TDS – PAYMENTS AND RETURNS

TDS - PAYMENTS AND RETURNS

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Tax Deductible at Source (TDS) is the quarterly statement that a deductor submits to the Income Tax Department. It indicates the summary of each entry for the TDS collected or paid by the deductor to the Income Tax Authority. 

Unlike, TDS amount, which is deducted during payment, it is deducted when the income is credited into the payee’s bank account or during making payment, whichever is earlier.

Systematic Process of Filing TDS Return | TDS Filing Process | TDS Return Registration Process:

  1. The data structure will be prepared as specified in the file format. 
  2. The TDS return e-filing/ TDS return filing will be done using the Return Preparation Utility will be filed, either provided by NSDL or other third-party software. 
  3. Once the files as prescribed are created, these must verify by File Validation Utility (FVU) provided by NSDL.
  4. In case of any error, FVU will notify regarding the same.The errors needs to be retify and verify the file will be done one more time by FVU. 

Lastly, the FVU generated file will be uploaded on TIN-FC or the official website of Income Tax. 

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