TDS Returns
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TDS Returns
TDS is the Tax deducted at the source according to the Income Tax Act, 1961 at the point of generation of income.
- According to Income Tax Act, any person or company making a payment is required to deduct tax at source if the payment surpasses a certain threshold limits.
- A TDS return has to be filed on quarterly basis and failing to which will incur penalty.
File your TDS return with Legal Brother’s help like many other businesses from pan India locations. You may contact us for filing an TDS return in Delhi, Mumbai, Bangalore, Kolkata, Kanpur, Bareilly, Lucknow, Kanpur, Ghaziabad, Ludhiana, Faridabad, Meerut, Varanasi, Srinagar, Amritsar, Allahabad, Chandigarh, Bareilly, Moradabad, Gurgaon, Aligarh, Jalandhar or any other cities in India.
Due dates for filing returns:
The returns have to be filed for every quarter i.e. July 31, October 31, January 31 and May 31 for every financial year
TYPES OF TDS RETURNS
- Form 24Q
This form is to be filled in respect to a tax deduction on payment of employee salary. This return is to be filed by all the employers. in India.
- Form 26Q
This form is to be filled in respect to tax deductions on transactions other than payment of salary, such as on rent, professional fees, interests, dividends, payment to contractors. etc.
- Form 26QB
The purpose of this form filing TDS Returns with regard to a deduction on income from the sale of immovable property in India.
- Form 27Q
The purpose of filing of this type of return is to furnish details of the transactions in respect to the foreign payments made.
- Form 27EQ
TCS Return is filed with respect to the tax collection at source on transactions such as sale of liquor, tendu leaves, scrap sales, timber, etc.
- Due dates for filing returns in Form 27EQ:
The returns have to be filed for every quarter i.e. July 15, October 15, January 15 and May 15 for every financial year.
- Form 27D
This type of form is filled for obtaining the certificate of Tax Collected at Source or the TCS. This certificate of TCS validates the return filed in Form 27EQ.
Why Needed: Reasons & Benefits
The Features and benefits of TDS Returns are:
To avoid the penalty
late filing of the TDS/TCS return would charge a heavy penalty of INR 200 per day till default continues.
To facilitate reconciliation of the ITR
The main purpose of the filing of TDS return is reconciling of the income actually earned with income declared in the income tax return.
To avoid Incremental taxes
If you fail file the TDS return on time, then the assessing officer has the right to opt for nullifying the impact of expenditure
Facilitating filling of Form 26AS
Form 26AS is annual consolidated tax statement that specifies the details of the taxes deducted during the year.
Documents Required
- Name of the Entity (Proprietorship/ Partnership/ Company/ LLP)
- Date of Incorporation of the business
- TAN details
- PAN details
- No of Transaction for filing TDS returns
- Period for which TDS has to be filed
- Last TDS filing details if any
