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TDS Return Filing

Start your Private Limited Company (Pvt Ltd) Registration process online at the Reasonable Price.

₹ 500 /-

excl of GST  

What is TDS?

Tax Deducted at Source (TDS), is a system in which the payer deducts tax while making particular payments, such as salary, rent, interest, or contractor payments. The deducted sum is then deposited with the government on behalf of the payee.

TDS ensures a consistent flow of money to the government while reducing the burden of collecting taxes directly from people. India's TDS regulations are governed by the Income Tax Act of 1961.

It specifies the rates at which TDS should be deducted, the categories of payments subject to TDS, and the responsibilities of both the deductor and the deductee. TDS regulations are essential for guaranteeing tax compliance and effective revenue collection.

Benefits of Tax Deducted at Source (TDS)

Tax Deducted at Source (TDS) provides various advantages to both the government and taxpayers. For starters, it provides a consistent revenue stream for the government by collecting taxes at the point of income.

TDS makes it easier for taxpayers to pay their taxes by eliminating the need to pay a flat sum at the end of the year. It encourages transparency and compliance, minimizing the potential for tax evasion.

TDS also serves as a technique for distributing tax collecting responsibilities among multiple institutions, which improves the taxation system. Overall, TDS serves an important role in improving fiscal discipline, reducing tax evasion, and promoting effective revenue management.

Documents Required for TDS Return Filing

TDS Challan Copies (Form 281)
Copies of TDS challans deposited with the bank. These challans are used as proof of tax payment.
TDS Certificates (Form 16/16A/16B/16C):
TDS certificates are issued by deductors to deductees.
• Form 16 is for salary income
• Form 16A is for non-salary payments
• Form 16B is for TDS on property sales and
• Form 16C is for TDS on rental revenue.
PAN of Deductees:
The Permanent Account Number (PAN) of persons or entities from whom TDS has been deducted.
PAN of Deductor:
Details of the entity or person responsible for deducting TDS.
Deductee Details:
Includes names, addresses, and PAN.
TAN number:
The TAN Number is the deductor's Tax Deduction and Collection Account Number.
Salary details:
Salary details, including TDS breakdown and computation, are provided.
Details of Interest Calculation:
Please provide information on interest calculations and deductions for delayed TDS deposits, if applicable.
Non-resident details:
Non-resident details, including if TDS is deducted from payments.
Tax Payment Proofs:
Proof of tax payments made through challans for deducted TDS.
Bank Statements:
Bank statements reflect TDS payments made to the government.

TDS Return Filing Forms

Form 24Q:
  • Filed for TDS on salaries.
  • Provides information about the tax deducted from employee income.
Form 26Q:
  • TDS was filed for non-salary payments.
  • Includes payments for things like commission, rent, interest, etc.
Form 27Q:
  • TDS was filed on payments made to nonresidents.
  • Includes information about taxes deducted on income such as interest, dividends, etc
Form 27EQ:
  • Filed for TCS (Tax Collected at Source).
  • Provides information on taxes collected by sellers on specific transactions.
Form 24G:
  • Filed by government offices that deduct TDS.
  • Includes a summary of TDS deducted and deposited.

TDS: Quarterly Filing and Notices in India

Tax Deducted at Source (TDS) is filed quarterly in India. It entails subtracting a set proportion of tax from various payments such as wage, interest, rent, etc.

The quarters for TDS are:
1. Quarterly 1: April to June
2. Quarterly 2: July to September
3. Quarterly 3: October to December
4. Quarterly 4: January to March

Each quarter has its own deadline for filing TDS returns. Quarterly filing guarantees that tax deductions are reported on time and accurately.

Deadlines of the TDS Quarters are,
For Q1: 31st July of the same financial year.
For Q2: 31st October of the same financial year.
For Q3: 31st January of the same financial year. 
For Q4: 31st May of the next financial year.

TDS notice:
Receiving a TDS notice indicates that the Income Tax Department discovered inconsistencies in the TDS information submitted by the deductor or deductee.
Notices may be issued for a variety of reasons, including non-filing of TDS returns, a mismatch in TDS information, or noncompliance with TDS regulations. To prevent penalties and legal implications, respond quickly to these notices, providing the necessary information and correcting any inaccuracies.

Filings Compliance and Closure for TDS

Filings for TDS

1. TDS Certificates:
  • Collect TDS certificates by obtaining Form 16/16A from deductors, which summarizes tax deduction facts.
2. Access TDS Return Forms:
  • To access TDS Return Forms, select the relevant form depending on payment type and deductee information.
3. TDS Returns:
  • To prepare your TDS return, use the TDS Return Preparation Utility (RPU) to precisely fill out all details.
4. Validate and Generate File:
  • Validate the file with the File Validation Utility (FVU) and generate the TDS return file.
5. Send in to TIN-FC or NSDL:
  • Submit the created file to NSDL or a designated TIN-FC (Tax Information Network - Facilitation Centre).
6. Verification and Acknowledgment:
  • Verify and acknowledge the submitted return for your records.

Compliance for TDS

1. Regular Quarterly Filing:

Maintain quarterly filing deadlines to avoid penalties.

2. Accuracy in Deductions:

Ensure correct deduction of TDS according to prescribed rates.

3. Fast Issuance of TDS Certificates:

Issue TDS certificates to deductees within the specified timeframe.

4. Record-keeping:

Keep detailed records of TDS transactions, certificates, and returns.

5. Respond to TDS Notices:

Promptly address and correct any errors in TDS-related notices.

Closure for TDS

1. Verification of Acknowledgment:

Verify the acknowledgment received after filing and ensure its accuracy.

2. Track Refund Status:

Monitor refund status, including TDS refunds.

3. Resolving Inconsistencies:

To address discrepancies, respond promptly to any communication or notices from the Income Tax Department.

4. Record Retention:

Maintain a record of filed TDS returns, acknowledgments, and supporting papers for at least six years.

Compliance for Private Limited Company

1. Board Meetings and Annual General Meetings:
As part of their compliance requirements, private limited firms must hold board meetings and an annual general meeting (AGM). There must be a record of these meetings' minutes.
2. Certificates of Compliance:
These documents attest to an organization's compliance with a number of legal criteria and may be imposed of companies.
3. Modifications to the Company Structure:
Regulatory organizations should be notified of any modifications to the company's structure, including changes to the registered office address, share capital, or directors.
4. Event-Based Filings:
When a significant event occurs, like a name change or a modification to the articles of association, a corporation may be required to file an event-based report.

What make us Different?

Expertise in Tax Compliance:
SHR's tax professionals have extensive knowledge of TDS requirements. Trust us to handle the complexity of TDS return filing, assuring accuracy and compliance with the most recent tax rules.
Time-Efficient Processes:
We respect time as much as money. SHR's TDS return filing method ensures timely submissions, allowing you to avoid penalties and maintain a consistent tax compliance record.
Deep understanding of TDS:
Benefit from our extensive knowledge of TDS regulations. SHR's professionals stay up to date on the newest revisions, ensuring that your TDS return submission complies with current tax requirements.
Cost-effective solutions:
SHR provides low-cost TDS return filing services, allowing you to maximize your investment while guaranteeing compliance without incurring additional costs.

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