file TDS return online

How and to File TDS return Online and when is the right Time to file?

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TDS is abbreviation of Tax Deducted at Source. TDS filing is one of strategy utilized for gathering income tax in India. It is administered under the Indian Income Tax Act 1961 and overseen by Central Board of Direct Taxes (CBDT). Under this demonstration, any installment secured under these arrangements will be paid in the wake of deducting recommended rate. It is a piece of the Department of Revenue and overseen by Indian Revenue Service (IRS). In an association, the business gathers charge from their representative and sends it straightforwardly to the personal assessment office.

This tax must be stored in treasury of Indian Government inside a predefined time. There is no uniform pace of finding for this duty. It might be run from 1% to 30% or more, contingent upon the element on which it is appropriate. There are two personalities engaged with the procedure of TDS filing; one is Deductor and the other is Deductee. The Deductor is an individual or an organization/association who is in charge of deducting the cash (charges) before the installment is made and the Deductee is the individual who is at risk to make good on the regulatory obligation or from whom the duty is deducted.

Basically, TDS is deducted on following area where one should match with the criteria before TDS filing like;

  • Salaries
  • Interest payments by banks
  • Commission payments
  • Rent payments
  • Consultation fees
  • Professional fees

Procedure to Upload TDS Statement, to file online TDS return

  • You will sked to fill username, password and captcha code; Note: user name will be your TAN number
  • After login go to TDS section mentioned in the menus
  • Click on the upload TDS
  • You will be asked to fill some details in the form like FVU version, Financial year, Form name, Quarter, and upload type.
  • Note: upload type will be regular while filling TDS filing.  
  • After filling above mentioned details, click on validate, which will validate the statements mentioned by you in the form.

Upload TDS Statement using DSC in online TDS Return

  • Above mentioned steps will be remaining same, update the TDS zip file which was prepared by using the utility downloaded from tin-NSDL website.
  • Attach the signature file by clicking on browse button
  • Now click on upload button.
  • It will show a message with transaction id and also sent a copy to the registered email id.

Upload TDS statement using EVC in TDS filing

All the steps mentioned above will remain same except e-verify. You will see a e-verify button at the bottom, after clicking E-verify button, three option will be provided like

In option 1 you will see text like “I already have an EVC to e-Verify the Form”

In option 2 you will see “I do not have an EVC and I would like to generate EVC to e-verify my form”

And in Option 3 you will see “I would like to generate Aadhaar OTP to e-verify the form”.

If you have selected 1 option, then you have to fill EVC number and click on submit.

If you have selected 2 option, then it will further provide to three another options like

  • EVC through net banking
  • EVC through account number
  • EVC through demat account number

EVC through net banking

  • Login to the e-filing portal through networking
  • Click on e-file menu then generate EVC.
  • Select the required TAN number from the drop down menu.
  • EVC will be sent on the registered mobile number.
  • Now login to the e-filing portal again.
  • Go to TDS section, click on upload TDS, then select the option that I already have an EVC under click here to e-verify.
  • Enter the EVC and click on submit.

EVC through account number

To go through this option note that you bank details must be registered with the account.

It will provide you confirmation message that something like “Do you want to generate EVC then click yes”. After clicking on yes, EVC number will be sent to the registered mobile number.

Read another blog: Seven Steps for Private Limited Company Registration in Delhi

EVC through demat account number

In this case also demat account details should be pre validated else it will provide you a message like account details has not been validated.

It will also provide you confirmation message that something like “Do you want to generate EVC then click yes”. After clicking on yes, EVC number will be sent to the registered mobile number.

When you will select option 3 for TDS filing

  • Note: Mobile number should be registered with Aadhaar card. Then only you will receive OTP on registered number. After the click on submit. 
  • Else it will show a message like PAN and Aadhaar card are not linked.

To File TDS return, there are some due dates declared by government according to 2018-19

  • 1st quarter would start from 1st April to 30th June therefore, TDS return due date would be 31st August 2018.
  • 2nd quarter would start from 1st July to 30th September therefore, TDS return due date would be 31st October 2018.
  • 1st quarter would start from 1st October to 31st December therefore, TDS return due date would be 31st January 2019.
  • 1st quarter would start from 1st January to 31st March therefore, TDS return due date would be 31st May 2019.

Various forms available to file TDS return

  • Form 24Q for TDS on salary
  • Form 27Q for when deductee is foreigner or running foreign company/ non resident
  • Form 26QB when installment for exchange of unmovable property
  • Form 26Q TDS in any other case.

