Frequently Asked Questions - Gen TDS Software

FAQs - Gen TDS

Answer: Annual e-TDS return is the TDS return which is filed electronically in Form Nos. 24Q, 26Q or 27Q, similarly, Annual e-TCS return is the TCS returns which also has to be filed electronically in Form No. 27EQ. TDS return is filed under section 206 of the Income Tax Act and TCS return is filed u/s 206C of the IT Act.

These returns are furnished in a CD/Pen Drive along with a signed attestation in Form No. 27A when Annual TDS returns are filed or Form No. 27B is filed in the case of Annual TCS return. Yes, annual e-TDS/TCS Return can be filed using our software - Gen e-TDS.

Answer: Forms which are required to file annual/quarterly TDS/TCS returns are as follows along with periodicity & particulars:

Form No. Particulars Periodicity
Form No. 24Q Quarterly statement for tax deducted at source from 'Salaries' Quarterly
Form No. 26Q Quarterly statement of TDS in respect of all payments other than 'Salaries' Quarterly
Form No. 27Q Quarterly statement of tax deduction from interest, dividend or any other amount payable to non-residents Quarterly
Form No. 27EQ Quarterly statement of TCS Quarterly

Answer: Yes. TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by the Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. The forms used for quarterly e-TDS statements are Form Nos. 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.

Answer: e-TDS/TCS must be prepared by the e-filing administrator in a prescribed file format or data structure. File format is prescribed for each return separately, be it a Quarterly return (FY 2005-06 onwards).

Answer: Form No. 27A is a summarized form of quarterly e-TDS/TCS statements to be filed by the deductor or collectors in paper format along with quarterly statements.

Form No. 27A is a summarized form of e-TDS/TCS returns which encompasses control totals of 'amount paid' & 'income tax deducted at source'.

The control totals of 'amount paid' & 'income tax deducted at source' furnished in Form No. 27A should be equal to the corresponding control totals in e-TDS/TCS return. For each e-TDS/TCS return, a separate Form No. 27A has to be filed.

Answer: Form 27A is the crux of the TDS/TCS statement. The same individual who has authority to sign the TDS/TCS statement in paper mode is eligible to sign the Form 27A.

Answer: A unique seven digit code issued by the Reserve Bank of India to each branch of the bank refers to as ‘Bank Branch Code’. Filer can avail the bank branch code from the bank branch and quote the same in the e-TDS/TCS return.

We have also mentioned the bank branch codes, one can access it by going to Other Utilities > Miscellaneous Information > Bank BSR Codes.

Answer: Challan Serial Number is a receipt number issued by the Bank branch for use in TDS deposited. For each challan deposited, a separate receipt number is allotted. This receipt number or Challan Serial Number needs to be mentioned in the e-TDS/TCS return. It can be quoted on the printed numbers such as ITNS 269 or ITNS 271 on the bank challan.

Answer: Yes, it is compulsory to quote the 10 digits reformatted (new) TAN in e-TDS/TCS return.

Answer: No, a single Form No. 26Q with individual Annexure corresponding to each challan payment for each type of payment has to be filed for all payments made to residents.

Answer: It is necessary for all non-Government deductors to quote their PAN. And quoting the PAN of employees/deductees is also necessary otherwise credit of tax deducted is not given to them.

Answer: Last dates to file quarterly TDS Returns are as follows:

Quarter Due date for Form No.24Q & 26Q Due date for Form No.27Q Due date for Form No.27EQ
1 - April to June 31 July 31 July 15 July
2 - July to September 31 October 31 October 15 October
3 - October to December 31 January 31 January 15 January
4 - January to March 31 May 31 May 15 May

Answer: Yes, the Challan Identification Number (CIN) is mandatory for all non-Government deductors.

Answer: In case of any complexities in filing e-TDS returns, one can avail help from Income-Tax Department website and the NSDL-TIN website.

TDS and TCS returns can be easily filed using Gen TDS software and in case of any difficulties, the user can approach our customer care agents for any kind of help.

Answer: Form 26 QB is a Return cum challan statement, which is filed by the buyer when the immovable property of more than Rs. 50 Lakhs is transferred. Form 26QB has to be uploaded sepretely for each buyer and selller in case there are multiple buyer and sellers.

Answer: Yes, user can download Form 16 B after 15 days of uploading Form 26 QB. The Form 16 B can be downloaded from traces and also from the direct link given in our software.

Answer: Form 26AS is the annual statement that contains all the details of your income on which taxes have been deducted and also the taxes which have been paid on your behalf by the deductor like employer, bank etc to the Government.

26AS statement is issued for all TCS and TDS from FY 2005-06 afterwards after the expiry of the fiscal year. Gen TDS has 26AS statement within it. Users can avail the same by downloading the Gen TDS software.

Answer: Auto Threshold Limit check facility is available in Gen TDS software. Gen TDS software keeps Deductee Detail Entry and Data Quality Wizard. The software notifies the users as soon as the limit is surpassed that the amount paid to a specific deductee is going beyond the threshold limit and so TDS has to be deducted on the entire amount.

Answer: Yes, the Deductee wise payment report can be accessed in detailed as well as summarized format. The reports of payment can be checked with different sorting options such as section/rate wise record report, threshold limit wise record report, etc.

Answer: Yes, the users can verify Certificate No. given by the assessing officer under section 197, directly from the TRACES.

Software’s notifies you about the total cap present according to the certification no. and also notifies you about the shortage of amount deducted when the limit is surpassed.

Answer: Yes the Auto Interest Calculation facility is available in the software along with direct download the Justification Report facility which allows users to directly download the Justification Report from the software and find out the cause behind shortage or increment in demand.

Answer: Yes, the software facilitates users to Register DSC directly on Traces and check the registration status.

Answer: The quick view Intimation can open the intimation without feeding password.

Answer: New Correction Report is prepared when the filer wants to make some changes in the return previously filed. Preparation of New Correction Report let the user request for Conso file and import it. Once imported & downloaded, the changes can be made in correction file and re-uploaded.