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TDS Returns
TDS stands for "Tax deducted at Source".Provisions of TDS was introduced with the intention of collection of tax at the first point of transaction where payer deducts the tax (TDS ) from the amount payable to payee and deposits the deducted amount to income tax department on the payee account.Payee can later claim the credit of such TDS on his income tax liability in his return.This has ensured tax collection by govt. from the tax evaders and also brought advance collection of tax by govt.
Entities are required to deduct TDS on payments made by it to vendors against the expense such as salary to employees, rent, interest, contracts and professional. There are separate rates at which TDS is required to be deducted. These rates depend upon the nature of expense incurred. At the end of this lump sum TDS is deposited in Govt. account through various challans. At the end of every quarter, deductor is required to file TDS return to government, detailing the amount it has deducted and deposited against each particular vendor and issue TDS certificates to the vendor. Now the vendor claim TDS on the basis of such certificate on his income tax liability.
Consequences of Non Compliance of TDS Provisions
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Late Fees under section 234E
If an entity fails to file TDS return on time, late Fees under Section 234E is imposed which is Rs. 200 for every day during which the failure continues.
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Penalty under Section 271H
Apart from 234E, Penalty under section 271H is also leviable in case of late deposit of TDS Returns. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000.
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Additional Tax
In case, you fails to deduct any TDS on any amount, then such expense is not allowable to income tax act, and such amount will added be to your income. Additional tax is required to be paid on such income.
Our Packages for TDS Return Filing
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Basic
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Standard
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Premium
Rs. 7,490.00- TDS Return Filing for Entire Year (4 Quarters)
- Monthly TDS Deposit Assistance
Steps in filing of TDS Returns
- On monthly basis, we will intimate you regarding the due date approaching for TDS compliance.
- You will provide us the details of expenses and TDS deduction against them.
- We will prepare the computation and deposit the TDS for you.
- We will maintain the details with us and file the returns on the end of the quarter using the computation.
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FREQUENTLY ASKED QUESTIONS
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Who are required to deduct TDS ?
Following are required to deduct TDS?
1. All Companies incorporated under Companies Act, 2013.Ex: Private Limited, OPC's Public companies.
2. Individuals, HUF, Sole Proprietors who are liable to tax audit.
3. All LLP's and partnership firms. -
When are we required to deduct TDS ?
At the time when the payment is made or credit entries made in the books of accounts whichever is earlier.
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What are nature of expenses on which TDS is requiered to be deducted ?
1. Any annual Salaries distributed above 2,50,000.-Rates as per slab
2. Any Professional or legal charges paid.
3. Any Marketing expenses made.
4. Any other expense of management or technical in nature.
5. Any works contract expenses. -
Is there any threshold limit on non deduction of TDS Charges ?
Yes, every nature of expense has its own limit.Like on Rent you are not required to deduct TDS if Annual Rent is not greater than 1,80,000. For professional services limit is 30,000.For contractual work limit is 30,000 per transaction or 75,000 annual aggregate.
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When are we required to deposit TDS ?
TDS is required to be deposited by the 7th of month following the deduction.
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Do we deposit TDS out of our own pocket ?
No, TDS is first deducted from the payment made to vendor and then deposited to govt. on his behalf. Deductor is not depositing anything from his own pocket.
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Do we need to file any returns also ?
Yes you also need to file quarterly returns with the department by the end the month following each quarter.You are also required to give certificates to the deductees also for the amount deducted.
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We also need to take any registration for TDS ?
Yes, you are required to take TAN no. i.e. Tax Account No. with the income tax department for depositing TDS and file returns
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