TDS Return

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TDS RETURN FILING

TDS ON INCOME TAX

What is TDS (Tax Deducted at Source)?

TDS is one of the important areas in income Tax. Through TDS, a portion of the tax is paid directly to the Income Tax Department. 

What is TAN ? (Tax deduction Number)

TAN is a mandatory 10 digit alphanumeric code that is to be obtained by all the people and entities who are responsible for deduction of the tax. Salaried individuals are not required to deduct TDS or obtain a TAN number. 

 

In case of corporate and non-corporate entities, TDS is required to be deducted while making certain payments like salary, payment of rent exceeding Rs. 2,40,000 p.a., payment to contractors etc. Helpmybiz can help in obtaining the TAN Registration.

TAN is a mandatory 10 digit alphanumeric code that is to be obtained by all the people and entities who are responsible for deduction of the tax. Salaried individuals are not required to deduct TDS or obtain a TAN number. 

Entities having valid TAN are required to file TDS returns quarterly. Our TDS experts can help in the computation of TDS and ensure compliance with the various TDS rules and regulations.

Eligibility Criteria

Any person making a specified payment mentioned under the income tax act is required to deduct the TDS and are required to deposit the tax to the government within the stipulated due dates. The different types of payments include:-

1

Salary payments

2

Commission and brokerage

3

Professional fees

4

Income on securities

5

Income by winning of lotteries, puzzles and others

6

Insurance commissions and several other schemes

What are the due dates for the TDS return filing?

The due dates are divided into two parts.

First, is the due date for the payment of the TDS amount to the government. The 7th of next month is the due date.

Second are the TDS return due dates. The TDS returns contain the entire details of the parties along with their PAN number, address etc. which are to be filed quarterly.

The table below shows the due dates for the filing of the TDS returns

Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July 2021
2nd Quarter 1st July to 30th September 31st October 2021
3rd Quarter 1st October to 31st December 31st Jan 2022
4th Quarter 1st January to 31st March 31st May 2022

The process for filing TDS return on the income tax website is given below:-

What are some of the important TDS provisions for the FY 2020-21?

Section Source of Income/Expense Threshold limit TDS Rate (%)
192 Payment of salary income As per the Income Tax Slab As per the slab
194A Interest payment other than interest on securities like interest on bank deposits, interest on loan and deposits etc. Rs. 10,000 in case the TDS payer is the bank or any banking institution Rs 5,000 in any other case 10%
194C Payments made to contractor and subcontractor Rs. 30,000 for single payment and Rs. 1,00,000 for annual payment ● 1% for individual and HUF
● 2% for others
194J Payment of royalty, technical or professional services Rs 30,000 10%
194H Payment of commission or brokerage Rs 15,000 5%
194I Payment of rent for use of land building/furniture or fittings
Payment of rent for use of plant and machinery
Rs 2,40,000
Rs. 2,40,000
10%
2%
194N Annual cash withdrawal from all accounts with a bank/co-operative society/post office Rs. 1,00,00,000 2%
194IA TDS on purchase of immovable property Rs 50,00,000 1%
194K TDS on income in respect of units of Mutual Fund Rs. 5,000 10%
194Q Buyer, paying any sum to a resident seller for purchase of goods Rs. 50,00,000 0.1%

What are the different forms of TDS?

TDS forms depend on the type of deductee paying the tax or the income of the deductee. The forms are mentioned below:-

Forms Periodicity Particulars
Form 24Q Quarterly   Statement for “Salaries”
Form 26Q Quarterly   Statement for “other than salaries”
Form 27Q Quarterly   Statement of TDS from payments made to non-residents
Form 27EQ Quarterly   Statement for collection of TCS

What is a TDS Certificate?

TDS certificate will be furnished after the TDS is deducted by the deductor. The deductee has the option to cross-check the tax credit by viewing a valid TDS Certificate from the TRACES (TDS Reconciliation analysis and correction enabling system) website containing a unique 7 digit watermark and a TRACES Watermark.

TDS certificates for other than salaries are issued every quarter, while TDS certificates for salaries are issued on an annual basis.

In case the deductee loses the possession of the certificate a duplicate TDS certificate can be requested.

What is the Penalty for failure in the TDS Return?

If the assess fails to file the TDS return before the due date, a penalty of Rs 200 per day under section 234E,shall be paid by the assessee until the time the default is continuing.

If the TDS return has not been filed within a year from the due date or if incorrect information has been furnished then he or she is also liable for penalty. The penalty shall not be less than Rs 10,000 and more than Rs. 1,00,000.

