TDS Return

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FILE YOUR TDS RETURN ONLINE

Every quarter TDS return is a statement given to IT department online. Every deductor file TDS return on time and deposit income tax, it essential for every deductor.

3 easy steps for online TDS return:

We will set up a process for collection of data. First step is information collection.

Second step is return preparation, return will be prepared as required.

Third step is Return Filing.

TDS RETURN FOR INDIVIDUALS AND BUSINESSES

An employer or company who has valid Tax Collection and Deduction Account Number (TAN) can only file for online TDS Return. Any particular payment needs to deduct tax at source which is stated under the IT Act. Within the stipulated time the deposit for the same has to be made. The categories of payment include:

Income on securities.

Salary income

Insurance commission

Income from winning horse races

Income from winning the lottery, puzzles, and others

Payment in respect of National Saving Scheme

And many others.

An e-TDS return filing is the obligation of the assessee within due dates or in case of delay liable to pay a penalty. If the TDS deduct from assesse income, an assessee can submit an e-TDS return. For Quarterly e-TDS return filing following assesses are eligible:

The company

Such persons whose accounts are audited u/s 44AB

Such persons holding an office under the government

BENEFITS OF TDS RETURN FILING

TDS return filing is mandatory as per Income Tax Act, 1961. It gives some benefits to person or company. By Submitting a return a few advantages are and the refund status know:

To the government it is a steady inflow of income.

Smooth collection of taxes. Which is used for welfare of public.

The payment is done every quarterly for the whole year so no burden of paying tax lump sum.

DUE DATES FOR ONLINE TDS RETURN SUBMISSION

  • For TDS return filing there is due dates for each quarterly submission, it has a time frame same as a tax payment. We ensure you are ahead of the deadline.

    • Time limit for issue of TDS Certificate

  • Within 15 days from the due date furnishing the statement of TDS Form 16A should be issued.
    • Quarters Due date to furnish the statement Due date for issue of certificate
    First quarter (Ending on 30th June) 31st of July 15th of August
    Second quarter (Ending on 30th September) 31st of October 15th of November
    Third quarter (Ending in 30th December) 31st of January 15th of February
    Fourth quarter (Ending on 31st March) 31st of May 15th of June
  • Form 15G and 15H is applicable to such tax payees who not want TDS deduction. (On their income from senior citizen saving scheme, postal fix deposits, fix deposit of bank or company)

    • HOW DO WE HELP IN FILING TDS RETURN

    TDS return filing is mandatory for every deductor. TDS return submits to the Income Tax Department of India in the quarterly statement. Every detail of the return submitted has to be precise and accurate. Quarterly payment keeping can be very difficult. You attract a huge penalty if you not done payment on time.

    01

    IT department sets the rate of TDS based on expenses recognized by them. Hence the prescribed rate of deduction different.

    02

    The rate of TDS is set by the IT department based on expenses recognized by them. Hence the prescribed rate of the deduction varies. While making payment can be tedious keeping the threshold limit in mind.

    03

    We prepare the account and file a TDS refund on your behalf. We act as your consultant from preparing the return till the phase of the refund. We do all paperwork and make sure that government interaction is smooth. Our process is always meet your expectation and truly transparent.

    04

    We take care of e-filing the TDS return, Adherence to compliance with regulations, and computing your TDS payments.

    05

    THINGS TO REMEMBER BEFORE FILING TDS RETURN ON TIME

    TDS return can be filed online, for any person who has a TDS reduction in their pay. Submitting e-TDS returns is essential in the prescribed time. Because for individual who is deemed as a regular defaulter in India, can be charged with a heavy penalty. Therefore return prepared within the prescribed time frame is mandatory.

    It is important the subtracted TDS to the concerned government department along with details deposit, for the deductor.

    It is important to avoid incurring a penalty to stick to the schedule. The deductor should deposit the amount within which time period and to file for TDS refund by the deductee are given below.

    Person who has made the TDS deduction should file the online TDS return without fail. Make the quarterly submission at the Income Tax department by the deductor. Information about TDS Challans, tax details among other important details, and PAN details added in a statement of both the deductees and deductor.

