The department of Income tax has notified that the deadline to file TDS or tax deducted at source statement for the first quarter ending June of the FY 2018-19 is July 31.Further it has informed that any delay in filing of the TDS return would result in the levy of late filing charges that will amount to Rs. 200 on a per day basis and may go as high as Rs. 1,00,000.
Through the TDS mechanism, the government collects revenue or tax from the different income sources such as salary, commission etc. Herein, when filing TDS statement the taxpayer needs to also specify the details of different tax-saving investment instruments or other savings so as to have access to any excess TDS deducted at source in the form of tax refund.
How to file TDS return?
To begin with the TDS return filing process, you need to have a valid TAN or tax deduction account number and should be registered with the government's e-filing portal.
Step-by-step process to file TDS return
1.Visit the tax department's official e-filing portal
2. Click on login here option and enter username and password, username in the case of filing TDS return will be the TAN number
3. After you have successfully logged in, click on 'Upload TDS' option
4. Provide the correct details and thereafter click on validate
5. Now you are required to upload your TDS statement and sign it using digital signatures
6. After uploading the requisite documents, a message will we displayed on the screen transaction ID and the same will also be sent to the registered e-mail ID.
Return Preparation Utility (RPU) may be used for preparing the TDS statement and File Validation Utility (FVU) can be used for validating it.