make corrections to TDS returns in CleartdsMake a request for Conso File and download the same from Clear TDS.Open the . zip file which contains the Conso File. … Import your Consolidated File to prepare correction statement.Make any modifications necessary.

What is the last date for filing TDS return?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsDecember31st December31st JanJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)FebruaryMarch9 more rows•Jan 5, 2021

How can calculate TDS?

The employer deducts TDS on salary at the employee’s ‘average rate’ of income tax. It will be computed as follows: Average Income tax rate = Income tax payable (calculated through slab rates) divided by employee’s estimated income for the financial year.

What is TDS full name?

Income Tax Department > Tax Deducted at Source (TDS)

Why is TDS required?

The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date. TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc.

Where Is TDS applicable?

Your employer deducts TDS at the income tax slab rates applicable. Banks deduct TDS @10%. Or they may deduct @ 20% if they do not have your PAN information. For most payments rates of TDS are set in the income tax act and TDS is deducted by payer basis these specified rates.

Can TDS return be revised?

Once you have filed your TDS returns with NSDL, you might realise that there is an error in the returns. … Whatever might be the case, the TDS return will have to be revised. To revise your TDS returns, you will need to have the consolidated file and justification report.

How many times we can file revised TDS return?

1. How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.

What is the penalty for not deducting TDS?

All companies, irrespective of government or private, must bear a penalty of Rs. 200/day, under section 234E, for the delay in filing TDS or TCS returns after the specified due date. However, such a penalty will not exceed the amount of TDS for which the statement was required to be filed. Also, a penalty from Rs.