TDS Returns preparation and Filing Services

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We, at K M GATECHA & CO LLP,provides TDS Returns preparation and Filing Services 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
TDS RETURNS PREPARATION AND FILINGS
K M GATECHA & CO LLP-CA in Ahmedabad, CA near me, Income tax return services, GST services, Accounting services, Audit services, Bookkeeping services, MCA services, MCA filing, TAX audit

TDS Returns preparation and Filing Services

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

  1. Collection of Documents (documents Required given below)
    1. TAN number
    2. TDS paid challans (can be generated from bank Website)
    3. Details of Deductions
  2. Excel Sheet of TDS will be prepared and then uploaded along with the PDFs of challans
  3. Filling up of the questionnaire of Website according to the information provided by you.
  4. Review and revise
    1. Review to generate the error free FVU and revise if needed.
  5. Validate for errors, Download the FVU and 27A documents,
  6. 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.

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    TDS Returns preparation and Filing Services

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