Mutual Fund Payments Archives

TDS Returns for Mutual Fund Payments Introduction Mutual funds have become a popular investment option for many people due to their flexibility and ease of investing. However, with investing comes the responsibility of complying with various tax laws and regulations. One such regulation is the requirement to file TDS returns for mutual fund payments. In this blog, we will discuss TDS returns for mutual fund payments in detail. What is TDS? TDS stands for Tax Deducted at Source, which is a method of collecting income tax in India. Under this system, the payer deducts a certain percentage of tax from the payment made to the payee and remits it to the government on behalf of the payee. The payee can claim credit for the tax deducted while filing their income tax return. TDS on Mutual Fund Payments Mutual funds are subject to TDS under Section 194K of the Income Tax Act, 1961. As per this section, any person responsible for paying income to a resident individual or HUF in the form of units of a mutual fund is required to deduct TDS at the rate of 10% if the income exceeds Rs. 5,000 in a financial year. However, no TDS is required to be deducted if the income is below Rs. 5,000. Who is Responsible for Deducting TDS? The person responsible for deducting TDS on mutual fund payments is usually the Asset Management Company (AMC) or the registrar and transfer agent (RTA) of the mutual fund. However, if the payment is made to a person other than the AMC or RTA, then such person will be responsible for deducting TDS. TDS Return Filing TDS return is a statement that summarizes the details of the Tax Deducted at Source and deposited by the deductor with the government. It contains details such as the name and PAN of the deductor and deductee, the amount of TDS deducted, and the date of deposit with the government. The due date for filing TDS returns is the 31st of July following the financial year in which the TDS was deducted. For example, the TDS deducted in the financial year 2022-23 should be filed by 31st July 2023. TDS returns can be filed online on the government's e-filing portal or through authorized intermediaries. Penalties for Late Filing or Non-Filing of TDS Returns Late filing or non-filing of TDS returns can attract penalties under Section 234E of the Income Tax Act. The penalty for late filing of TDS returns is Rs. 200 per day until the return is filed, subject to a maximum penalty of the amount of TDS deducted. If the TDS return is not filed within one year from the due date, a penalty of Rs. 10,000 to Rs. 1 lakh can be imposed. Steps to File TDS Return for Mutual Fund Payments: Step 1: Collect the necessary documents The first step to filing a TDS return for mutual fund payments is to collect all the necessary documents. This includes the TDS certificate issued by the mutual fund company, Form 26AS, and any other relevant documents. Step 2: Determine the TDS amount The next step is to determine the TDS amount that needs to be filed. The TDS amount can be calculated using the TDS certificate issued by the mutual fund company. Step 3: Prepare the TDS return Once you have collected all the necessary documents and determined the TDS amount, the next step is to prepare the TDS return. This can be done online using the e-filing portal of the Income Tax Department. Step 4: Enter the details In the TDS return form, you need to enter details such as the TAN (Tax Deduction and Collection Account Number), PAN (Permanent Account Number) of the deductee, amount of TDS deducted, and other relevant details. Step 5: Verify the details After entering all the details, it is important to verify them before submitting the TDS return. This ensures that there are no errors or discrepancies in the TDS return. Step 6: Submit the TDS return Once you have verified the details, you can submit the TDS return on the e-filing portal of the Income Tax Department. After submission, you will receive an acknowledgement receipt which can be used for future reference. Conclusion Filing TDS returns for mutual fund payments is an important tax compliance requirement for individuals and entities responsible for deducting TDS. It ensures that the correct amount of tax is deducted and deposited with the Income Tax Department. By following the above-mentioned steps, one can easily file a TDS return for mutual fund payments. It is important to ensure that the TDS return is filed on time to avoid any penalties or interest charges. It is also advisable to seek the help of a tax professional or accountant if you are unsure about any aspect of the TDS return filing process.

For Indian Entrepreneur

For Foreign Entrepreneur

Special Entities

Tax Registrations

Other Registration

Returns

Annual Filings

Change Services

Closure

Legal Drafting

Special

Trademark

Copyright

Patent

Designing & Marketing

Blog

All about the TDS Returns for Mutual Fund Payments

Hi, Welcome to EbizFiling!

