TDS Returns preparation and Filing Services in Ahmedabad

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 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 (31^st 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)
1. TAN number
2. TDS paid challans (can be generated from bank Website)
3. 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
1. 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

Who needs to pay TDS and how to pay TDS?

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

How long does it take to get a TAN number?

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 is erroneously filed in TDS return by the filer, then what is the procedure?

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.

What if TDS returns are not filed of filed late?

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

Our Other Services

Bijeesh Vijayan

January 16, 2023.

Good service. Always available for me. Thank you for your service.

DOCSAMD SEASTAR

January 2, 2023.

Very very experience person who is always ready to help you. I got good response from the team.

mukesh nathwani

November 3, 2022.

One of the best chartered accountant in Ahmedabad.

Krishna Ruparelia

October 13, 2022.

Very satisfied with prompt action and getting the work done before the deadline. Thank you 😊

Iqbal Desai

September 16, 2022.

Very good service provider specially ITR refund..

Abhinav Prasad

July 26, 2022.

Mr. Milap is a very humble person with deep understanding/knowledge of his subject and also he listen customer concern/requirement patiently. Really appreciate his help in filling the income tax return.