You can also see the TDS return status by following below steps:

  • Login to the portal with credentials
  • Click on TDS
  • Click on View filed TDS.
  • Then again you have to provide information related to financial year, form name, and quarter.
  • Now click on view details button.
  • It will show you all the TDS return status.

If you are still facing any issue then you are free to call on (0120) 4231116, where our expert will guide you.

Cash Withdrawal of above 1 crore _ Deduct TDS under section 194N from Sep 1, 2019. (1)

Cash Withdrawal of above 1 crore? Deduct TDS under section 194N from Sep 1, 2019.

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The objective of introducing Section 194N by government in the Union Budget 2019 of July 2019 is to discourage cash transactions in the country and promote the digital transaction in India or promote less cash economy. ‘Section 194N –TDS on cash withdrawals over and above Rs 1 crore’ has been introduced through the Finance Bill, 2019. 

To whom is 194N applicable?

Applicable  to withdrawals made by below:

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A partnership firm or an LLP
  • A local authority
  • An Association of Person (AOPs) or Body of Individuals (BOIS)

Who will deduct TDS?

Applicable  The following payers will deduct TDS

  • Any bank (private or public sector)
  • A co-operative bank
  • A post office  

Who are exempted from 194N?

  • Any government body
  • Any bank including co-operative banks
  • Any business correspondent of a banking company (including co-operative banks)
  • Any white label ATM operator of any bank (including co-operative banks)
  • Any other person notified by the government  

Dates of applicability?

The threshold of Rs 1 crore is with respect to the previous year, calculation of the amount of cash withdrawal for triggering deduction under section 194N of the Finance Act shall be counted from April 1, 2019  

The Central Board of Direct Taxes (CBDT) has further clarified that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, the two percent TDS shall apply on all subsequent cash withdrawals.

New ITR filing date for A.Y 2019-20

New ITR filing date for A.Y 2019-20

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It was demanded to extend the due date of filing ITR because of last minute rush and also main factor was  TDS  statement issue was also delayed for A.Y 2019-20. On 23rd July, 2019 CBDT extended the due date of filing Income Tax Return of taxpayers whose due date fall on 31st July, 2019. Now the new due date shall be 31st August, 2019

Who is required to file ITR by 31st July, 2019 (now extended to 31st August)?

Individuals including salaried taxpayers and entities who do not need to get their accounts audited. 

Click here to Read About : who needs to get their account audited here.

What are the document checklist to file ITR?

-Form 16 received from your employer

-Bank statement during the relevant year if you have income other than salary and also to check interest from your saving bank account, as it is taxable too however you get tax deduction upto a limit for your saving bank account interest.

-If you have income from house property than again details of rent received during the relevant year, along with municipal taxes paid receipts

-Details of your tax aving investments like LIC, ELSS, Basic tuition fees paid for your children, any tax saving FD made during the year, donations eligible for tax benefits, medical insurance paid for yourself or parents and spouse.

-House loan email and interest paid details if any.

-If you are a proprietor and not required to get your account audited make sure your tax computation is calculated correctly so ensure you get the right tax consultant for the same. 

Income TAx Return Filing | ITR Due Date

Why should one approach a tax consultant to file ITR?

There is no doubt that you can login to the income tax and do the basic filing yourself. If you have income only from salary then you can file it yourself. If a salaried taxpayer do not have time they may approach a tax consultant who is not charging you hefty sum to file salary income tax return. However for those having income from capital gain, income from other sources, income from business- it is always recommended that they should approach a tax consultant. Because relying on not so efficient person to file your tax return will only put you in trouble. Income tax department is very strict and serves you with notice in few months if anything submitted is incorrect or you may even have to face late fees or interest if there is by any chance mistake in your tax computation.

Therefore why get served with notice and take hassle when you can now go to a tax consultant nearby you or approach a CA online through a reliable source. Choice is yours file return on time with help of consultant or get served with notice and face interest penalty by doing delay or making mistake by getting your itr filed through not reliable source.

Related Article- 7 Ways Salaried Individuals Can Save Tax

Know how to file ITR online and don’t wait till the last date.

File your ITR on time and live with peace!!

Are you a salaried Taxpayer? You need to be alert with recent changes in Form 16!!

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Do you know that Form 16 has undergone some changes? Yes, there are changes in Form 16 which are a TDS certificate you receive from your employer. The revised  format for Form 16 was notified by the Central Board of Direct Taxes (CBDT) via a notification dated 12th April 2019. The format specified will come into effect from 12th May 2019 So employers would have to follow the revised format after this date.