Also, if TDS is not deducted and paid before the due date of return filing, then 30% of the sum payable shall be disallowed as business expense u/s 40(a) (ia)

Can TDS Returns be Revised?

TDS returns once submitted can be revised if errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the correct amount shall not be reflected in the FORM 16A or FORM 26AS. Revised TDS return has to be filed if the correct amount is to be reflected in the above mentioned forms.

Prerequisites for submission of Revised TDS Return

Revised return can only be filled when the original return has been accepted by the TIN System. The status of the TDS Return can be checked by the assessee by providing the required details like PAN and the provisional receipt number/token number from NSDL.

How to claim the TDS amount deducted?

The TDS amount that has been deducted can be claimed while filing the income tax return. If the Tax payable is more than the TDS amount deducted, then then there will be an amount payable for the assessee. On the other hand, if the TDS amount deducted is more that the Tax Payable amount, then the assessee will be eligible for refund by the income tax department.

Frequently Asked Questions

Ans. Yes, as per Section 194IA, TDS is required to be deducted at the rate of 1% if consideration is more than Rs 50 Lakhs.

Ans. Yes, 30% of the sum payable shall be disallowed if TDS is not deducted and paid before the due date of return filing u/s 139(1).

Ans. The employer deducts TDS on the employee's salary at the average rate of income tax. The estimated total income of the employee is calculated beforehand, and when it is divided by 12 months, the TDS to be deducted every month can be easily calculated.

Ans. If assessee fails to file the TDS return before the due date, a penalty of Rs 200 per day under 234E, shall be paid by the assessee until the time the default is continuing.

If the TDS return has not been filed within a year from the due date or if incorrect information has been furnished then he or she is also liable for penalty. The penalty shall not be less than Rs 10,000 and more than Rs. 1,00,000.

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BASIC

  • Tax Payment monthly basis Calculation
  • Party wise Calculation & Reconciliation
  • TDS return filing 24Q & 26Q
  • TDS Acknowledgement- Form-27A
  • Data to be filled by the client & Sent to Expert
  • Every Quarter
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SMART

  • Tax Payment monthly basis Calculation
  • Party wise Calculation & Reconciliation
  • TDS return filing 24Q & 26Q
  • TDS Acknowledgement- Form-27A
  • Data to be filled by the client & Sent to Expert
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ALL IN ONE

  • Tax Payment monthly basis Calculation
  • Party wise Calculation & Reconciliation
  • TDS return filing 24Q & 26Q
  • TDS Acknowledgement- Form-27A
  • Data to be filled by the client & Sent to Expert
  • Yearly
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*(Exclusive of Government fees & taxes)

COMPLIANCE TO BE FOLLOWED

There are several compliances the private company needs to adhere to under the Companies Act,2013. It is imperative that you take note of this or else risk facing unnecessary penalties and fees.

There are several compliances the private company needs to adhere to under the Companies Act,2013. It is imperative that you take note of this or else risk facing unnecessary penalties and fees.

Annual General Meeting

Under Section 96, The company needs to conduct an Annual General Meeting (AGM) every year with a gap not exceeding 15 months between any 2 AGM. The Annual General Meetings need to be presided over with a minimum attendance of 1/3rd directors or a minimum of 2, whichever is higher.

Statutory Auditor

A company auditor needs to be appointed within 30 days of the company's incorporation through Form ADT – 1 and sent to the ROC.

GST Registration and Filing

A company needs to apply for GST to conduct any business activities in the country. Having a GST number becomes mandatory if the company is engaging in interstate business, having an online store or having an annual turnover exceeding 20 lacs.

At the same time, the company needs to ensure GST is filed every month irrespective of any turnover in the company books.

Trademark Registration

The registration of the company name with the ROC does not ensure the protection of your name or brand. For complete ownership rights over your name, brand and logo, you need to apply for Trademark Registration.

Annual filing with ROC

Every year a private limited company is required to file multiple forms depending upon several factors. Among them 2 important ones are, Form AOC 4 containing the company financial statements that are Profit and Loss account and Balance Sheet and Form MGT – 7 containing the annual return.

Income Tax Audit

All regulations mentioned under section 44AB need to be complied with and followed. This includes tax audits and various other requirements.!

The list is not exhaustive and there still remains a lot of compliances which a private company needs to keep in mind while conducting business operations in India. Our team at helpmybiz helps ensure that each and every regulation is adhered to and followed in compliance with the laid down regulations. Get in touch with our experts today!

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