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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.
What is Tax deducted at source (TDS)?
TDS is a method of collection of income tax in the same year of earning the income, it is the duty of the person making the payment to deduct TDS from the amount of payment at the rate prescribed under the income tax act. TDS deducted and paid into the credit of pan number will be reflected in Form 26as of the person receiving the payment once TDS return filing done by the deductor, TDS certificate will also be issued by the deductor. At the end of the financial year, the TDS amount will be used to pay tax liability for the financial year, or else a refund can be claimed in case the tax liability is less than TDS deducted.
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.
Pricing:
₹1000
Steps to Register
Discussion
Basic details from the client will be collected for validating the right section under which TDS is deducted.
1
Calculation
Calculation of any short deduction, excess deduction, interest for late deduction of TDS, and late payment of TDS.
2
Preparation of TDS return
TDS return for salaries is prepared in form 24Q for salary, in form 26Q for other than salary, and in form 27Q for any payments to non-residents. FUV file is generated for TDS filing
3
Filing for TDS returns
FUV file generated along with the signed TDS summary sheet is filed with the TIN facilitation centre, Once the FUV file is uploaded by TIN facilitation centre Acknowledgment will be provided.
4
Generation of from 16 and 16A
After TDS returns are filed once data is populated in the TRACES portal, the TDS certificate in forms 16 and 16A can be deducted by submitting relevant details of the TDS deduction.
5
From Auditor DESK
TDS deduction is mandatory for all partnership firms and private limited companies, irrespective of the turnover. It is recommended to have a track of total payments to contractors, and other suppliers of services for determination of TDS deduction on payment to them.Frequently Asked Questions
We make it easy for you to find the answer to frequently asked questions here...
Surcharge and educational cess shall not be added to TDS calculated at the rate provided in the income tax act. Only in the case of salary payment surcharge and educational cess shall be added.
The person responsible to deduct TDS shall obtain from the employee the evidence, particulars, and details of deductions claimed, and loss required to be setoff. For convenience and simplicity, we insist on obtaining signed declaration regarding the deductions and other details from the employees
Person responsible to deduct TDS on salary income shall issue form 16 or before the 15th of June of the immediately following financial year. In any other case certificate deduction of TDS shall be issued in form 16A on or before the 15th of August, 15th of Nov, 15th of February, and 15th of June for the respective quarter ending.
On application to the assessing officer for a certificate for lower or no deduction of TDS, if the assessing officer is satisfied that lower or no deduction is justified considering the total income of the assessee, an appropriate certificate may be issued.
TDS returns shall be filed within the 31st of July for 1st quarter, 31st of October of the second quarter, 31st January for the third quarter, and 31st may for 4 th quarter,
For each day of delay, Rs.200 is calculated as a penalty subject to the maximum TDS amount paid through the return.
Interest at 1 % will be calculated on the late deduction of TDS for each month of delay and part thereof, in case of late payment of TDS after deduction interest @ 1.5 % will be calculated for each month and part thereof.
