File TDS Returns
Senixa Legal helps you to file TDS returns of your business in a hassle-free manner. Prices starting from INR 999/-.
TDS return is a statement given to the Income Tax department quarterly. It is mandatory for every citizen to deposit income tax and file for TDS return on time.
A company or an employer who has a valid TAN (Tax Collection and Deduction Account Number) can file for an online TDS return. Any individual or business who makes a particular payment which is stated under the IT Act needs to deduct tax at source. The deposit for the same has to be made within the specified time. The payment categories include:
• Insurance commission
• Income from winning horse races
• Income by way of “Income on Securities”
• Income by way of winning the lottery, puzzles, and others
• Payment in respect of National Saving Scheme and many others
An individual can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the individual to file within the due date or be liable to pay a penalty for delay. The categories of individual eligible to electronically file TDS return every quarter are:
• Persons whose accounts are audited u/s44AB
• Persons holding an office under the Government
As per the IT Act of 1961 filing, a TDS return is mandatory as well as fetches some benefits to a person or company.
• A steady inflow of income to the government.
• Facilitates a smooth collection of taxes used for welfare.
• No burden of paying tax lump sum as the payment is done every three months for the whole year
To avoid the penalty: No doubt, late filing of the TDS/TCS return would attract a heavy penalty of INR 200 per day till default continues.
To prevent additional penalty: Besides the minimum penalty of INR 200, the tax deductor would also be liable for the additional penalty for failure to file TDS return within one year from the particular date. This ranges from INR 10,000 to INR 1 lakh.
To facilitate the reconciliation of the ITR: The main purpose of the filing of TDS return is reconciling the income actually earned with income declared in the income tax return.
To avoid cancellation of the expenditure: If the person supposed to file the TDS return fails to do so on time, then the assessing officer may opt for nullifying the impact of expenditure on which the TDS was required to be deducted but not deducted. Hence liable for incremental tax incidence.
Facilitating filling of Form 26AS: Form 26AS is an annual consolidated tax statement that specifies the details of the taxes deducted during the year. Anyone can claim TDS credit only if entries are visible in form 26AS. If you deduct the TDS of a person and not file a TDS return, such a person may rush to you for the same at the last moment.
TDS return Form 24Q: Statement for tax deducted at source from salaries
TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries
TDS return Form 27Q: Statement for a tax deduction on income received from interest, dividends, or any other sum payable to non-residents.
TDS return Form 27EQ: Statement of collection of tax at source.
You may get in touch with our experts on +91-9999347181 or email email@example.com for any assistance.
We receive the required information
You fill in a simple excel template
Your return is prepared & submitted.
You receive return acknowledgement
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
What is the objective of TDS return filing?
The main purpose of the filing of TDS return is to reconcile or balance the amount paid in the form of income tax as per the details in the Income Tax Returns.
What if the TDS return is not filed timely?
If an individual is supposed to file the TDS return but failed to do so on time, then the assessing officer may cancel all his expenditure, including the salary payments, on which the TDS was to be deducted.
What is the penalty for non-filing of TDS return?
The penalty for late filing of TDS return is INR 200 per day.
Is there any additional penalty for non-filing of TDS return?
Yes. apart from the basic penalty of INR 200 per day, there is an additional penalty for non-filing of TDS return within one year from the particular date, which can vary from INR 10,000 to 1 lakh.
What is the threshold limit for TDS return filing?
There is no threshold limit as such referred under the Income Tax Act, and TDS is to be deducted from the whole amount of expense.
When is TDS deducted?
TDS needs to be deducted while the amount of expenses is to be credited or paid to the payee, whatsoever is earlier.
What are the due dates for TDS return filing?
The due dates for Form 24Q, 26Q, and 27Q is the Last date of the next month after every quarter-end.
However, the due date for Form 27EQ (for TCS) is 15th the next month after every quarter-end.
Still, have confusion?
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