TDS filing: The Income Tax department has notified that the last date for filing the Tax Deducted at Source (TDS) for the quarter ending June 30, 2018, the first quarter of the financial year 2018-19, is July 31. The department has also said that any delay in filing the TDS statement would attract a penalty of Rs 200 per day up to whopping Rs 1 lakh. July 31 is also the deadline for filing the annual return for income for the assessment year 2018-19 but here we are focusing only on the TDS filing mechanism.
What is TDS?
As the name suggests it is the tax deducted at source. Under this mechanism, the government collects tax from where the income of an individual is generated such as salaries, commissions etc. Since the tax is deducted at the source, a taxpayer is required to submit details of any tax-saving investment or saving in the TDS filing to get a refund of access tax deducted at source.
To file TDS, one should have a valid Tax Deduction Account number (TAN) and should be registered in e-Filing. Return Preparation Utility (RPU) can be used to prepare the statement and File Validation Utility (FVU) can be used to validate it.
- Go to the official website of Income Tax Department: https://incometaxindiaefiling.gov.in
- Click on login here and enter username, which will be your TAN, and password
- After login in, click on ‘Upload TDS’ option
- Fill in the correct details and click on validate
- After that, you can upload your TDS statement and digital signature
- Once you have uploaded the required documents, a message will appear on your screen transaction id, which will also be sent to your email id