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TDS RETURN FILING; RETURN FILING

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MEANING

TDS (Tax Deducted at Source) is a mode of collecting Income Tax in Indiaby Government of India under Income Tax Act, 1961 which is administered and managed by CBDT (Central Board for Direct Taxes). Every business entity or person making certain payments above the specified limit shall do so after deducting a specified percentage as a part of TDS (Tax Deducted Source) and needs to submit that tax to government on the behalf of the other person to whom payment is made.Further, business entity or any person who deposit the tax to government shall file TDS (Tax Deducted at Source) return stating the details of all the deductions made by them and thereafter tax paid in that regard.

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Please note that it is mandatory to file TDS return if any sort of payment has been deducted by any person or business entity.

A TDS return is a quarterly report which has to be submitted to Income Tax Departmentwhich requires professional skills and expertise to do so.

ePRO EXPRESS, having a team of experienced Chartered Accountants including TDS experts can help you to file you to assess your TDS payment and e-filing of its return without any compliance hurdle.

REQUIREMENT OF TAN BY DEDUCTOR

Every person or business entity who is required to deduct TDS (Tax Deducted at Source) is obliged to have TAN without which he is not legally allowed to deduct TDS. It is mandatory to mention TAN details in TDS return, TDS payment deposited by deductorand TDS Certificate issued by deducted to deductee.

REQUIREMENT OF PAN BY DEDUCTEE

The deductee can claim excess tax deducted as TDS refund at the time of submission of Income Tax return. While filing Income Tax return if computed tax is more than TDS deducted then the excess amount shall be paid bytaxpayer (deductee) and if computed amount is less than TDS deducted then the refund can be claim by deductee from government.

PROCEDURE FOR CLAIMING TDS AMOUNT BY DEDUCTEE

The deductee can claim excess tax deducted as TDS refund at the time of submission of Income Tax return. While filing Income Tax return if computed tax is more than TDS deducted then the excess amount shall be paid bytaxpayer (deductee) and if computed amount is less than TDS deducted then the refund can be claim by deductee from government.

ISSUANCE OF TDS CERTIFICATE

After deducting TDS, deductor shall furnish TDS certificate to deductee through which he can cross check the details of tax credit. A TDS certificate is a valid proof of taxdetails deducted by deductorwhich should be conserved by deductee as a proof.

DUE DATES OF TDS PAYMENT AND FILING ITS RETURN

PARTICULARS DUE DATE FOR TDS PAYMENT DUE DATE FOR RETURN FILING
QUARTER 1 (APRIL-JUNE) 7TH JULY On or before 31stJULY
QUARTER 2 (JULY-SEP) 7THOCTOBER On or before 31stOct
QUARTER 3 (OCT-DEC) 7THJANUARY On or before 31st JAN
QUARTER 4 (JAN-MARCH) 30TH APRIL On or before 31st MAY

BENEFITS OF FILING TDS RETURN

  1. STABLE SOURCE OF REVENUE FOR GOVERNMENT
  2. SUITABLE FOR DEDUCTEE AS TAX IS AUTOMATICALLY PAID ON HIS BEHALF
  3. PREVENTS TAX EVASION
  4. PREVENTS THE COMMITMENT OF FRAUD

PACKAGE INCLUSION

  1. GUIDANCE ON TDS TAX PAYMENT
  2. ONE QUARTER TDS RETURN
  3. FREE PROFESSIONAL CONSULTANCY
  4. TIMELY UPDATION

PROCEDURE TO FILE TDS RETURN

  1. FILL AND SUBMIT OUR ONLINE FORM
  2. OUR EXPERT WILL CONTACT YOU WITHIN 6 WORKING HOURS AND ASSIST YOU
  3. BUYOURTDS RETURN FILING PACKAGE AND MAKE HALF OF THE PAYMENT
  4. SUBMIT THE REQUISITE DOCUMENTS AND INFORMATION TIME TO TIME AS REQUIRED BY OUR EXPERTS
  5. SUBMISSION OF TIMELY RETURN BY US ON CLIENT’S BEHALF TO INCOME TAX DEPARTMENT
  6. CONGRATS!!! YOUR TDS RETURN IS FILED

DOCUMENTS AND INFORMATION REQUIRED FOR TDS RETURN FILING

    1. COPY OF PAN CARD OR PAN NUMBER OF DEDUCTEE
    2. CHALLANS OF TAX PAID IN ADVANCE BY DEDUCTOR
    3. INFORMATION RELATED TO BANK ACCOUNTS
    4. DETAILS OF ALL THE DEDUCTION MADE DURING THE QUARTER
    5. COPY OF TAN OF DEDUCTOR

FREQUENTLY ASKED QUESTIONS (FAQS)

What is TDS??

TDS (Tax Deducted at Source) is the amount deducted while making various kinds of payments such as salary, rent, commission, payment to contractor if it exceeds the specified limit.

 

What is TDS return??

A TDS return is a quarterly statement filed to Income Tax Department by deductor who deducts the TDS while making payment to another person (called as deductee) stating the details of tax deducted and deposited in that regard.

What sort of payments are required to be deducted??

Payments like Salary, Rent, Commission, Payment to Contractor, Interest, Professional fees, Royalty, deemed dividend, Winnings from lotteries, crossword puzzles, card games and other games of any sort, mutual fundpayment in regard to life insurance policy, etc. made above the specified limit are required to be deducted and submitted to government on the behalf of deductee.

Is it necessary to have TAN of deductor while filing TDS return??

Yes, it is necessary to have TAN which is alphanumeric 10 digit number as details of PAN of deductor have to be mentioned in TDS certificate, TDS payment and TDS return filing.

Is the PAN of deductee is mandatory while filing TDS return??

Yes, PAN of the deductee is mandatory  as the same has to be quoted at the time of filing TDS return and that deducted amount shall be credited to deductee’s account as tax credit while filing Income Tax return.

What are the types of TDS Forms??

Ans The various types of TDS Forms are as follows:

  1. Form 24Q: DETAILS CONTAINING TDS DEDUCTED ON SALARY
  2. Form 26Q: DETAILS CONTAINING TDS DEDUCTED ON PAYMENT OTHER THAN SALARY
  3. Form 27Q: DETAILS CONTAININGTDS DEDUCTED ON PAYMENT OTHER THAN SALARY MADE TO NON RESIDENTS
  4. Form 27EQ: DETAILS RELATED TO TCS (TAX COLLECTED AT SOURCE)

What are the slab rates while deducting TDS??

The limit and slab rate may change from time to time and it also vary among various payments. Our expert will guide you the current limit at the time of consultation.

What is the limit on each payment after which TDS is deducted??

As stated above The limit and slab rate may change from time to time and it also vary among various payments. Our expert will guide you the current limit at the time of consultation.

How TDS is deposited to government??

TDS payment can be made online to government on NSDL site. Our experts will guide you the same in detail while you make the payment.

Who is required to issue TDS certificate??

TDS certificate is issued by deductor in respect of payment deducted by him stating all the details of payment.

How long will it take to complete the TDS return filing of onequarter??

TDS return filing shall be done by our expert within 1-2 working days from the date of receiving all the requisite documents and information. Though the time can be extended subject to number of transactions held during that period for which TDS return is required to be file.

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