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TDS RETURN

Tax deducted at source (TDS), aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax, which combines the concepts of "pay as you earn" and "collect as it is being earned". Its significance to the government lies in the fact that it propones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the taxpayer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates from payments of specific nature which are being made to a specified recipient.

The deducted sum is required to be deposited to the credit of the Central Government quoting the TAN number. The recipient from whose income tax has been deducted at source gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

Those entities that have TAN Registration must file TDS returns. TDS returns are due quarterly, details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc. Allindiataxfiling.com can help you e-file your TDS returns online.

Process We Follow

  • TDS RETURN

    With advice of Allindiataxfiling.com TDS Filing Expert You will be assured with Timely and Accurate TDS Return Filing.

  • DOCUMENT COLLECTION

    Allindiataxfiling.com TDS Filing Expert Will let You know the required documents Which you can easily mail to us anytime.

  • RETURN PREPARATION

    Based on the documents and information presented, an AllndiaTaxFiling.com TDS Filing Expert will prepare your TDS Return and send for your approval.

  • RETURN FILING

    Once the TDS Return is verified and approved by you, our TDS Filing expert will file your TDS Return.

FAQs

TAN is Tax Deduction and Collection Number. TAN is used by the Income Tax Department to track all payments and filings of persons or entities required to deduct tax at source and pay it to the Government. TAN is a 10 digit alpha-numeric number.
Individuals who are salaried are not required to deduct tax at source. However, Individuals who run a proprietorship business are required to deduct tax at source. All other entities like LLP, Private Limited Company, Limited Company, Trust, Society, etc., are required to obtain TAN and deduct tax at source. Not obtaining TAN when applicable attracts a penalty of Rs.10, 000.
All those persons who are required to deduct tax at source (TDS) are required to obtain TAN number. Entities having TAN number must e-file TDS returns.
Delay in furnishing the e -TDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The penalty for non-filing of TDS return for more than one year from the specified date is a minimum Rs 10,000 to Rs 1 lakh.
Yes, failure to remit TDS in the government’s account within stipulated time-limit would attract interest, penalty and rigorous imprisonment of upto seven years.
In such a case, the payee can claim the refund of entire/excess amount of TDS (as the case may be) by filing the return of income.
Yes, the tax credit in your case will be reflected in your Form 26AS and hence, you can check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strictly as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.
It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face many adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, failure of the payer to deduct tax at source will not relieve the payee from payment of tax on his income.
Quarter Due Date for TDS Return
April to June 31st July
July to Sept 30th Oct
Oct to Dec 31st Jan
Jan to March 30th May

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