    The summary of every transaction made in relation to the quarterly TDS payments defined in online TDS returns. A return submitted to the income tax department by the deductor.

    Submission of TDS return is mandatory for all deductors. The return contains the details of TDS deduction, the deposit made by the deductor, PAN details of Deductee and Deductor, TDS challans information, tax paid particulars, and any other extra information the form demand.

    FILING REVISED TDS RETURNS

    Any error committed due to incorrect PAN details or due to lack of PAN card details, tax amount not reflected In Form 16A or Form16 or Form 26AS, incorrect challan details in case of onine TDS return filing. The revised TDS return must be filed in such case. To revised TDS return filing we need two files-

    the details of the deductions made in the quarter containing consolidated file

    the information on the errors filed in the return containing the justification report

    THE PERIOD OF FILING TDS REFUND

    If you pay in excess than the actual tax amount payable, then you will be eligible to claim TDS refund while filing online TDS returns.

    In which Time the refund is done depends on you have made the IT return filing before or after the due date. You receive refund of excess amount within 3-6 months, in case the return were filed on time. The individual or company will have to face two types of penalties if they late file or fail to file the online TDS return.

    Under section 2 and 234E- late filing fees

    Under section 271 H- non-filing penalty

    DUE DATES FOR ONLINE TDS RETURN SUBMISSION

    For TDS return filing there is due dates for each quarterly submission, it has a time frame same as a tax payment. We ensure you are ahead of the deadline.

    DOCUMENTS REQUIRED TO FILE TDS RETURN ONLINE

    Details of TAN

    Details of PAN

    If applicable, details of Last TDS filing

    The period for which TDS has to be filed

    The business Date of incorporation

    For filing TDS returns No. of transactions

    Name of the entity - Proprietorship/ Partnership/ Company/ LLP

    PROCEDURE FOR ONLINE TDS PAYMENT

    The payer of salaries and other vendor payments deducts tax from the employees as per the Income Tax Act. Tax Deducted at Source (TDS) is the tax.

    Every subsequent months 7th will be the due date for payment of TDS. But the TDS deduct for March month alone, due date of payment of TDS will be April 30th.

    Following procedure followed for making payment of TDS:

    http://www.tin-nsdl.com first visit this website.

    Every subsequent months 7th will be the due date for payment of TDS. But the TDS deduct for March month alone, due date of payment of TDS will be April 30th.

    Then click here. Alternatively click on services tab then select e-payment.

    Then click the relevant challans or Form 26 QB which is displayed on window.

    PAN or TAN details fill, which is mandatory.

    After PAN and TAN details validation, it will allow to fill up details of other challan like accounting head under this head the payment is being made, name and address of TAN and bank through which payment is made etc.

    After the entered details is accepted, confirmation screen will be displayed the full name of the taxpayer as per the master, if as per the Income Tax Department PAN or TAN master PAN or Tan is valid.

    Then net banking window will be displayed. User id and password for banking need to be entered.

    After successful payment, challan identification number (CIN) containing payment details displayed on screen this is the e-payment proof.

    STORING TDS RETURN’S TOKEN NUMBER

    The provisional receipt number or 15-digit token number which will get a confirmation statement to taxpayer after TDS return are filed that has to be stored securely.

    For FORM 16 or Form 16A downloading form TRACES.

    Consolidated sile downloading from TRACES.

    Number has to be mentioned in next quarter’s regular return.

    HOW TO AVAIL A COPY OF THE PROVISIONAL RECEIPT NUMBER

    The Account Office’s Identification number of Form 24G statement filed offline through the Accounts Office

    In TIN website the provisional receipt number of the statement show if the Form 34G is filed online through Accounts Office

    The copy of provisional receipt number that is duly signed and stamped by authorized professional a purpose letter. Mentioned date of receipt.

    Interest on non-deduction/ non-payment of TDS or delay in payment of TDS

    If assesse fails to deduct TDS or after deducting pay TDS ass required under law, he is liable to pay simple interest on such amount of TDS, for every month or part of month

    From The date on which such TDS was deductible up to the date on which such TDS is deducted at the rate of 1%.

    From the date on which such TDS was deducted up to the date on which such TDS is paid at the rate of 1.5%.

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