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Tax Deducted at Source (E - File TDS)

TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to other person and deducted amount is remitted to the Government Account. Tax deducted at source (known as TDS) is a form of income tax deduction from the payments done by the Payer at the source. The person responsible for deducting TDS is the deductor, and the other is deductee. The deductor must file the TDS return online every quarter. The concept of TDS was introduced to collect tax from the very source of income. As per the TDS concept, a person (called a deductor) liable to make a payment of specified nature to any other person (named a 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 the credit of the amount so deducted based on Form 26AS or TDS certificate issued by the deductor. The deductee can utilize this TDS credit against the income tax liability or get a refund if the taxable income is nil.

Helps to file TDS Return for Salaried and Non- Salaried Deductions, TDS return filing of 24 Q, 26 Q and 26 QB, online tds return filing — TDS Return Filing Consultant
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An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated 26.8.03 for electronic filing of TDS return notified by the CBDT for this purpose. CBDT Circular No.8 dated 19.9.03 may also be referred. As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic Mode (i.e. e-TDS returns). However, for other Deductors, filing of e-TDS return is optional.

The deductor is responsible for deducting TDS from the payments at a prescribed rate notified by the CBDT. The tax so deducted has to be deposited in the government account. Deductor must also report the tax deducted in a statement within the prescribed time. TDS Return Filing is the responsibility of the person who deducts 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 is liable to deduct the TDS against their payments must file 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 is known as Form 27 A. The TDS Return has two phases Form 24 Q (Salaried Persons) and Form 26 Q (Non – Salaried Persons). Both forms have been filed quarterly basis. Form 24Q deduction will come from any payments done by an employer to his employees as Employee benefits or perquisites. The prices of non-salary like Rental, Interest, Commission, Contract receipts, Professional fees, etc., have come under Form 26Q.

The due date for e- filing the TDS Return is

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

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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

What is tax deducted at source?

For a quick and efficient collection of taxes, the Income-tax Law has incorporated a tax deduction system at the point of income generation. This system is called “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 tax deduction provisions 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.

Can the payee request the payer not to deduct tax at source and to pay the amount without deduction of tax at source?

A payee can approach 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 a company or firm), and Form No. 15H is for senior citizens.

Can a member contribute at a higher rate (above 12%) on voluntary basis?

Yes

What are the consequences a deductor would face if he fails to deduct TDS or after deducting the same fails to deposit it to the Government’s account?

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 the subsequent years, as the case may be, the expenditure shall be allowed as a 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 the subsequent year, as the case may be, the expenditure so disallowed shall be allowed as a 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 percent 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 percent 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 paid.

c) Levy of Penalty

Penalty of an amount equal to tax not deducted or paid could be imposed under section 271C.

Under what circumstances a deductor would not be deemed as an assessee-in-default even after he fails to deduct TDS or after deducting the same fails to deposit it to the Government’s account?

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.

What to do if tax is deducted but the ultimate tax liability of the payee is nil or lower than the amount of TDS?

In such a case, the payee can claim the refund of the entire/excess amount of TDS (as the case may be) by filing the return of income.

If the payer does not deduct tax at source, will the payee face any adverse consequences by means of action taken by the Income-tax Department?

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

What are the duties of the person deducting tax at source?

Following are the basic duties of the person liable to deduct tax at source.

He shall obtain the Tax Deduction Account Number and quote the same in all the documents about TDS.

He shall deduct the tax at the 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.

What to do if the TDS credit is not reflected in Form 26AS?

Non-reflection of TDS credit in Form 26AS can be due to several reasons non-filing of the 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 to ascertain the correct reasons for non-reflection of the TDS credit in Form 26AS.

I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?

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

Is Ourtaxpartner.com efile TDS Return ?

Yes, Ourtaxpartner.com assist the business in filing quarterly TDS Return online. Here we are, consultants, providing TDS return filing services to businesses 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 filing revised TDS return. Revising TDS return online is now simple at Ourtaxpartner.com.

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