TDS Returns preparation and Filing Services in Ahmedabad
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We, at K M GATECHA & CO LLP,provides TDS Returns preparation and Filing Services in Ahmedabad with our experts supply the best and timely services. TDS is not only complex in nature but also carries with it heft penalties if not prepared and filed on time. We understand the process and urgency of the above so are able to not only provide the best services but also save your money by timely preparation and filing of TDS returns.
TDS Returns preparation and Filing Services in Ahmedabad
TDS means tax deducted at source. There are many transactions (payments and receipts) where TDS is applicable and must be applied in the scenario, failing which there is a loss created for the parties involved. TDS returns are mandatory if you are a deducting TDS. TDS is a quarterly statement which must be submitted to the Income Tax department of India. It needs to have all details of TDS deducted and deposited by you for a particular Quarter.
All transactions which come under the gambit of TDS and rate of TDS
Section | Source | Payee type | Threshold limit | TDS rate |
192 | Salary payment | Individual | As per Income Tax Slabs | As per slab |
193 | Interest on securities | Resident | – | 10% |
194 | Deemed Dividend | Resident individual | INR 2500 each financial year | 10% |
194A | Interest Excluding Securities | Resident | INR 10000 if interest paid by bank/co-op Bank or post office Otherwise, INR 5000 | 10% |
194B | Winning in games such as crossword, card, lottery etc. | Any person | Any amount exceeding INR.10000 | 30% |
194BB | Winning from Horse Race | Any person | Any amount exceeding INR. 10000 | 30% |
194C | Contractor payments | Resident contractor | Single payment Exceeding INR 30000 or Total payments Exceeding INR 100000 in financial year | Individual/Huf- 1% Any other – 2% |
194D | Insurance Commission | Any resident | INR 15000 per financial year | 5% |
194DA | Amount under LIC | Resident | Aggregate must be less than INR 1,00,000 per FY | 1% |
194H | Brokerage or Commission | Resident | INR 15,000 per FY | 5% |
194-I | Rent | Resident | INR 1,80,000 per FY | P & M or equipment =2% Land, Building, furniture or fixtures = 10% |
194-IA | Transfer of immovable property | Resident transferor | Consideration of INR 50 Lakhs | 1% |
194-J | Royalty, Director Remuneration, Professional or technical fees, non-compete fees | Resident | INR 30000 for income in FY (not applicable to payment of Director) | 10% |
194LA | Compensation on buying immovable property | Resident | INR 2,50,000 per FY | 10% |
TDS is not applicable when
- Amount is paid by RBI or Government of India
- Financial Corporation of State or Centre.
- Mutual Fund u/s 10 (23D)
- Deductee has non deduction certificate U/S 192 of Income Tax Act
- Interest paid or credited to: –
- Banking company
- Co-operative society having banking business
- LIC, UTI or other insurance company
- Body notified for non-deduction of tax
- NSC, KVP or Indira Vikas Party
- NRE account
- Bank or co-operative society’s recurring Deposit or savings’ account etc.
Types of TDS returns
Statement of the following
- Form 24Q: TDS from salaries
- Form 26Q: TDS from other payments other than salaries
- Form 27Q: Tax Deduction on income received from interest, Dividends, or any other sum payable to Non-Resident
- Form 27EQ: collection of tax at source
Form 16A and Form 16 will only be generated if you have correctly filed your TDS returns
When are the TDS returns to be filed?
Quarterly by the last date of month succeeding the quarter end (31st of July for Quarter April to June)
Late Fees: –
INR 200 per day of late filing after last date.
Penalties: –
If TDS returns are not filed, then Income Tax Department can levy penalties on Deductor (minimum of INR 10,000 and Maximum of INR 1,00,000.
Process of TDS Return
- Collection of Documents (documents Required given below)
- TAN number
- TDS paid challans (can be generated from bank Website)
- Details of Deductions
- Excel Sheet of TDS will be prepared and then uploaded along with the PDFs of challans
- Filling up of the questionnaire of Website according to the information provided by you.
- Review and revise
- Review to generate the error free FVU and revise if needed.
- Validate for errors, Download the FVU and 27A documents,
- Upload to Income tax Department Site
o Any person who is liable to deduct/collect TDS is also liable to pay TDS to the central government (The Income Tax Department)
o TDS can be paid online through Traces website and net banking way or through offline method on the counter of prescribed banks
o TAN number takes 10 to 15 days to get after submission of valid documents and applying for TAN.
In online application tan is usually issued within 24 hours.
- If any information has been filed erroneously then it will be rectified by The Income Tax Department
- It can also be rectified by the client or service provider under proper guidance.
o In case of late filing there is a late fee of INR 200 per day
o In case of non-filing the penalty ranges from INR 10,000 to INR 1,00,000.
TDS Returns preparation and Filing Services in Ahmedabad
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