TDS
TDS refers to Tax Deducted at Source.
As per the Income Tax Act, any company or person making a payment* is required to deduct tax at source if the payment exceeds certain threshold limits.
*Any payment covered under these provisions shall be paid after deducting prescribed percentage.
TDS is deducted on the following types of payments:
• Salaries
• Interest payments by banks
• Commission payments
• Rent payments
• Consultation fees
• Professional fees
Due Date of TDS returns & payment:
7th of subsequent month TDS payment
31st of subsequent month Filling of TDS return
Penalty for Late Filing of TDS Return:
– Penalty of Rs. 200 per day from the due date till date of filling of return. The fee is applicable for every day until the fine amount is equal to the total liable TDS amount.
– If the taxpayer exceeds one-year time limit to file the TDS return or furnishes incorrect details of PAN, TDS amount, he/she will be penalised of minimum Rs.10,000 to Rs.1 lakh.
Interest for Late Payment of TDS:
– Interest is levied @ 1.5% every month or part of the month on TDS amount.
TDS RETURN PROCESS
Return involves following steps :
Submit the Required Information:
Type of Return:
24Q:
TDS Form 24Q is filled by the tax deductor for TDS deduction on salary under the section 192 and it is submitted on quarterly basis by the deductor.
26Q:
It is applicable for TDS deducted under section 200(3) of Income Tax for TDS under section 193 to 194 being Interest on securities, Dividend securities, Professional fees, Directors’ remuneration, etc. and it is submitted on quarterly basis by the deductor.
27Q:
Form 27Q is for the TDS on Non-resident payments.
27EQ:
Form 27EQ is for TCS returns. Tax Collected at Source (TCS) is the income tax collected by the seller from payer on the sale of certain items in India.
Wait for our Professional expert to contact you for discussion.
We would be giving you a call at your specified mobile number. If you don’t get a call back with in an hour, you may reach us at – +91-8788160278
In the meanwhile, keep the following documents/ Information ready –
1. PAN card of Applicant
2. Aadhar Card of Appplicant
3. TAN of Appplicant
4. TDS Working / TDS Paid Challans
Payments
** Starting from Rs. 499 /-
Make payments as per discussion.
Our Bank Account Details are –
Account No – 1712068753
IFSC – KKBK0000726
Kotak Mahindra Bank – Aundh, Pune Branch
