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TDS Return Filing

  • Free Professional Consulting for TDS Deduction
  • Online TDS Return filing
  • Help to file TDS correction returns.
  • File TDS return budget-friendly.
  • Help to file Form 24Q, 26Q, 26 QB & 27Q
  • TDS Challan payment assistance
  • Support all over India, Including Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Kochi, etc.
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    Tax Deducted at Source (E - File TDS)

    TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to other person and deducted amount is remitted to the Government Account. Tax deducted at source (known as TDS) is a form of income tax deduction from the payments done by the Payer at the source.  The person responsible for deducting TDS is the deductor, and the other is deductee. The deductor must file the TDS return online every quarter. The concept of TDS was introduced to collect tax from the very source of income. As per the TDS concept, a person (called a deductor) liable to make a payment of specified nature to any other person (named a deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get the credit of the amount so deducted based on Form 26AS or TDS certificate issued by the deductor. The deductee can utilize this TDS credit against the income tax liability or get a refund if the taxable income is nil.

    Helps to file TDS Return for Salaried and Non- Salaried Deductions, TDS return filing of 24 Q, 26 Q and 26 QB, online tds return filing
    TDS Return Filing Consultant
    Contact: +91 9496 353 692

     

    An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred. As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic Mode (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS return is optional.

    The deductor is responsible for deducting TDS from the payments at a prescribed rate notified by the CBDT. The tax so deducted has to be deposited in the government account. Deductor must also report the tax deducted in a statement within the prescribed time. TDS Return Filing is the responsibility of the person who deducts the tax.

    It is mandatory to file an electronic TDS statement for the following categories of Deductors:

    • Offices of the Government

    • Companies

    • Persons required to get their accounts audited u/s 44AB of the Income Tax Act, 1961

    • Deductors reporting more than 20 deductee records for any quarter in the financial year

    E- Filing Quarterly TDS Return Online

    Every deductor who is liable to deduct the TDS against their payments must file a quarterly return as per the specified format by National Securities Depository Limited (NSDL). The process of allocating the deducted TDS amount to the concerned PAN is called TDS Return is known as Form 27 A. The TDS Return has two phases Form 24 Q (Salaried Persons) and Form 26 Q (Non – Salaried Persons). Both forms have been filed quarterly basis. Form 24Q deduction will come from any payments done by an employer to his employees as Employee benefits or perquisites. The prices of non-salary like Rental, Interest, Commission, Contract receipts, Professional fees, etc., have come under Form 26Q. 

    The due date for e- filing the TDS Return is

    • First Quarter  (April – June )    – 31st of July 

    • Second Quarter (July – September )   – 3st of October

    • Third Quarter ( October – December  – 31st of January

    • Fourth Quarter (January – March )  – 31st of May

    Get assistance for TDS Return FIling
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    Services provided by TRACES

    TRACES ( TDS Reconciliation Analysis and Correction Enabling System) is a web-based portal of the Income Tax Department (ITD) that provides an interface to all stakeholders associated with TDS Return Filing, deduction, and administration. It enables viewing of challan status, downloading of Conso File, Justification Report, and Form 16 / 16A, as well as viewing of annual tax credit statements (Form 26AS).

    Various services provided by the TRACES includes.

    • Registration for tax-deductors and taxpayers

    • Electronic filing of TDS Statements (e -Filing of TDS Return) – Original and Corrections

    • View Statement Processing Status and TDS Defaults

    • View Tax Credit Statement (26AS) of taxpayers

    • Digital TDS Certificates – Forms 16/16A/16B in reconciliation with 26AS

    • Justification Report for details of TDS Defaults

    • Consolidated File for submitting corrections to the TDS Statements

    • Aggregated TDS Compliance Report for Tax-Deductor PAN with multiple associated TANs

    • Online TDS Statement Corrections

    • Online Challan Corrections

    • PAN Verification Services

    • Secured Integration with corporate Tax-deductors

    • TDS Refunds

    For a quick and efficient collection of taxes, the Income-tax Law has incorporated a tax deduction system at the point of income generation. This system is called “Tax Deducted at Source,” commonly known as TDS. Under this system, tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.

     

    The tax deduction provisions at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him, and he has to deposit the tax deducted by him to the credit of the Government.
    A payee can approach the payer for non-deduction of tax at source, but for that, they have to furnish a declaration in Form No. 15G/15H, as the case may be, to the payer to the effect that the tax on his estimated total income of the previous year after including the income on which tax is to be deducted will be nil.

     

    Form No. 15G is for the individual or a person (other than a company or firm), and Form No. 15H is for senior citizens.

    Yes

    A deductor would face the following consequences if he fails to deduct TDS or, after deducting the same, fails to deposit

     

    it to the credit of Central Government’s account:-

     

    a) Disallowance of expenditure

     

    As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is chargeable to tax in India in the hands of the recipient, shall not be allowed to be deducted if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the Central Government till the due date of filing of return.

