TDS Return Filing

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    Tax Deducted at Source (E - File TDS)

    Tax deducted at source (known as TDS) is a form of income tax deduction from the payments done by the Payer at source.  The person who responsible to deduct tds is deductor and other is deductee. The deductor must file tds return online in quarterly basis.  The concept of TDS was introduced with an aim to collect tax from the very source of income. As per the TDS concept, a person (called as deductor) who is liable to make payment of specified nature to any other person (called as deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. The deductee can utilize this TDS credit against the income tax liability or get refund if the taxable income is nil.

    The deductor is responsible to deduct tds from the payments at a prescribed rates notified by the CBDT. The tax so deducted has to be deposited in the government account. Deductor also has to report the tax deducted in a statement within the prescribed time.  TDS Return Filing is the responsibility of person who deduct the tax. 

    It is mandatory to file an electronic TDS statement for the following categories of Deductors:
    • Offices of the Government

    • Companies

    • Persons required to get their accounts audited u/s 44AB of the Income Tax Act, 1961

    • Deductors reporting more than 20 deductee records for any quarter in the financial year

    E- Filing Quarterly TDS Return Online

    Every deductor who liable to deduct the TDS against their payments must efile a quarterly return as per the specified format by National Securities Depository Limited (NSDL). The process of allocating the deducted tds amount to the concerned PAN is called TDS Return known as Form 27 A. The TDS Return have two phases Form 24 Q (Salaried Persons) and Form 26 Q (Non – Salried Persons) . Both the forms have filed quarterly basis. Form 24Q deduction will come by any payments done by an employer to his employees as Employees benefits or perquisites. The payments in the nature of non salary like Rental, Interest, Commission, Contract receipts, Professional fees etc. are come under Form 26Q. 

    The due date for e- filing the TDS Return are

    • First Quarter  (April – June )    – 31st of July 

    • Second Quarter (July – September )   – 3st of October

    • Third Quarter ( October – December  – 31st of January

    • Fourth Quarter (January – March )  – 31st of May

    Get assistance for TDS Return FIling

    TDS Return E- Filing Plans

    Self Filing Plans
    Form 26Q / Form 24Q
    Rs. 413/-

    Price per Quarter

    Unlimited Deductions

    FVU Generation

    Form 27 A Generation

    No pre / post audit of Data

    Price inclusive of GST

    Download Excel Format

     
     

     

    Pay and send the filled excel format to [email protected]

    Form 26Q & Form 24Q (Combo)
    Rs. 649/-

    Price per Quarter

    Unlimited Deductions

    FVU Generation

    Form 27 A Generation

    No pre / post audit of Data

    Price inclusive of GST

    Download Excel Format

     
     

     
    Pay and send the filled excel format to [email protected]

    Form 26Q & Form 24Q (Yearly)
    Rs. 2,149/-

    Price per Year

    Unlimited Deductions

    FVU Generation

    Form 27 A Generation

    No pre / post audit of Data

    Price inclusive of GST

    Download Excel Format

     
     

     
    Pay and send the filled excel format to [email protected]

    Professional Assisted Filing Plans
    Form 26Q (Non Salary)
    Rs. 1,770/-

    Price per Quarter

    Advisory on TDS Deduction

    Deductions upto 25

    FVU & Form 27A Generation

    Challan Payment Assistance

    Pre / Post audit of Data

    Price inclusive of GST

     
     

    Form 26Q (Non Salary)
    Rs. 2,655/-

    Price per Quarter

    Advisory on TDS Deduction

    Deductions upto 50

    FVU & Form 27A Generation

    Challan Payment Assistance

    Pre / Post audit of Data

    Price inclusive of GST

     
     

    Form 26Q (Non Salary)
    Rs. 8,260/-

    Price per Year

    Advisory on TDS Deduction

    Deductions upto 35 per Quarter

    FVU & Form 27A Generation

    Challan Payment Assistance

    Pre / Post audit of Data

    Price inclusive of GST

     
     

    Services provided by TRACES

    TRACES ( TDS Reconciliation Analysis and Correction Enabling System) is a web-based portal of the Income Tax Department (ITD) that provides an interface to all stakeholders associated with TDS Return FIling, deduction and  administration. It enables viewing of challan status, downloading of Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS).

