TDS deduction is mandatory for all persons other than individuals and HUF who are required to get their books of accounts audited. TDS is required to be deducted when the payment exceeds a certain limit during the financial year, compliance with TDS provisions requires an understanding of various limits, due dates, and other rules. Our TDS return filing and consulting service support clients to comply with TDS provisions on time and enables them to reduce interest costs and penalties in the income tax act.
How to file TDS return?
TDS return filing process starts from getting details of tax deducted, calculation of interest payable for delay in payment of TDS deducted etc. TDS return will be prepared in TDS return preparation utility or third party TDS return preparation software. There are separate forms for filing TDS returns for TDS deducted from salary and separate form for TDS deducted on other payments. TDS return shall be filed on time to avoid interest on late deduction and interest on late payment of TDS to government account. Once TDS return are filed, the FORM 16 or FORM 16A can be downloaded from traces portal by submitting details used for filing TDS returns.
Details required for TDS return filing
- If payment for TDS is made, details of such payment challan.
- Details of persons for whom payment is TDS is deducted.
- Nature of payment, rate at which TDS is deducted.
- PAN and TAN details of deductor.
- PAN details of person for whom TDS is deducted.
- Details of previous filed TDS return acknowledgement.
- Business address, contact details, of the deductor.