HOME

POLICY

RELATED LINKS

CONNECT WITH US

TOP 3 READS

GST Compliance Calendar with Due Date for FY 2025-26

Role of IEC in International Trade: Future Trends

LLC vs INC : Difference between LLC and INC

Secure Payment Modes

Company Registration in Ontario, Canada
FSSAI Licence Modification
FSSAI License Renewal
Private Limited Company
US payroll services in India
UK Business Outsourcing Process in India
File CRF Form to change Master Data on MCA
Reply to Notice Under Section 148 of Income Tax Act
Reply to Notice u/s 143(2) of Income Tax Act for Scrutiny Assessment
Reply to Intimation Notice under section 245 of Incone Tax Act
Reply to Defective Notice u/s 139(9) of Income Tax Act
Reply to Income Tax Notice u/s 143(1)(A) for Prima Facie Adjustment
Reply to intimation notice of Section 143(1) of Income Tax Act
Reply to Income Tax Notice Under Section 133(6)
Corporate Legal Advice
LEI Code Registration
Employee Background Verification
US Business Solutions and Outsourcing Services in India
LLC Annual Compliances in Wyoming, USA
LLC Annual Compliances in Florida, USA
E-RCMC Registration under EPCES in India
Annual Filing & Bookkeeping & Accounting Service for Partnership Firm
ITIN Registration in the USA
Offshore Staffing Services in India
SEO Services in India
Content Writing Services in India
File Form 10BD Online under Income Tax Act
Annual Filing For Trust in India
Register a company in India from UK
Register a company in India from Germany
Register a company in India from France
Register a company in India from US
LLC Annual Compliances in Delaware, USA
Register a company in India from Canada
Register a company in India from UAE
Register a company in India from Singapore
Register a company in India from Australia
Company Registration in Indiana
Company Registration in California
Company Registration in New Mexico
Company Registration in New York
Company Registration in Texas
Company Registration in Wyoming, USA
Register Company in Florida, USA
Company Registration in Delaware
Annual Filing & Book-keeping & Accounting Service for Proprietorship Firm
Wall Designing
Virtual Office in India
Form 15CA Online Filing – Income Tax
NGO Darpan Registration
Overseas Direct Investment (ODI) through Automatic and Approval Route
HR Hiring and Recruitment Services in India
FLA Return Filing Online to RBI in India
APEDA (RCMC) Registration in India
ROC Annual Compliance for Producer Company
ROC Annual filing for Section 8 Company
ROC Annual filing for Public Limited Company
FCRA Registration Online in India
File Form CSR 1 online
Appeal to CIT- File an Appeal to Commissioner to Income Tax
Reply to Scrutiny Assessment Notice u/s 143(3)
Reply to Income Tax Notice- Know How to Respond to IT Notices
Surrender IEC License Online in India
भारत में कंपनी पंजीकरण / रजिस्ट्रेशन
Drop-Shipping Business in India by Foreigners
OPC Registration in India by an NRI
Company Registration in India- Know how to open a Company in India
Creation of Charge
LLP Registration in India by an NRI
Company Registration in India by an NRI
Right Issue of shares / Right Offerings
Renewal of IEC License
Application for the Extension of Name Reservation
Digital Marketing Services
Company Annual Filings in XBRL filing mode in India
12AA & 12A Registration Process
Trademark Registration / Brand Registration in the USA
Trademark Registration / Brand Registration in UK
Trademark Registration / Brand Registration in Malaysia
Strike Off Company
Payment of TDS return on purchase of property (form 26QB)
Business Advisory Services
Limited Liability Partnership Registration in Mumbai
Limited Liability Partnership
File ROC Form DPT 3 Return of Deposits
Income Tax Returns Filing
ROC Annual Return Filing for Pvt Ltd Company
MCA Companies Fresh Start Scheme
LLP Annual Return Filing
MCA LLP Settlement Scheme 2020 (LSS 2020)
DIR 3 E KYC
ISO Certification in India
Run your operations / company in India without any liabilities
Add A Director
Accounting and Compliance Services for Start ups, Small companies, LLP and OPC (Micro Retainership Services)
Foreign Direct Investment through Automatic and Direct Route
A Quick guide to company registration in Bangalore
Apply for FSSAI license or Food license in India
