Tuesday, 22 April 2014

5 Easy Steps for e-TDS/e-TCS Return Filing for Asstt. Year 2014-15



"Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003". It is applicable to all deductors furnishing their TDS/TCS return in electronic form. As per this scheme:
  • It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS/TCS returns in electronic form (e-TDS return/e-TCS Return).
  • From F.Y. 2004-2005 onwards furnishing TDS/TCS returns in electronic form is also mandatory for government deductors in addition to corporate deductors.
  • Deductors (other than government and corporates) may file TDS/TCS return in electronic or physical form.
  • NSDL e-Governance Infrastructure Limited (NSDL) as the e- TDS/TCS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TDS/TCS returns from the deductors.
The 5 easy steps for e-TDS/e-TCS Return are as follows:

Step : 1
The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified below:
Quarterly Return :
For Regular Statements pertaining to FY 2010-11 onwards:
For Regular Statements up to FY 2009-10
For Correction statements pertaining to FY 2010-11 onwards:
For correction statements up to FY 2009-10:
Step : 2
e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with 'txt' as filename extension. e-TDS/e-TCS return can be prepared using in-house software, any other third party software or the NSDL e-TDS Return Preparation Utility .
Sample files prepared as per the file formats given below for reference.
Quarterly Return :
For statement pertaining to FY 2010-11 onwards:
For statement upto FY 2009-10
Step : 3
Once the file has been prepared as per the file format, it should be verified using the File Validation Utility (FVU) provided by NSDL.
* FVU for Quarterly Returns: e-TDS / e-TCS returns prepared upto FY 2009-10 (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
* FVU for Quarterly Returns: e-TDS / e-TCS returns prepared for FY 2010-11 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
Step : 4
In case file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU.
Step : 5
The upload file generated by the FVU on successful validation is to be furnished to a TIN-FC or directly uploaded through the NSDL web-site.
Quarterly Returns:
Each e-TDS/TCS return saved in a CD/Pen Drive to be submitted along with a signed copy of the control chart (Form 27A). With effect from February 1, 2014, it is mandatory to submit Form 27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along with the TDS/TCS statement(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches. .

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