You need to be alert with recent changes in Form 16

Changes:

Nature of tax-exempt allowance should be separately disclosed:

The Old Form 16 contains the aggregate amount of salary and deduction. It will become more specific now where New Form 16 will have a list of specific detail of allowances on which employee is not required to pay any taxes. This is in line with ITR 1 which needs more disclosure now.

Additional income disclosure in New form 16:

In the old form 16, there used to be a row for any other income other than salary which employer could adjust and deduct TDS accordingly. The new one has a change where an employee can now specify any other income other than salary for house property or for other sources only. Other than these two (house property and other sources), now employee needs to deduct tax if any directly and cannot submit it to the employer so that he deducts the TDS adjusting those sources.

"FSSAI""

Additional row for standard deduction has been separately provided

These changes have been introduced in form 16 to keep it on the same line with the changes that came in Income Tax return Forms as notified by CBDT for AY 2019-20. The incorrect refund claimed by a large number of taxpayers in the last years was also one of the reasons which pushed the Government to bring more disclosures from taxpayers. The changes bought in Form 16 will make it easier for the Indian Tax department to spot discrepancies if any between revised form 16 issued by the employer and the details filled up by the employee.

Is this a positive change?

Yes it is definitely a positive change as it will reduce the false claim of refund by salaried taxpayers, which was a big loss for Government as ultimately it was a burden to actual taxpayers’ pocket. Now the department will find it smooth to cross-check the discrepancies in taxpayers claim and form 16 thereby helping reduce false cases.

Click here to watch Video on recent changes in ITR Forms

TDS-ON-PROPERTY-UNDER-SECTION-194-IA-OF-INCOME-TAX-ACT

TDS ON PROPERTY UNDER SECTION 194-IA OF INCOME TAX ACT

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APPLICABILITY OF TDS

Any person who is purchasing an immovable property (other than rural agricultural land) worth Rs. 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.

This section covers residential property, commercial property, as well as land. However, transactions pertaining to the purchase of agricultural land, are not covered under this provision.

DEDUCTION OF TDS

The purchaser of the property has to deduct the TDS in two case,

  • At the time of executing the conveyance deed.
  • Or at the time of payment of advance in case any advance is being paid before the execution of the conveyance deed.

DUE DATE FOR PAYMENT OF TDS

Tax deducted needs to be deposited within 7 days of next month (In case of month of March due date is April 30). TDS should be deposited only through online payment. New challan cum statement form framed for payment i.e. 26QB.

Company Registration

PAYMENT OF TDS

The buyer has to furnish the particulars in Form-cum-challan No 26QB. If a property has more than one buyer and/or seller, you need to fill in separate Form 26QB for each set of buyer and seller. The details of all buyers and sellers, have to be submitted in each Form 26QB.

There is no requirement of obtaining TAN no as per Sec 203A for person responsible for deducting tax under section 194IA.

DETAILS REQUIRED FOR PAYMENT OF THE TDS

It is the buyer who has to comply with the requirement of deducting TDS and paying the amount to the central government. Generally, every person who is responsible for deducting TDS has to obtain a TAN (tax deduction account number). However, in case of TDS on immovable property, the buyer does not have to obtain the TAN. You need to provide following details of the seller as well as buyer, in Form 26QB :

  • Permanent Account Number (PAN) of Property Purchaser and Seller.
  • Address of the Purchaser, Seller as well as the Property being purchased
  • Financial/AssessmentYear will be populated on the basis of Date of Payment/Credit selected in the Form.
  • Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
  • Value of Property
  • Date of agreement/booking
  • Amount Paid/credited (Transaction amount)
  • Rate of TDS
  • TDS Amount
  • Dates of payment/credit, deduction

The buyer should ensure that the PAN of the seller is correct. Otherwise, the seller will not be able to get the credit for tax deducted by the buyer, as the credit shall flow on the basis of PAN card details furnished in Form 26QB.

TDS CERTIFICATES (Form 16B)

The purchaser of property who has deducted TDS as per sec 194-IA need to issue TDS certificate in Form 16B within 15 days from due date of deposit i.e. by 22nd of next month in which tax has been deducted. At present there is no mechanism in place of issue of system generated TDS certificate as we have in case of form 16A and form 16, so you need to issue TDS certificate manually.

