TDS return filing

APPLY ONLINE FOR TDS RETURN FILING WITH LEGALDOCS ADVISOR

We have to do TDS return filing in addition to paying the tax to the deductor. TDS return filing is a quarterly report to the Income Tax department. It is important to submit the TDS returns on time.

Easy Process and Documentation

Required Paperwork

  • PAN Card details of applicant
  • TDS Certificate
  • Tax Payment Challan
  • Bank Statement

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WHAT Is the Process of Filing a TDS Return?

TDS stands for “Tax Deduction Source” and is a method of levying income tax in India. The Income Tax Act of 1961 governs the rules for claiming a tax deduction. The Central Board of Direct Tax is in charge of coordinating all of this. Deductor refers to the person making the tax deduction, while dedicatee refers to the person being taxed. The net amount (after TDS has been deducted) is paid to the recipient, who may receive it in the form of cash, a check, or a credit to their bank account.

If the recipient can show proof to his employer that he invested the money and reduced his taxable income, he won’t have to pay any taxes on the money.

RESPONSIBILITY FOR THE PRESENTATION OF AN E-TDS RETURN

If your tax withholding contribution (TDS) was deducted, you are required to fill up and submit your TDS Return online. The filing of your TDS Return within the allotted window of time is a procedure that must unavoidably take place. If you are a chronic offender, you may even be required to pay a penalty for missing the deadline to file your e-TDS Return, which could result in significant financial consequences. If you are one of them, you are required to submit an e-TDS return on a quarterly basis.

  • individuals whose financial records are being examined
  • People who have positions of authority inside the Government Company

WHAT DIFFERENT TYPES OF TDS FORMS ARE THERE?

There are different types of forms has been prescribed depending on the purpose of the deduction, they are mentioned below:
  • Form 24Q:
    This form applies the statement for tax deduction at source from salaries
  • Form 26Q:
    Statement for tax deduction at source on every payment, but here salary is not applicable.
  • Form 27Q:
    Statement for deduction of tax from interest, dividend, or any other sum payable to non – residents
  • Form 27EQ:
    Statement for collection for Tax at source.
  • Form 27A:
    It is a controlled chart of quarterly TDS statement. It is control of TDS return plan and a chart which shows the amount paid and tax deducted on the same.

THE PENALTY FOR DELAY IN TDS RETURN FILING

In the event that a person misses the deadline for paying the TDS, that person will be responsible for paying the penalty that is associated with the tax. The penalty need to be more than the entire amount that can be deducted from taxes.

IN THE EVENT THAT A PERSON DOES NOT SUBMIT A TDS RETURN

In the event that the Tax Withholding and Contribution (TDS) return was not submitted within one year of the original filing date, or if an inaccurate amount of information was provided, the responsible party will be required to pay a penalty.

BENEFITS OF TDS RETURN FILING

If the TDS is not filed within a year of the due date or if the wrong information is given, the taxpayer is subject to a penalty.

The following are some of the many advantages of filing a TDS return:

  •  Acquiring Loan:
    To obtain a loan, most financial institutions require applicants to provide three or more years of tax returns. You will have a hard time securing a loan from a financial institution if you do not have this.
  •  Processing Visa:
    To get a visa, you’ll need to show proof of having filed your taxes for the previous several years.
  •  Refund:
    Investments that qualify for tax deductions can result in a refund because they lower your taxable income. Therefore, if you file your taxes, you can get a refund of the TDS that was withheld.
  •  Avoid penalties:
    Don’t risk having to pay fines because the tax agency didn’t notify you right away that you forgot to file your taxes. If it comes out that you were supposed to file your taxes but didn’t, you could be fined between Rs 5,000 and 10,000 and have to pay interest under section 234A.

FAQS FOR TDS RETURN FILING

When making a payment to another person for certain goods or services, the individual making the payment is the one who is responsible for deducting tax and filing the tax return. Pay types such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, and others are included in the stated payment. The person who is responsible for making the TDS deduction is referred to as the deductor, while the individual whose taxes are being taken out is referred to as the deductee. Individuals and HUF are exempt from the obligation to make TDS deductions.
Yes, providing one’s PAN is an obligatory part of the process for both the deductor and the employee.
While paying TDS, e – payment is the compulsory process.
  • 15th June(15%)
  • 15th September(45%)
  • 15th December (75%)
  • 15th March (100%)

The person who is responsible for making tax deductions at the source is responsible for the following basic responsibilities. • He is responsible for obtaining a Tax Deduction Account Number and including that number in any and all documents that pertain to TDS. • He is obligated to deduct the tax at the source at the appropriate rate. • The tax that was deducted by him at the source must be paid to the credit of the government (by the due date that has been specified in regard to this matter*). • He is responsible for filing the periodic TDS statements, also known as the TDS return (by the deadline that has been specified with regard to this matter*). • He is obligated to provide the payee with a TDS certificate in relation to the tax that he has withheld (before the deadline that has been specified in this regard*). * Please consult the tax calendar for the due dates.