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Understanding the process of e-TDS Return Filing

Simplifying process of e-TDS Returns. Understanding the process of e-TDS Return Filing. What is TDS. Tax Deducted at Source (TDS) is a means of collecting Income Tax in India governed under the Indian Income Tax Act of 1961. What is e-TDS Return.

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Understanding the process of e-TDS Return Filing

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  1. Simplifying process of e-TDS Returns Understanding the process of e-TDS Return Filing

  2. What is TDS Tax Deducted at Source (TDS) is a means of collecting Income Tax in India governed under the Indian Income Tax Act of 1961

  3. What is e-TDS Return • e-TDS return is a TDS return prepared in form No.24,26 or 27 in electronic media as per prescribed data structure • The TDS Return prepared should be accompanied by a signed verification in Form No.27A

  4. Who is required to file e-TDS return? • As per Section 206 of Income Tax Act all corporate and government Deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns) • However, for other Deductors, filing of e-TDS return is optional.

  5. Forms to be used for filing annual/quarterly TDS/TCS returns

  6. How is e-TDS return prepared? • e-TDS return has to be prepared in the data format issued by e-Filing Administrator • This is available on the websites of Income-tax Department at i.e. www.incometaxindia.gov.in and of NSDL at www.tin-nsdl.com

  7. Form 24Q • Form24Q eTds file structure has been changed for the financial year 2013-14 • IT department has introduced a new File Validation Utility "FVU 3.8" which can be downloaded from https://www.tin-nsdl.com/etds-etcs/eTDS-file-validation-utility.php • Form24Q eTds file for the financial year 2013-14 should be validated only by FVU 3.8 version • Form24Q eTds can be generated in the older format also by disabling the IT option "GENERATE_ETDS_IN_2013_FORMAT"

  8. Changes in 24Q e-TDS for FY13-14 1. Mandatory field "Minor Head Code" introduced in challan details 2. Optional field "Late Payment Fee" introduced in challan details 3. Additional options Introduced:     1. Employer  / Deductor's STD code(Alternative)    2. Employer  / Deductor 's Tel-Phone No(Alternative)    3. Employer  / Deductor Email ID (Alternate)    4. Responsible Person's STD Code (Alternate)    5. Responsible Person's Tel-Phone No. (Alternate)    6. Responsible Person's Email ID (Alternate)

  9. Process of e-TDS Returns To initiate the process of e-TDS returns go to Reports > Form 24 Q Select the Quarter for adding Challan Add Challans`

  10. Adding New Challan Add all details. The total amount must include the interest and late payment fee As per the new changes, Minor Head code is to be selected Save file after adding all details

  11. Editing existing Challans Challans an be edited Challanscan also be allocated to employees Select the quarter and challans to edit

  12. Editing existing challans Edit the required details and save Allocate challans to employees after saving

  13. Configure Details Select the Configure Option to edit details Fill details of your company and the person responsible for deducting Tax and save

  14. Validate the e-TDS Details Validate the details. A pop up window shows the status of errors

  15. File Validation Utility 3.8 e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility. Open https://www.tin-nsdl.com/ Select Downloads > Quarterly Returns> Regular

  16. Downloading and Saving FVU 3.8 Select e-TDS/TCS FVU.exe (Version 3.8) The FVU 3.8 gets downloaded in Zip File

  17. Downloading and Saving FVU 3.8 Downloaded and save the file. System requirement : Java 6.25 or later Open FVU Standalone 3.8 Jar. Select the text file generated from the application, CIS file provided by the bank and then the FVU file generation path The file generated gets saved in the path provided. This file is to be validated

  18. Reports After validating the Text file generated, Form 24 Q and 27 A Reports can be generated from the application. These reports are to be submitted to the Department • The Preview Form 24Q option enables downloading of reports • The Reports downloaded include • 24 Q • Annexure 1 • Annexure 2 • 27 A

  19. Form 27 A Based on Form 27 A user can validate the amount of Tax deducted and deposited . They can take signature and submit for e-TDS Return filing

  20. e-TDS with Greytip ThankYou www.greytip.in @greytip /greytip /company/greytip-software-pvt-ltd

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