INTEREST FOR LATE DEDUCTION AND LATE PAYMENT OF TAX

Interest is payable at the rate of 1% for every month of late deduction of tax and at the rate of 1.5% for every month of late payment of tax deducted.

tds

TDS Rates for FY 2018-19

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For Persons Resident in India:

Particulars TDS Rate (%)
Section 192: Payment of salary Normal Slab Rate
Section 193: Interest on securities. a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; b) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; c) any security of the Central or State Government; d) interest on any other security 10
Section 194: Dividend other than the dividend as referred to in Section 115-O 10
Section 194A: Income by way of interest other than “Interest on securities” 10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30
Section 194BB: Income by way of winnings from horse races 30
Section 194C: Payment to contractor/sub-contractors.

a)   HUF/Individuals

b)   Others

1

2

Section 194D: Insurance commission 5

( w.e.f 01.06.2016)

(10% from 01.04.2015 to 31.05.2016

Section 194DA: Payment in respect of the life insurance policy 1

(  w.e.f 01.06.2016)

(2% from 01.04.2015 to 31.05.2016)

Section 194EE: Payment in respect of deposit under the National Savings scheme 10

(w.e.f 01.06.2016)

(20% from 01.04.2015 to 31.05.2016)

Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India 20
Section 194G: Commission, etc., on the sale of lottery tickets 5

(w.e.f  01.06.2016)

(10 % from 01.04.2015 to 31.05.2016)

Section 194H: Commission or brokerage 5

(w.e.f  01.06.2016)

(10 % from 01.04.2015 to 31.05.2016)

Section 194-I: Rent on a) Plant & Machinery

b) Land or building or furniture or fitting

(a) 2

(b) 10

Section 194-IA: Payment on transfer of certain immovable property other than agricultural land

Section 194 – IB: Rent payable by an individual or HUF not covered u/s. 194I (w.e.f from 01.06.2017)

1

5

(w.e.f from 01.06.2017)

(If payment of Rent exceeds Rs. 50,000/- per month. )

Section 194J: Any sum paid by way of a) Fee for professional services b) Fee for technical services c) Royalty d) Remuneration/fee/commission to a director ore) For not carrying out any activity in relation to any business) For not sharing any know-how, patent, copyright etc. 10
Section 194LA: Payment of compensation on acquisition of certain immovable property 10
Section 194LBA: Certain income distributed by a business trust to its unit holder 10
Any Other Income 10

For Persons not Resident in India (NRIs):

Section 192: Payment of Salary Normal Slab Rate
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30
Section 194BB: Income by way of winnings from horse races 30
Section 194E: Payment to non-resident sportsmen/sports association 20
Section 194EE: Payment in respect of deposits under National Savings Scheme 10
Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India 20
Section 194G: Commission, etc., on the sale of lottery tickets 5
Section 194LB: Payment of interest on infrastructure debt fund 5
Section 194LBA: Certain income distributed by a business trust to its unit holder 5
Section 194LC: Payment of interest by an Indian Company or business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond) 5
Section 194LD: Payment of interest on the rupee-denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor 5
Section 195: Payment of any other sum to a Non-resident
a) Income in respect of investment made by a Non-resident Indian Citizen 20
b) Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen 10
c) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of Section 193 10
d) Income by way of short-term capital gains referred to in Section 111A 15
e) Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of Section 10] 20
f) Income by way of interest payable by Government or an Indian concern on money borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC 20
g) Income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a license) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of Section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of Section 115A of the Income-tax Act, to a person resident in India 10
h) Income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 10
i) Income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 10
j) Any other income 30
Section 196B: Income from units (including long-term capital gain on transfer of such units) to an offshore fund 10
Section 196C: Income from foreign currency bonds or GDR of an Indian company (including long-term capital gain on transfer of such bonds or GDR) 10
Section 196D: Income of Foreign Institutional Investors from securities (not being a dividend or capital gain arising from such securities) 20

TDS Rates Applicable for a Domestic Company

Section 193: Interest on securities
a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act;
b) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder;
c) any security of the Central or State Government;
d) interest on any other security
10
Section 194: Dividend 10
Section 194A: Income by way of interest other than “Interest on securities” 10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30
Section 194BB: Income by way of winnings from horse races 30
Section 194C: Payment to contractor/sub-contractor
a) HUF/Individuals
b) Others
1
2
Section 194D: Insurance commission 10
Section 194DA: Payment in respect of the life insurance policy 1

(  w.e.f 01.06.2016)

(2% from 01.04.2015 to 31.05.2016)

Section 194EE: Payment in respect of deposit under the National Savings scheme 10

(w.e.f 01.06.2016)

(20% from 01.04.2015 to 31.05.2016)

Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India 20
Section 194G: Commission, etc., on the sale of lottery tickets 10

(w.e.f  01.06.2016)

(10 % from 01.04.2015 to 31.05.2016)

Section 194H: Commission or brokerage 5

(w.e.f  01.06.2016)

