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TDS NSDL

Home Taxes in India TDS NSDL

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Updated: 30-12-2022 12:08:06 PM

About NSDL and NSDL e-Governance Infrastructure Limited

NSDL or National Securities Depository Limited is the first and largest depository in India. It was established in 1996 for the purpose of handling securities in dematerialized form. Prior to the establishment of the depository, securities in Indian capital market were held in physical form. This led to the problems of bad delivery, delayed transfer of title documents, etc. In August 1996, the Indian lawmakers enacted the Depositories Act which led to the formation of NSDL.

It was promoted by IDBI Bank Limited (erstwhile Industrial Development Bank of India), NSE Strategic Investment Corporation Limited (erstwhile National Stock Exchange of India) and Administrator of the Specified Undertaking of the Unit Trust of India – DRF (erstwhile Unit Trust of India).

e-Governance is the use of information technology to facilitate better governance and administration. In January 2013, NSDL demerged itself and two companies were formed, NSDL e- Governance Infrastructure Limited (NSDL e-Gov) and National Securities Depository Limited. The objective of NSDL e-Gov is to work with various government agencies for designing, managing and implementing e-governance projects.

About TDS
TDS or Tax Deducted at Source is a taxation mechanism under which the person, before making a specified payment, deducts tax at a specified percentage from such amount payable and deposits it to the Income Tax department. TCS or Tax Collected at Source is the tax collected by the seller from the buyer at the time of sale of specified goods.

Such amount is to be deposited at the specified bank branches that are authorized to collect taxes on behalf of government. TDS return furnishing the details of the tax deducted at source also needs to be submitted within the prescribed time period.

NSDL and TDS
As one of the e-governance projects, Tax Information Network or TIN was established by NSDL e- Governance Infrastructure Limited on behalf of Income Tax Department. It acts as a repository for tax related information. The objective of formation of TIN is modernization of current taxation system so that information technology can be used for the purpose of collecting, monitoring, processing and thus accounting of all direct tax in India.

TIN has three sub systems:

  1. ERACS or Electronic Return Acceptance and Consolidation System: It consists of a nationwide network of TIN– Facilitation Centers which act as interfaces for tax payers. It is a completely online platform that enhances the uploading of e-returns of TDS/ TCS and Annual Information Return to the central system of TIN.
  2. OLTAS or Online Tax Accounting System: It facilitates daily upload of tax deposit details to the central system that have been done in multiple branches of tax collection across the country.
  3. CPLGS or Central PAN Ledger Generation System: It is a central system that accumulates and manages the entire data for each and every PAN number:
    1. The entire details of the tax that is deducted by TDS or collected of behalf of TCS is matched against the available data submitted by the tax collectors and the deductors by way of tax challan, deposit slip, etc. and other information with the banks.
    2. The entire details of Advance Tax that is self-deposited by the assesse on anticipation of higher taxation or self-assessment and the Fringe Benefit Tax.

To automate the process of collection, compilation and processing of TDS return, The Income Tax Department introduced “Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003”. Under this scheme, it has been mandated for all corporate and government tax deductors to file their returns online. Other deductors shall have an option of filing the returns online or in physical mode. NSDL e-Gov acts as an intermediary to receive all the TDS returns filed by the deductors.

TCS or Tax Collected at Source is the amount collected by the seller from the buyer on the sale of specified goods. Such tax collected by the seller/collector has to be deposited with the bank branches authorized to collect taxes on behalf of government.

Similar to TDS, for TCS also the Income Tax Department introduced “Electronic Filing of Returns of Tax Collected at Source” Scheme for collection, automation and compilation of TCS returns. Hence, all corporate and government tax deductors are required to file their returns online. However, other deductors may file it online or in physical mode.

These TDS/TCS returns may be submitted through TIN facilitation centers (TIN–FC) established by NSDL or may be uploaded online on the NSDL website.

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