    ​

    However, if tax is deducted or deposited in the subsequent years, as the case may be, the expenditure shall be allowed as a deduction in that year.
    Similarly, as per section 40(a)(ia), any sum payable to a resident, which is subject to deduction of tax at source, would attract 30% disallowance if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the Central Government till the due date of filing of return.
    However, where in respect of any such sum, tax is deducted or deposited in the subsequent year, as the case may be, the expenditure so disallowed shall be allowed as a deduction in that year.
    As per Section 58(1A) (as amended with effect from the assessment year 2018-19), the provisions of section 40(a)(ia) and 40(a)(iia) shall also apply in computing the income chargeable under the head “Income from other sources.”
    b) Levy of interest

     

    As per section 201 of the Income-tax Act, if a deductor fails to deduct tax at source or after the deducting the same fails to deposit it to the Government’s account, then he shall be deemed to be an assessee-in-default and liable to pay simple interest as follows:-
    (i) at one percent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
    (ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is paid.​

     

    c) Levy of Penalty

    ​

    Penalty of an amount equal to tax not deducted or paid could be imposed under section 271C​.
    ​​​A deductor who fails to deduct the whole or any part of the tax on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed to be an assessee-in-default in respect of such tax if such resident—

     

    • has furnished his return of income under section 139​;
    • has taken into account such sum for computing income in such return of income; and
    • has paid the tax due on the income declared by him in such return of income, and the deductor furnishes a certificate to this effect in Form No.26A from a chartered accountant.
    In such a case, the payee can claim the refund of the entire/excess amount of TDS (as the case may be) by filing the return of income.​​

    It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, the payee will not face any adverse consequences. However, the payee must discharge his tax liability in such a case. Thus, failure of the payer to deduct tax at source will not relieve the payee from payment of tax on his income.

    Following are the basic duties of the person liable to deduct tax at source.
    • He shall obtain the Tax Deduction Account Number and quote the same in all the documents about TDS.
    • He shall deduct the tax at the source at the applicable rate.
    • He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
    • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
    • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*)
    *Refer tax calendar for the due dates.
    Non-reflection of TDS credit in Form 26AS can be due to several reasons non-filing of the TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer to ascertain the correct reasons for non-reflection of the TDS credit in Form 26AS.​

    ​​Yes, the tax credit in your case will be reflected in your Form 26AS; hence, you can check Form 26AS and claim the tax credit accordingly. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax deducted and the tax credit being reflected in Form 26AS, then you should inform the deductor and reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.

    Yes, Ourtaxpartner.com assist the business in filing quarterly TDS Return online. Here we are, consultants, providing TDS return filing services to businesses and employers in all locations in India. Our TDS filing services includes filing Form 24Q, Filing Form 26Q, Form 16 generation, Form 16A generation, and filing revised TDS return. Revising TDS return online is now simple at Ourtaxpartner.com.

     

     

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    Why Choose Our Services for TDS Return Filing?

    When it comes to TDS (Tax Deducted at Source) return filing, choosing the right service provider is crucial for ensuring compliance and accuracy. Here are compelling reasons why our services stand out as a preferred choice for managing your TDS filing requirements.

    1. Comprehensive Knowledge and Expertise

    Our team consists of experienced tax professionals who have extensive knowledge of TDS regulations and guidelines. This expertise ensures that your TDS returns are prepared accurately, adhering to the latest tax laws and amendments.

    2. Customized Solutions

    We understand that each business has unique needs. Our services are tailored to meet your specific requirements, providing personalized attention to every aspect of your TDS filing process.

    3. Timely Filing and Compliance

    Adhering to deadlines is crucial in tax filings. We ensure that your TDS returns are filed well within the statutory timelines, thereby avoiding any potential penalties or interest due to late submissions.

    4. Error-free and Accurate Submissions

    Meticulous attention to detail is our forte. We guarantee error-free filings, significantly reducing the likelihood of discrepancies and notices from tax authorities.

    5. Technology-driven Processes

    Our use of advanced tax software and technology ensures efficient and streamlined processes. This not only enhances accuracy but also provides you with a hassle-free filing experience.

    6. Proactive and Continuous Support

    We offer continuous support throughout the TDS filing process. Our team is always ready to answer your queries and provide guidance, ensuring peace of mind and clarity on all TDS matters.

    7. Confidentiality and Data Security

    Your financial data’s security and confidentiality are paramount. We employ robust data protection measures to safeguard your sensitive information against any unauthorized access.

    Choosing our TDS return filing services means partnering with a team that values accuracy, compliance, and customer satisfaction. Allow us to handle the complexities of TDS filing, so you can focus on your core business operations with confidence.