(10 % from 01.04.2015 to 31.05.2016)

Section 194-I: Rent
a) Plant & Machinery
b) Land or building or furniture or fitting
2
10
Section 194-IA: Payment on transfer of certain immovable property other than agricultural land 1
Section 194J: Any sum paid by way of
a) Fee for professional services,
b) Fee for technical services
c) Royalty,
d) Remuneration/fee/commission to a director or
e) For not carrying out any activity in relation to any business
f) For not sharing any know-how, patent, copyright etc.
10
Section 194LA: Payment of Compensation on the acquisition of certain immovable property 10
Section 194LBA: Certain income distributed by a business trust to its unit holder 10
Any Other Income 10
tds Return

TDS Return

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TDS (Tax Deducted at source) is a form of indirect tax collected by the revenue authorities of the Indian government as per the Income Tax Act 1961. This tax is usually collected at the time of generation of income or rather at the time of making payment. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc.

Who is required to file TDS return?

Submitting TDS Return is mandatory if you are a deductor:
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.
TDS is not required to be deducted by Individuals and HUF other than for those whose accounts are required to be audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than 1 crore (AY 2016-2017) and in case of the profession 50 lakhs (AY 2017-2018).

Is PAN is mandatory for deductors and deductees/employees?

PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
Deduction at a higher rate: As per section 206AA if the deductee fails to provide PAN then deduction has to be made at 20% or applicable rate whichever is higher.

How to file TDS returns?

TDS is based on the concept of ‘Pay as you earn’. To provide the benefit of tax deducted to the person receiving the payment, it is mandatory to file a TDS return by the deductor.

Filing the TDS Online and Offline:

Offline Go to TIN – FC (Centre) near your Office:

You can file the e-TDS returns at any of the TIN-FC opened by the e-TDS Intermediary for this purpose. The addresses of these TIN-FCs are available in the following URLs: http://www.incometaxindia.gov.in/ or at http://www.tin-nsdl.com/

Online Filling of e-TDS Return:

The more convenient method is to file your e-TDS return online for this you have to register to NSDL as mentioned before.

What is TAN and is it required to file TDS return?

TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc.
If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-

Forms which are required to be filed

 Form 24Q

This is required to be filed when there is payment of salary by the deductor. It contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.

Form 27Q

This form is filed when the deductee is a non-resident foreign company. Any payment made to them and TDS Deducted on it is reported in this return.

Form 26QB

This return is to be filled if any payment is made for the transfer of any immovable property.

 Form 26Q

This form is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.

lower-rate-of-tds-contractors-professionals-rent-receipt-250x250

TDS Return

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TDS (Tax Deducted at Source) is a form of indirect tax collected by the revenue authorities of the Indian government as per the Income Tax Act 1961. This tax is usually collected at the time of generation of income or rather at the time of making payment. Tax is deducted and remitted to the account of Indian government by the person making the payment. This tax is deposited on behalf of the person receiving the payment. TDS is based on the concept of ‘Pay as you earn’. To provide the benefit of tax deducted to the person receiving the payment, it is mandatory to file a TDS Return by the deductor.

The whole concept of TDS deduction, collection, deposit and return filing is regulated by an authority called CSEB in India.  It has provided certain guidelines for the same and impose the penalty when they are breached.

TDS is applicable on any type of Income, whether it is regular or occasional income like salary, commission, interest, rent, contractual, professional, etc.

TDS is deducted at a specific percentage by the deductor. If an excess TDS is deducted the payee can claim the refund of it by filing income tax return. The percentages applicable to the different type of income are given below:

TDS is deducted on the mixed calculation of threshold limit and percentages. There are certain threshold limit which if crossed while making payment, it becomes mandatory for deductor to deduct TDS before making the payment. For example: if the interest income is more than Rs. 5000, deductor will deduct TDS @ 10% on total interest income.

Our team at CA ON WEB helps the deductor with such calculations and return filing.

TDS Returns:

There are various types of TDS returns which are needed to be filled according to the nature of payment made. Following are the forms which are required to be filed.

  1. Form 24Q: This is required to be filed when there is payment of salary by the deductor. It contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.
  2. Form 27Q: This form is filed when the deductee is a non-resident foreign company. Any payment made to them and TDS Deducted on it is reported in this return.
  3. Form 26QB: This return is to be filled if any payment is made for the transfer of any immovable property.
  4. Form 26Q: This form is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.

We provide the expert services of filing the TDS return, validating and generating Form 27A and further depositing it to the concerned department within due dates.

Due dates for submission of TDS returns are mentioned below: