Guide to TDS Returns Filing in Rajasthan – Due Dates and Procedure

TDS stand for Tax Deductions at Sources. Basically, TDS is a part of Income Tax. The government, with the help of Tax Deducted at Source provisions, ensures that Income Tax is deducted in advance from the payments made by the person receiving income. The recipient of income receives the net amount after the TDS is deducted. TDS Returns filing in Rajasthan Can businesses fulfil their TDS Return Filing obligations, avoid penalties, and contribute to a smooth and transparent tax system in Rajasthan? This article will discuss in detail the of TDS Returns filing in Rajasthan under the Income Tax Act, 1961.

Meaning of TDS

TDS is an amount that is deducted on the payments made such as a salary, commission, rent, interest, and professional fees Any individual making payments under the Income Tax Act, 1961 is required to deduct the TDS. Although if the person making the payment is an individual or HUF whose books are not necessitated to be audited then TDS has not been deducted. TDS Returns filing in Rajasthan are necessitated to be filed by all taxpayers who are obliged to deduct.

Types of TDS Returns Forms

TDS Returns Forms are the prescribed formats provided by the Income Tax Department for filing TDS returns. These forms capture specific details about the deductor, deductee, nature of payment, TDS deductions, and other relevant information. Let’s look at some of the commonly used TDS return forms:

• Form 24Q: This form is used for TDS deductions made from salaries. Employers are required to file this form providing details of salaries paid, TDS deducted, and deposited for their employees.
• Form 26Q: This form is used for TDS deductions made on payments other than salaries. It includes payments such as rent, interest, commission, professional fees, etc. This form is filed by non-government entities.
• Form 27Q: This form is used for TDS deductions made on payments to non-resident individuals, foreign companies, or Non-resident Indians (NRIs). It includes payments such as rent, interest, dividends, etc., made to non-residents.
• Form 27EQ: This form is used for TDS deductions made on payments of income distributed by Mutual Funds and UTI (Unit Trust of India). It also applies to deductions made on winnings from lotteries, crossword puzzles, horse races, etc.

Who are Eligible to TDS Returns filing in Rajasthan

Following are the Person eligible for TDS Returns filing in Rajasthan, that deduct TDS from payments:

• Employers: The companies, organizations, government departments and any other entities that have employees are eligible for TDS Returns filing in Rajasthan.
• Contractors and Subcontractors: Any Contractor and Subcontractors involved in construction, or infrastructure projects, are also eligible to file TDS Returns filing in Rajasthan.
• Professionals and Consultants: Professionals (Individuals or Forms) such as doctors, lawyers, architects, engineers, and consultants are eligible to file TDS Return filing in Rajasthan.
• Government Department: Various government departments, agencies and public sector undertakings.
• Banks and Financial Institutions: Banks and Financial Institutions that deduct tax on interest income, commission, or any other income are eligible for TDS Return filing in Rajasthan.
• Educational Institutions: Institutions that deduct tax from salary payments are eligible for TDS Return filing in Rajasthan.
• Non-Resident Entities: Non-residents (Individuals or entities) are required to deduct tax at source on payments and are eligible for TDS Returns filing in Rajasthan.

Documents Required for TDS Returns filing in Rajasthan

Following are the documents obliged for TDS Returns filing in Rajasthan:

• TAN: It is mandatory for deductors to have a TAN to file TDS Return.
• PAN: PAN helps in identifying the payee and ensures proper credit of TDS.
• TDS Challan: It is proof of tax payment.
• Employee details:Employee details such as name, PAN number, salary, TDS deducted, etc.
• TDS Statement: A TDS statement summarizes tax deductions made on behalf of the recipient, providing proof and facilitating reconciliation.

Procedure for Filing TDS Returns in Rajasthan

By following these steps payee can fulfil their TDS obligations:

• Obtain a TAN: The first in TDS Return filing is obtaining a TAN by submitting FORM 49B to the Income Tax department.
• Collect TDS certificates: Collect TDS certificates from the deductor, containing details of the tax deducted and deposited with the government.
• Deduct TDS: As a Deductor deduct TDS at the prescribed rates from payments made to the employees, contractors, and any other third-party traders.
• Deposit the TDS: After deducting TDS the deducted amount should be deposited with Income Tax Department.
• File TDS returns: File TDS returns quarterly with applicable Forms depending nature of the business with the Income Tax Department.
• Maintain proper records: It is important to maintain records at least for 5 years. It ensures transparency and helps in an audit.

Benefits of Filing TDS Returns on time

The following are the benefits of filing TDS Return on time:

• Claim Tax benefits: File the TDS returns and claim tax benefits for the TDS that have been deducted. This can help you to reduce your tax liability.
• Avoid penalties: To avoid penalties file TDS returns on time. The penalty for late filing of TDS returns is Rs. 200 per day.
• Helps in auditing: Filing TDS returns helps to maintain a good record of tax transactions, helpful in auditing by the Income Tax Department.
• Refund of excess TDS: In case of deducted more TDS than the owed amount, then can get the refund of the excess by filing TDS returns on time.
• Avoid interest on late payment of TDS: Avoid interest on late payment by filing TDS returns on time and paying the TDS that owe.

Due Dates for Filing TDS Returns in Rajasthan

The deadlines for filing TDS Returns filing in Rajasthan depends on the taxpayer and transaction type. Usually, the due dates are the 31st of the next month for the first three quarters and May 31st of the following year for the fourth quarter. You can file TDS returns online using the e-TDS portal or offline by downloading the form from the Income Tax Department website. By following the due dates and correct procedure, businesses can meet their obligations and avoid penalties.

Penalties for Late Filing of TDS Returns filing in Rajasthan

Late filing of TDS Returns filing in Rajasthan can lead to penalties, including a late filing fee and interest charges on the outstanding TDS amount. It is crucial for businesses to file within the prescribed due dates to avoid financial burdens and compliance issues. To minimize the risk, maintain accurate records, reconcile TDS deductions and payments promptly, and stay updated with tax laws and due dates. Timely submission of TDS Returns filing in Rajasthan is essential to ensure compliance and avoid penalties.

Takeaway

Filing TDS Returns filing in Rajasthan is a crucial compliance requirement for individuals and organizations operating within the state. Adhering to the due dates and following the prescribed procedure is essential to avoid penalties and legal repercussions. Taxpayers should stay updated with the latest guidelines issued by the Income Tax Department and utilize the e-Filing portal for smooth and efficient TDS Returns filing in Rajasthan. Visit the Legal Window website for TDS Return filing in Rajasthan hassle-free. You can also contact us at 072407-51000 or email admin@legalwindow.in for TDS Return.