Electronic Tax Deducted at Source
E-TDS
E-TDS (Electronic Tax Deducted at Source) return filing is a process through which an entity (such as a company or employer) submits details of tax deductions at source to the Income Tax Department of India in an electronic format. The entity deducts tax from payments made to employees or contractors and then deposits it with the government. The E-TDS return contains details of these deductions and is submitted electronically.
Types of E-TDS Returns
There are various forms for different types of returns depending on the kind of deduction made. These include:
- Form 24Q: TDS on salaries.
- Form 26Q: TDS on payments other than salaries (e.g., contractors, interest payments).
- Form 27Q: TDS on payments to non-residents (foreign payments).
- Form 27EQ: TCS (Tax Collected at Source) returns.
Key Takeaways
- E-TDS return filing is mandatory for entities that deduct TDS from payments made.
- The return must be filed electronically through the TRACES portal.
- The return should be filed using XML format, which is generated through tax software or utilities.
- Due dates must be adhered to, and penalties apply for late or incorrect filing.
- Keep TDS certificates (Form 16/16A) ready for issuance to deductees.
Summary of Documents & Requirements
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