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TDS Returns

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TDS Returns Filing

All you need to know

TDS Return is required to be filed by any person who is liable to deduct tax at source.  A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It should contain all details of TDS deducted and deposited by you for a particular quarter.

 

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess if you are required to deduct TDS on which payments. Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.  There are prescribed rates for every type of TDS payments under the income tax act 1961.

 
To revive the economy and help the taxpayers while the COVID 19 crisis is prevailing in India, the FM Minister on 13th may 2020 announced new TDS rates by reducing 25% for non-salaried section. This reduction shall be applicable for the remaining part of the FY 2020-21. These new rates will be in force from the 14th of May, 2020 to 31st March 2021. 

 

Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.

 

That means if you were liable to pay TDS at the rate of 10% earlier now you will have to pay the TDS at the rate of 7.5% only.

 

Informative read: TDS rate Chart for FY 2020-21.

 

Types TDS return forms:

TDS return Form 24Q: Statement for tax deducted at source from salaries

TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.

TDS return Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.

TDS return Form 27EQ: Statement of collection of tax at source.

 

So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.

 

Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.

 

EbizFiling.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Filing TDS Returns is easy, seamless, cheapest and quickest with EbizFiling.com! Apart from TDS returns, Ebizfiling.com also helps you to file GST Returns, Income Tax Returns, PF Returns and ESI Returns easily. You may get in touch with Ebizfiling compliance manager on 09643203209 or email info@ebizfiling.com for free consultation.

Simple Prices No Surprises

Choose Your Package

ESSENTIAL

599/-

(All Inclusive)

  • One TDS Return upto 10 entries
Popular

ENHANCED

5999/-

(All Inclusive)

  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 500 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 5 employees

ULTIMATE

8999/-

(All Inclusive)

  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 1000 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 10 employees

TDS Returns filing-Mandatory norms

Points to make your decision easy

Quarterly returns

Due date of quarterly filing of TDS return are as follows-

  1. April-June – 31st July
  2. July-September-31st October
  3. October – December-31st January
  4. January-March-31st May

Return forms

Form 26Q is return form which is filled in to provide details of Non-Salary TDS. Form 24Q is return form, used to provide details of Salary TDS, while Form 27Q is used for details of Non-resident payments.

Late filing

Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.

Documents Required for TDS Returns

Quick Checklist

      • Your TAN
      • Challans of TDS payment
      • Details of deduction

TAN and Challans

All we need is your TAN and challans of TDS paid by you. An acknowledgment of TDS amount deposited online will be generated from your bank website. All you need to provide is this two information to get going.

TDS Returns-Process Flow

 

5 Easy Steps

1

We receive TAN and Challans

2

You fill in a simple excel template

3

Your return is prepared

4

Your return is submitted

5

You receive return acknowledgement

Return preparation

We will need to receive TAN, Challans and Deductee details from you. These will be processed by us and returns 24Q, 26Q and 27Q will be prepared by us.

Filing of Returns

These returns will be filed online. Once filed, acknowledgment receipts will be generated for individual returns. These will be shared with you along with filed returns.

Issue – Form 16 & 16A

Form 16 will be generated on a yearly basis if you have opted for January to March TDS filing package. Form 16A will be generated and shared with you on a quarterly basis.

FAQs On TDS Returns

Get answers to all your queries

      • Who needs to pay TDS or TCS & How to pay TDS?

        TDS is to be paid by the person who is liable to deduct/Collect tax at a prescribed rate of income tax act known as deductor from the income of another person called deductee. Deductor has valid TAN which is used to quote at the time of making payment using challan 281 of TDS/TCS to central government thru both online as a well offline mode. Online payment of TDS/TCS can be made from internet net banking facility using traces online facility while offline payment can be deposited to a designated bank over their counters.

      • How long does it take for a Tax Deduction & collection Number TAN registration?

        A TAN registration can be obtained within 10 to 15 days.

      • I have filed an original return but I have erroneously put some wrong figures of TDS what should I do?

        You don’t have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.

      • Which Cities do you provide your services?

        Ebizfiling.com provides TDS Return all across India. You can obtain TDS Return in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.

      • Still, have confusion?

        Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with ebizfiling team to get all your queries resolved. Write to us at info@ebizfiling.com or call us @+91 9643 203 209.

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