TDS Return Filings

TaxDost: TDS Return Filing Services

About TaxDost: TaxDost is a leading provider of tax and compliance services, dedicated to simplifying the process of TDS return filing for businesses and individuals. Our experienced team ensures accurate and timely submission of TDS returns, helping you stay compliant with the regulations and avoid penalties.

TDS Return Filing Services: Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department wherein the payer (deductor) deducts tax at the source before making certain payments like salary, commission, rent, interest, etc., and remits it to the government. Filing TDS returns is mandatory for all deductors.

Who Needs to File TDS Returns:

• Employers: Deducting TDS on salaries.
• Businesses and Organizations: Deducting TDS on payments like rent, professional fees, contractor payments, etc.
• Banks and Financial Institutions: Deducting TDS on interest payments.
• Individuals and HUFs: If required to deduct TDS under specific circumstances.

Types of TDS Returns:

• Form 24Q: Quarterly statement for TDS on salary.
• Form 26Q: Quarterly statement for TDS on all payments other than salary.
• Form 27Q: Quarterly statement for TDS on income received from interest, dividends, or any other sum payable to non-residents.
• Form 27EQ: Quarterly statement for TCS (Tax Collected at Source).

Required Documents and Information for TDS Return Filing: To facilitate a smooth and accurate filing process, TaxDost requires the following documents and information from clients:

1. TAN (Tax Deduction and Collection Account Number): Copy of TAN allotment letter.
2. PAN of Deductor and Deductees: Copy of PAN card of the deductor and PAN details of all deductees.
3. Challan Details: Copies of challans for TDS payments made to the government.
4. Deduction Details: Details of TDS deducted and deposited for each deductee, including:
   • Name of deductee
   • PAN of deductee
   • Amount paid/credited
   • Date of payment/credit
   • Rate of TDS applied
   • TDS amount deducted
   • TDS amount deposited
5. Salary Details: In case of Form 24Q, details of salary paid, including break-up of salary components, allowances, and exemptions.
6. Other Payment Details: In case of Form 26Q and Form 27Q, details of payments made, including nature of payment (rent, commission, professional fees, etc.), and applicable sections under which TDS is deducted.
7. Interest and Dividend Details: In case of Form 27Q, details of interest, dividends, or other sums payable to non-residents.
8. Certificate of No Deduction: If applicable, certificate issued by the Income Tax Department for no deduction or lower deduction of TDS.

How TaxDost Can Help:

• Consultation: Providing expert advice on TDS applicability and compliance requirements.
• Document Verification: Assisting in the collection and verification of necessary documents and information.
• Accurate Filing: Ensuring accurate data entry and preparation of TDS returns as per prescribed formats.
• Timely Submission: Ensuring that TDS returns are filed within the due dates to avoid interest and penalties.
• Correction of Errors: Helping with the rectification of any errors in previously filed TDS returns.
• Generating Form 16/16A: Assisting in the generation and issuance of Form 16/16A to employees and other deductees.
• Liaison with Tax Authorities: Handling queries and notices from the Income Tax Department related to TDS returns.

Due Dates for TDS Return Filing:

• For Q1 (April to June): 31st July
• For Q2 (July to September): 31st October
• For Q3 (October to December): 31st January
• For Q4 (January to March): 31st May

Consequences of Non-Compliance:

• Interest: Interest is levied for late deduction, late deposit, and late filing of TDS returns.
• Penalty: A penalty of ₹200 per day is levied for late filing until the return is filed, subject to a maximum of the TDS amount.
• Prosecution: In severe cases, prosecution proceedings may be initiated against the deductor.

With TaxDost, you can be assured of a seamless and accurate TDS return filing experience. Our commitment to professionalism and attention to detail ensures that your TDS returns are in full compliance with the latest regulations, minimizing your stress and the risk of penalties. Trust TaxDost to be your reliable partner in managing your TDS obligations efficiently.