    Various services provided by the TRACES includes.

    • Registration for tax-deductors and taxpayers

    • Electronic filing of TDS Statements (e -FIling of TDS Return) – Original and Corrections

    • View Statement Processing Status and TDS Defaults

    • View Tax Credit Statement (26AS) of taxpayers

    • Digital TDS Certificates – Forms 16/16A/16B in reconciliation with 26AS

    • Justification Report for details of TDS Defaults

    • Consolidated File for submitting corrections to the TDS Statements

    • Aggregated TDS Compliance Report for Tax-Deductor PAN with multiple associated TANs

    • Online TDS Statement Corrections

    • Online Challan Corrections

    • PAN Verification Services

    • Secured Integration with corporate Tax-deductors

    • TDS Refunds

    For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.

     

    The provisions of deduction of tax at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and he has to deposit the tax deducted by him to the credit of the Government.
    A payee can approach to the payer for non-deduction of tax at source but for that they have to furnish a declaration in Form No. 15G/15H, as the case may be, to the payer to the effect that the tax on his estimated total income of the previous year after including the income on which tax is to be deducted will be nil.

     

    Form No. 15G is for the individual or a person (other than company or firm) and Form No. 15H is for the senior citizens.
    A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit

     

    it to the credit of Central Government’s account:-

     

    a) Disallowance of expenditure

     

    As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is chargeable to tax in India in the hands of the recipient, shall not be allowed to be deducted if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the Central Government till the due date of filing of return.

    However, if tax is deducted or deposited in subsequent year, as the case may be, the expenditure shall be allowed as deduction in that year.
    Similarly, as per section 40(a)(ia), any sum payable to a resident, which is subject to deduction of tax at source, would attract 30% disallowance if it is paid without deduction of tax at source or if tax is deducted but is not deposited with the Central Government till the due date of filing of return.
    However, where in respect of any such sum, tax is deducted or deposited in subsequent year, as the case may be, the expenditure so disallowed shall be allowed as deduction in that year.
    As per Section 58(1A) (as amended with effect from the assessment year 2018-19), the provisions of section 40(a)(ia) and 40(a)(iia) shall also apply in computing the income chargeable under the head “Income from other sources”.
    b) Levy of interest

     

    As per section 201 of the Income-tax Act, if a deductor fails to deduct tax at source or after the deducting the same fails to deposit it to the Government’s account then he shall be deemed to be an assessee-in-default and liable to pay simple interest as follows:-
    (i) at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
    (ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.​

     

    c) Levy of Penalty

    Penalty of an amount equal to tax not deducted or paid could be imposed under section 271C​.
    ​​​A deductor who fails to deduct the whole or any part of the tax on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed to be an assessee-in-default in respect of such tax if such resident—

     

    • has furnished his return of income under section 139​;
    • has taken into account such sum for computing income in such return of income; and
    • has paid the tax due on the income declared by him in such return of income and the deductor furnishes a certificate to this effect in Form No.26A from a chartered accountant.
    In such a case, the payee can claim the refund of entire/excess amount of TDS (as the case may be) by filing the return of income.​​

    It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, failure of the payer to deduct tax at source will not relieve the payee from payment of tax on his income.

    Following are the basic duties of the person who is liable to deduct tax at source.
    • He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
    • He shall deduct the tax at source at the applicable rate.
    • He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
    • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
    • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*)
    *Refer tax calendar for the due dates.
    Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS.​

    ​​Yes, the tax credit in your case will be reflected in your Form 26AS and, hence, you can check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strictly as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.

    Yes, Ourtaxpartner.com assist the business to efile quarterly TDS Return online. Here we are consultants providing tds return filing services to business and employers in all locations in India. Our tds filing services includes filing Form 24Q, Filing Form 26Q, Form 16 generation, Form 16A generation and file revised tds return. Revising tds return online is now simple at Ourtaxpartner.com.

     

     

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