    Our Comprehensive TDS Filing Services

    Ensuring accurate and timely TDS compliance is crucial for any business. Our TDS Filing Services are designed to offer you a complete solution for all your TDS requirements. Here’s an overview of what our services include:

    1. TDS Calculation

    We meticulously calculate the TDS on various transactions as per the prevailing tax laws. This includes calculating TDS on salaries, interest payments, contractor payments, rent, and other applicable expenses.

    2. Preparation and Filing of TDS Returns

    Our team prepares and files various TDS returns such as Form 24Q, 26Q, 27Q, and 27EQ, ensuring they are accurate and submitted within the due dates to avoid any penalties or interest.

    3. TDS Compliance and Advisory

    We offer expert advice on TDS compliance, helping you understand complex tax norms and ensuring your business adheres to all regulatory requirements.

    4. TDS Reconciliation

    Reconciliation of TDS with the ledger accounts and Form 26AS is critical to ensure correctness. We assist in reconciling TDS entries, ensuring they match with the TDS certificates and government records.

    5. Assistance in Issuance of TDS Certificates

    We facilitate the issuance of TDS certificates, such as Form 16 or Form 16A, to the respective deductees, ensuring timely compliance with the tax provisions.

    6. Handling TDS Notices and Queries

    In case of any TDS-related queries or notices from tax authorities, our team provides comprehensive support in addressing and resolving these matters efficiently.

    7. Regular Updates and Notifications

    We keep you updated with the latest changes in TDS regulations and norms, ensuring that your business stays compliant with the most current tax laws.

    With our thorough and diligent TDS Filing Services, you can rest assured that your TDS obligations are managed professionally, allowing you to focus on the growth of your business.

    Types of TDS Returns, Their Applications, and Due Dates

    For individuals and businesses in India, understanding TDS returns is key for compliance with the tax regulations. Below is a breakdown of the different types of TDS returns, their specific applications, and their respective due dates.

    Type of TDS Return Application Due Date
    Form 24Q Quarterly statement for TDS from salaries. 31st May, 31st July, 31st October, and 31st January
    Form 26Q Quarterly statement for TDS on all payments other than salaries. Same as Form 24Q
    Form 27Q Quarterly statement for TDS from interest, dividends, or any other sum payable to non-residents. Same as Form 24Q
    Form 27EQ Quarterly statement of collection of tax at source (TCS). 15th July, 15th October, 15th January, and 15th May

    These forms are integral for TDS compliance, and timely filing is crucial to avoid penalties. Understanding each form’s specific purpose helps ensure accurate and efficient handling of tax obligations.

    Expert Solutions for Your TDS Compliance

    “Expert Solutions for Your TDS Compliance” represents a suite of professional services meticulously designed to assist businesses and individuals in navigating the complexities of Tax Deducted at Source (TDS) regulations in India. This comprehensive service ensures complete compliance with TDS requirements, minimizing the risk of non-compliance and penalties.

    Our approach begins with a thorough understanding of your specific financial situation and TDS obligations. Whether you are a corporate entity, a small business owner, or a self-employed professional, our expert team is adept at handling diverse TDS scenarios. We provide detailed guidance on the applicability of TDS on various transactions, helping you understand which payments are subject to TDS and the applicable rates. This includes salaries, interest payments, contractor payments, rent, commission, professional fees, and more.

    Accurate calculation of TDS is fundamental to our service. We meticulously compute the TDS amount on each transaction, ensuring accuracy to prevent any excess or short deduction. Our services extend to the timely deposit of TDS with the government, followed by the meticulous filing of quarterly TDS returns. We prepare and file Form 24Q for TDS on salary payments, Form 26Q for TDS on non-salary payments, and other relevant forms as per your specific requirements.

    In addition to the routine filing and deposit services, we assist in obtaining TDS certificates and ensuring that these certificates are properly issued to the deductees. This is crucial as it allows them to claim the credit of TDS. Our team stays vigilant about the deadlines to avoid any late filing fees or interest on delayed payments.

    Handling TDS notices and compliance issues forms an integral part of our offerings. In case of any discrepancies or notices from the Income Tax Department, our team provides expert assistance to address and resolve these issues promptly and efficiently. We represent you before the tax authorities, if necessary, and provide end-to-end support to navigate through the complexities of TDS regulations.

    Moreover, our services are not just about compliance; we offer strategic advice to optimize your tax liabilities under the TDS provisions. By identifying potential areas for tax savings and advising on the structuring of payments and transactions, we ensure that your TDS obligations are met in the most efficient manner possible.

    In conclusion, “Expert Solutions for Your TDS Compliance” is a holistic service offering designed to simplify your TDS responsibilities. With our expert guidance and comprehensive support, you can ensure complete compliance with TDS regulations, thereby allowing you to focus on your core business activities without the hassle of tax compliance burdens.