TDS Filing
Tax Deducted at Source or TDS is a type of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that entity’s account, according to the Indian Taxation Code.
TDS Filing
Tax Deducted at Source or TDS is a type of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that entity’s account, according to the Indian Taxation Code. As the name suggests, “Tax Deducted at Source” implies that the payee or the employer deducts the tax before making a payment to the receiver. Tax Deducted at Source is applicable
on income earned regularly and also on the income earned occasionally or irregularly. Thus, TDS is applicable on various incomes, including, but not limited to Salary, Commission, Rent, Professional Fees and Interest.
TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are: PAN of the deductor and the deductee. Amount of tax paid to the government.
Features of TDS Filing
Import data from Excel and TDS files
Automatically verify TAN and PAN number
Import data from Excel and TDS files
Automatically Calculate TDS
Submit the return in FVU format without any difficulty
Generate Form 16, 16A and more with ease
Process of TDS Filings
Frequently Asked Questions
1. What is TDS?
2. Who is required to file TDS return?
TDS is not required to be deducted by Individuals and HUF except 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 2 crore (AY 2017-2018) or 1 crore ( AY 2016-2017) and in case of profession 50 lakhs ( AY 2017-2018) or 25 lakhs (AY 2016-2017).
3. What is TAN and is it required to file TDS return?
TDS is not required to be deducted by Individuals and HUF except 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 2 crore (AY 2017-2018) or 1 crore ( AY 2016-2017) and in case of profession 50 lakhs ( AY 2017-2018) or 25 lakhs (AY 2016-2017).
4. What are different types of TDS forms?
Form 24Q -TDS on Salaries
Form 26Q – TDS on payments other than Salaries
Form 27Q – TDS on payments made to Non-Residents
Form 27EQ – TCS
5. Is PAN mandatory for deductors and employees/deductees?
6. What are the due dates of submission of quarterly TDS Returns?
7. How do I deposit TDS to Central Government?
E-payment is compulsory for all Corporate assesses & non-corporate assessees who are liable for audit u/s 44AB.
Physical payment can be made using Challan 281 in authorised bank branch.
8. Who is required to issue TDS certificates?
Every person deducting tax as per provisions of section 203 is required to issue a certificate to the payee in respect of tax deducted by him along with certain other particulars. This certificate is called TDS Certificate. Even banks deducting TDS on pensions issue TDS certificates.
Types of TDS certificate to be issued in different cases:
Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated. The certificate should be issued within 31st May of next financial year.
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