TDS Return Filing in Pune
TDS i.e. Tax Deducted at Source is a survey of collecting tax by the Indian Government at the time when a transaction takes place. The tax is required to be deducted at the time of payment or when money is deducted at the time of payment or when money is credited to the payer’s account, whichever is earlier.
Tax is deducted usually in a range of 1% to 10%. Apart from depositing the tax, the deduction should also file a TDS Return which is a quarterly statement to be given to the Income Tax Department (ITD). It is compulsory to submit TDS Return on time by the deductors.
TDS is deducted on:
- Professional services
- Consultation services
- Contract and Labor work
- On winning Lotteries, Puzzles etc.
TDS Return can be filed by organizations or employers who avail a valid Tax Collection and Deduction Account Number (TAN). Deduction of tax at source is required for anyone who is making specified payments which are mentioned under the IT Act. Assesses who are liable to submit TDS Return electronically within due date.
Following are assesses who are liable to file quarterly TDS Return electronically:
- People holding an office under the Government
- People whose accounts are Audited under Section 44AB
TDS Returns FORMS and RATES
FORM 24Q – TDS on Salary
FORM 26Q – For Companies and in any other cases
FORM 26QB – For Immovable property
FORM 27Q – For Non-residents and Foreign companies
Benefits for filing TDS Return:
- Helps in regular collection of taxes
- Offers an easy mode of tax payment to the payer
- Helps in spreading the entire tax payment over a number of months which makes it easier for the tax payer and reduces the burden of lump-sum tax payment to the taxpayer
- Ensures a flow of regular income to the Government
Penalty for delay in filing TDS Return:
According to Section 234E, a penalty of Rs.200/- per day shall be paid by the assessee until the time the default continues, if the assessee fails to file TDS Return before the due date. However, the total penalty should not exceed the TDS amount
Non-filing of TDS Return: if a person has furnished incorrect information or has not filed the return within one year from the due date of filing return, he/she shall be liable for penalty, which should not be less than Rs.10,000/- and not more than Rs.1,00,000
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What You Get
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Steps for TDS Return Filing
Submit scanned copy of PAN and TAN
Fill an excel template
We Prepare your return
We Submit and File Return
Acknowledgement is mailed to you.
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Frequently Asked Question
National Securities Depository Limited i.e. NSDL is the first and largest depository in India, which was established in 1996 for handling securities in dematerialized form.
Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumerical number. It is issued to people who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. TAN is used in all TDS Certificates, all TDS Returns and TDS payment challans.
- The e-TDS has to be in clean text ASCII format where the file name extension should be ‘txt’. The user can go for third party software, in-house software or the NSDL’s software which is Return Preparation Utility (e-TDS RPU Light) for the same.
- Bank Challan Number is a receipt number given by the bank branch where TDS is deposited. You are required to mention this challan number in the e-TDS return. Each challan deposited is given a separate receipt number.
Yes, it mandatory to mention the 10-digit (new) TAN in your e-TDS Return.
- RBI has allotted a unique 7-digit code to each bank branch. This code is called as the Bank Branch Code, which is to be mentioned in the e-TDS Return.
You can get the BRC from the bank branch where TDS amount is deposited
- Yes, the forms used for e-TDS Return are same as that for physical returns, however, e-TDS Return is to be prepared as a clean text ASCII file in accordance with the specified data structure prescribed by ITD.
- Yes, the Challan Identification Number is compulsory for all non-Government deductors.
- It is important to quote PAN of all deductees failing which credit of tax deducted will not be given and PAN of the deductors has to be given by non-Government deductors.
- Yes, you can check/verify the e-TDS Return prepared by you, by using the File Validation Utility (FAU) which is freely downloadable from the NSDL TIN website.
- File Validation Utility i.e. FAU is a program developed by NSDL, and it is used to ascertain whether the e-TDS Return file contains any format level errors.
- Java has to be installed to run FVU for Quarterly Returns
- Yes, you can update as well add a Challan