TDS Return
₹ 600/- (inclusive all)
- For 1 Return
- Collection of the information from the details shared by you
- Documentation and reconciliation of the information filed
- Preparation of TDS return
- Filing TDS return online
- Acknowledgment of Filing the return
₹ 2,000/- (inclusive all)
- For 4 Return
- Collection of the information from the details shared by you
- Documentation and reconciliation of the information filed
- Preparation of TDS return
- Filing TDS return online
- Acknowledgment of Filing the return
What is TDS Return ?
A person who is liable to deduct tax at source has to file the TDS return as part of compliance. A TDS return is submitted by Tax Deductor in respect of every quarter with the Income Tax Department. The return is a statement that entails the details of the tax collected, source of collection and tax paid to Government for the reporting period.
Generally, tax is deducted on transactions such as Salaries, payment to professionals and contractual basis, payment of rents exceeding certain amount, etc. For every such type of transaction and payment, there is prescribed rate of interest. The deductee can claim the benefit of the tax deducted while ITR filing, only if the deductor has filed the TDS return on time.
Advantages of TDS Return
Documents Requirements
TAN
The Tax Account Number of the deductor
Tax Paid Receipt
Acknowledgement receipt of the tax paid to Government
Details of tax deducted
Provide us details of the tax deducted
Details of Supplies
Details of the inward and outward taxable supplies along with details of invoice
Procedure
Frequently Asked Questions
Any assessee deducting tax from a source must file the TDS return. Unless one has deducted tax, a requirement to file TDS return does not arise.
As the name says, TDS is collected on source of income and therefore the frequency of collection is as frequent as the transactions are. This makes track of deduction difficult. Therefore, a certificate on the letterhead of the deductor is issued to deductee for the TDS payment. Individuals are advised to request for TDS certificate wherever applicable, if not already provided.
The taxpayer failed to file TDS return before due date has to pay ₹ 200 per day of delay in filing as an additional fee. Apart from an additional fee, the penalty can be levied u/s 271H of Income Tax Act. The minimum penalty prescribed is ₹ 10,000 which may extend to One Lakh Rupees.
Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
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