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 in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A.
Is it required to file Nil TDS return?
For an assessee who is filing return for the first time there is no need to file NIL TDS return. For others it is compulsory.
Who is required to file e-TDS return?
As per Section 206 of Income Tax Act, all corporate and government deductors, assessees subject to Tax audit u/s 44AB in the immediately preceding financial year are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns) and for others, if the number of deductees? records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty.
What is Form 26AS?
The annual statement will be issued for all tax deducted and tax collected at source from F.Y 2005-06 onwards after the expiry of the financial year u/s 203AA. This statement is known as Form 26AS. According to this, the PAN wise ledger account will be created after matching the information in the TDS/TCS returns filed by the deductor/ collector and the details of tax deposited in banks coming through OLTAS. This further depends on accuracy in e-Return [TAN, PAN, challan number, etc] by the deductor.
Is the Challan Identification Number compulsory?
Yes. Challan Identification Number is necessary for all non-Government deductors.