Dormant Company Status Application
Trademark Registration in India
Conversion From Registered Partnership To LLP
Conversion From Registered Partnership To Private Limited Company
Change in Registered Office of LLP
Company Registration in USA
Company Registration in Malaysia
Company Registration in UK
Logo Design Services
Conversion of Private Limited Company to OPC
Opening a Branch in India by a Foreign Company
Nidhi Company Annual Filing
One Person Company (OPC) Registration in Mumbai
IEC Registration in Mumbai
Trademark Registration in Mumbai
Private Limited Company registration in Mumbai
Form GSTR 1
Maharashtra Professional Tax
Premium Retainership Services in India
MicroFinance Company registration
Conversion of Section 8 Company to Private Limited Company
DPIIT Startup Recognition certificate
RBI Form FC-GPR
Charge Registration on property
RBI Form FC-TRS
EPF Registration
PAN Application
Digital Signature
IEC Registration
TAN Application
DIN Application
GST Registration
Nidhi Company
Producer Company
Hindu Undivided Family (HUF), HUF Deed
Sole Proprietorship Firm Registration
Public Limited Company
E-Commerce Business
One Person Company (OPC)
Partnership
Indian Subsidiary
Non Profit Organization
GST Returns
CMA Report Preparation
E-Form Commencement of business certificate(form-20a)
Private Limited Company Registration
Startup Advisory Services
One Person Company (OPC)
Private Limited Company Registration
Income tax section 80g(5) registration
Company Registration Process in India for Foreigner- Know How to Open a Company in India
Secretarial Compliance Services
Search Report ROC
Revival of Struck Off Company
Trademark Watch Services
One Person Company (OPC)
Limited Liability Partnership
GSTR 9C filing by CA- GST Annual Audit due date, GSTR 9C FAQs
Tax Consultancy Services
International Trademark Registration Under Madrid Protocol
Surrender of DIN
Trademark Registration Process
LLP Registration Procedure – copy
LLP Registration Procedure – copy
Online LLP Registration and Complete Procedure
Aadhaar Udyog Online Registration
New Form INC-22A
FIND GST RATE, HSN CODE & SAC CODE
Company Registration in India
Hire Purchase
Contract Manufacturing Agreement
Web Development Agreement
Sole Selling Agreement
Underwriting Agreement
Mortgage Deed
Agreement Appointing A Common Arbitrator
Deed of Wakf-Alal-Aulad
Specific Power of Attorney
Foreign Collaboration Agreement Drafting
Joint Venture Agreement
Non- Disclosure Agreement
Franchise Agreement
Agreement to Sell Business
Vendor’s Agreement
Exclusive Distributorship Agreement
Shareholders Agreement
Consumer Complaint Letter
Power of Attorney
Company Name Change
Appointment of Auditors
Removal/Resignation of Director
GST Cancellation
GST LUT Letter of Undertaking
Conversion from Private Limited Company to Limited Liability Partnership (LLP)
Business Plan Preparation (Project Report)
Book-Keeping & Accounting
Trademark Renewal
Trademark Opposition
Trademark Rectification
Trademark Withdrawal in India
Payroll Setup & Processing
ESI Returns
PF Returns
TDS Returns Revision
Removal of Charge
Modification of Charge
MOA/AOA Printing
MOA/AOA Amendment
IEC Modification
Change of Registered Office Address
OPC to Private Limited Company
Conversion of Sole Proprietorship to OPC
Sole Proprietorship to Partnership firm
Conversion from Proprietorship to LLP
Conversion of Proprietorship to Private Limited Company
Conversion of Public Limited Company to Private Limited Company
Private Limited Company to Public Limited
Conversion of Partnership to Private Limited Company
Conversion of LLP to Private Limited Company
Conversion of Partnership to LLP (Limited Liability partnership)
Del Credere Agreement
Lease deed
TDS Returns
Strike Off OPC
Dissolution of Firms
Strike Off LLP
ESIC Registration
GST Modification
OPC Annual Filing
SSI/MSME/Udyog Aadhar Registration
Share Transfer & Transmission
Change in DIN
Add/Remove a Partner in LLP
LLP Name Change
Change in LLP Agreement
Increase in Authorized Capital
Change in Directorship
Patent Registration
Patent Search
Provisional Patent
Copyright Application
Trademark Assignment
Trademark Objections
Trademark Registration
Trademark Registration – copy
Limited Liability Partnership
Conversion into LLP