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TDS RETURNS
Starting @1499
TO WHOM IT IS APPLICABLE?
- Companies
- LLP / Partnerships firms
- Sole proprietor or individual who is liable for tax audit in the previous year
REQUIRED DOCUMENTS
- Details of tax deducted
- Copy of Challans
- Deductee details like PAN number, Amount of payment, date of payment and date of deduction
FAQs
Any assessee deducting tax from a source must file the TDS return. Unless one has deducted tax, a requirement to file TDS return does not arise.
Every person Deducting Tax at Source (TDS) is required as per Section 203 to issue a certificate to the payee (a person to whom money is paid or is to be paid) to the effect that tax has been deducted along with certain other particulars. This certificate is usually called the TDS certificate.
The taxpayer failed to file TDS return before due date has to pay ₹ 200 per day of delay in filing as an additional fee. Apart from an additional fee, the penalty can be levied u/s 271H of Income Tax Act. The minimum penalty prescribed is ₹ 10,000 which may extend to One Lakh Rupees.
Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
The deductor or the employer needs to issue a TDS certificate which is called the Form 16 or 16A. This form reflects the TDS deducted along with the list of deductees. Also, Form 26AS reflects the total amount of TDS deducted by any deductor.
Yes, PAN and TAN are both mandatory for filing the TDS returns.
Form 24Q – Tax Deduction at Salary
Form 26Q – TDS except for the salary
Form 26QC – Tax Deduction at source for the rent payment exceeding INR 50,000.
Form 27Q – TDS return on payment to NRIs.
Form 27EQ – tax collected at source
Yes, there is a penalty in case of incorrect TDS return filing.
Bank Branch Code is a unique seven-digit code allotted to each bank branch by the RBI. You need to mention the code of the bank branch where the TDS is deposited.