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TDS Return Filing Services In India

TDS Return Filing Services In India

TDS Return Filing All Inclusive Price  Rs 999/-

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TDS Return Filing Services In India

What Is TDS Return Filing In India

TDS (Tax Deducted at Source) return filing is a crucial aspect of tax compliance for businesses and individuals in India. It involves the submission of details regarding tax deducted at source on various incomes such as salaries, interest, rent, and professional fees. TDS return filing services in India ensure that the tax deducted by the deductor is deposited with the government and accurately reflects the income of the deductee.

Why TDS Return Filing Is Necessary

  1. Legal Compliance: Filing TDS returns is mandatory under the Income Tax Act, of 1961. Non-compliance can attract penalties and legal consequences.
  2. Ensures Accuracy: Proper TDS return filing services in India ensure that the tax deducted and deposited matches the income earned by the deductee, promoting transparency and accuracy in tax assessment.
  3. Avoids Penalty: Timely and accurate TDS return filing helps avoid penalties and interest levied by the Income Tax Department for late or incorrect filings.
  4. Facilitates Tax Credit: For deductees, TDS return filing services in India facilitate the claiming of tax credits against the tax deducted at source, reducing their overall tax liability.

Documents Required for TDS Return Filing Services In India

  1. PAN (Permanent Account Number) of the deductor and deductee
  2. TDS Challan details
  3. TDS certificates issued by deductor (Form 16/16A)
  4. Details of TDS deducted and deposited
  5. Other relevant financial documents as per the nature of income

TDS Rates

Nature of PaymentTDS Rate (%)
SalaryAs per applicable income tax slab rates
Interest on Securities (e.g., debentures, bonds)10%
Interest other than interest on securities (e.g., bank interest)10%
Dividends10% (if exceeding Rs. 5,000)
Rent of Plant and Machinery2%
Rent of Land, Building, or Furniture10%
Professional Fees, Technical Services, Royalty, etc.10%
Insurance Commission5%
Payment to Contractors/Sub-contractors1% to 2%
Lottery, Crossword Puzzle, etc.30%
Winning from Horse Races30%
Commission, Brokerage, or Fees for Professional/Technical Services10%
Payment for Contracts (Excluding Transport Contracts)1%
Payment for Transport Contracts2%

Types Of TDS Forms

  1. Form 24Q: TDS return for salaries
  2. Form 26Q: TDS return for payments other than salaries
  3. Form 27Q: TDS return for payments made to non-residents
  4. Form 27EQ: TCS return for tax collected at source
  5. Form 16: TDS certificate for salary income
  6. Form 16A: TDS certificate for non-salary income
  7. Form 16B: TDS certificate for sale of property
  8. Form 16C: TDS certificate for rental income

These forms are used by employers, deductors, and collectors to report TDS deductions and payments to the Income Tax Department. They serve as a record of tax deductions made at the source and are essential for taxpayers to file their income tax returns accurately.

Penalties for late TDS Return Filing

Late filing of TDS returns in India can lead to various penalties and consequences. Here are the different penalties for late TDS return filing services in India:

  1. Late Filing Fee: A late filing fee of Rs. 200 per day is applicable for each day of delay until the return is filed. However, the total amount of late filing fee cannot exceed the total amount of TDS deducted.
  2. Interest on Late Payment: In addition to the late filing fee, interest is charged on the amount of TDS not deposited within the due date. The interest rate is currently 1% per month or part thereof until the date of payment.
  3. Disallowance of Deduction: If the TDS return is not filed within the specified due date, the deductor may face disallowance of the deduction for the expenses against which TDS was supposed to be deducted.
  4. Prosecution: In severe cases of non-compliance or repeated delays, the Income Tax Department may initiate prosecution proceedings against the deductor, leading to fines and penalties.

TDS Return Filing Process

  1. Data Compilation: Gather all relevant TDS-related information and documents required for filing.
  2. Verification: Verify the accuracy of TDS deductions, challans, and certificates.
  3. Online Filing: File TDS returns online through the Income Tax Department’s e-filing portal using appropriate forms such as Form 24Q, 26Q, 27Q, or 27EQ.
  4. Submission: Submit the TDS returns along with the required annexures and declarations within the specified due dates.

Our team of experts is well-versed with the latest tax regulations and provides personalized assistance to meet your specific requirements. With our professional services( Like GST registration, and ITR filing), you can streamline your TDS compliance process and avoid any hassles or penalties associated with non-compliance.

FAQs ( Frequently Asked Questions )

TDS return filing is the process of submitting a statement to the Income Tax Department, disclosing details of tax deducted at source (TDS). Any person or entity who has deducted TDS while making specified payments is required to file TDS returns.

The due dates for filing TDS returns vary based on the type of deductor and the quarter in which the TDS was deducted. Generally, TDS returns are required to be filed quarterly, with due dates falling on the 31st of July, October, January, and May for different quarters.

Late filing of TDS returns can attract penalties, including a late filing fee of Rs. 200 per day of delay, interest on late payment, disallowance of deductions, and even prosecution in severe cases.

Yes, TDS returns can be revised if there are any errors or omissions in the original filing. However, the revised return must be filed within a certain timeframe from the date of filing the original return.

Yes, it is mandatory to file TDS returns electronically using the e-TDS/TCS Return Preparation Utility (RPU) provided by the Income Tax Department. Paper filing of TDS returns is not accepted.

Yes, certain categories of taxpayers, such as senior citizens, small taxpayers, and those engaged in specific businesses or professions, may be eligible for exemptions or special provisions related to TDS return filing. However, it’s essential to consult with a tax expert or refer to the latest tax regulations to determine eligibility and compliance requirements for such exemptions or provisions.

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