TDS Return Filing
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Services Covered
- Preparation and filing of quarterly TDS returns (Form 24Q, 26Q, 27Q, etc.).
- Generation and verification of TDS certificates (Form 16/16A).
- Correction and rectification of errors in previously filed returns.
- Advisory on TDS applicability and rate deductions.
- PAN-TAN registration and compliance support.
- Regular updates and reminders for due dates.
Benefits and Needs
- Timely Compliance: Avoid penalties with accurate and on-time filings
- Error-Free Returns: Reduce discrepancies with expert data verification.
- Regulation Adherence: Stay updated with the latest TDS rules and guidelines.
- Time & Cost Efficiency: Let us handle your TDS while you focus on core business activities.
Who This is For
- Businesses of all sizes managing employee salaries, vendor payments, or contracts.
- Freelancers and professionals with tax deduction obligations.
- Organizations requiring seamless TDS certificate issuance and compliance.
- Startups aiming to avoid penalties and ensure smooth operations.
How It’s Done
- Data Collection: Gather relevant details like PAN, TAN, payments, and deductions.
- Validation: Verify accuracy and applicability of deductions.
- Return Preparation: Prepare returns in compliance with government norms.
- Filing & Submission: Submit returns through the authorized online portal.
- Post-Filing Support: Handle notices, corrections, and certificate generation.
How to Get Started
- Contact us to discuss your TDS requirements.
- Share your payment and deduction details.
- We’ll ensure accurate filing and compliance for your business.
Stay compliant and stress-free with our professional TDS return filing services!
Overview of TDS and TCS
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are mechanisms under the Income Tax Act of India designed to collect taxes at the source of income generation. These ensure timely tax collection and prevent tax evasion. While TDS applies to payments like salaries, interest, rent, and professional fees, TCS is applicable to specific transactions such as the sale of goods like liquor, scrap, or minerals.
Key Features of TDS
- Who Needs to Deduct TDS:
- Individuals and entities (except individuals/HUFs not subject to tax audit) making specified payments.
- Payments include salaries, contract payments, rent, interest, commission, and professional fees exceeding prescribed thresholds.
- Who Needs to Deduct TDS:
- Individuals and entities (except individuals/HUFs not subject to tax audit) making specified payments.
- Payments include salaries, contract payments, rent, interest, commission, and professional fees exceeding prescribed thresholds.
- Necessary TDS Forms:
- Form 24Q: TDS on Salaries
- Form 26Q: TDS on all payments except salaries
- Form 27Q: TDS on payments to non-residents
- Form 27EQ: TCS return for tax collected at source
- TDS Certificates:
- Form 16: For Salaries
- Form 16A: For non-salary payments
- Form 16B: For TDS on property purchase
- Form 16C: For TDS on rent (Section 194-IB)
- Due Dates for TDS Payments:
- 7th of the following month for most cases.
- For March, by April 30th.
- Due Dates for TDS Returns:
- Form 16: For Salaries
- Quarter 1 (April to June): 31st July.
- Quarter 2 (July to September). 31st October.
- Quarter 3 (October to December): 31st January.
- Quarter 4 (January to March): 31st May.
Key Features of TCS
- Who Needs to Deduct TDS: Sellers of specific goods such as liquor, scrap, minerals, and certain e-commerce transactions.
- TCS Applicability Collected by the seller from the buyer at the time of sale exceeding specified thresholds.
- TCS Certificates
- Form 27D: Issued by the seller to the buyer.
- TCS Return Filing Due Date: Similar to TDS return dates.
TDS and TCS Rates
- Rates vary based on the nature of payment and residency of the payee.
- For non-PAN holders, a higher rate applies.
- Stay updated with the latest Finance Act for rate revisions.
Key Compliance Points
- Timely deduction and collection are mandatory to avoid penalties.
- Accurate filing of returns ensures seamless tax credits for payees.
- Maintain records of all TDS/TCS deductions and filings for audit and compliance.
Penalties for Non-Compliance
- Late Deduction or Non-Deduction: Interest at 1% or 1.5% per month.
- Late Payment of TDS/TCS: Penalty of ₹200/day under Section 234E.
- Late Filing of Returns: Fine up to ₹10,000 under Section 271H.
Conclusion
Proper TDS and TCS management is crucial for ensuring compliance and avoiding penalties. Our expert services ensure accuracy, timeliness, and complete adherence to tax regulations. Stay focused on your business while we handle your tax obligations seamlessly.
