TDS

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments

TDS Return on Salary and other payments

TDS Return on Salary and other payments

  • Overview
  • Points to remember
  • Process

TDS Return on Salary and other payments (Form 24Q and Form 26Q)

This plan enables you to file your quarterly TDS returns related to all specified payments along with salary where TDS is required to be deducted and return is required to be filed via Form 24Q & 26Q without any hassles. A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within due date and subsequent return filing is equally important.

Frequently Asked Questions

TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of 'pay as you get'. The taxes are deducted at the source of payments such as salary paid to an employee or other payments like commission earned by a broker.

The taxes are deducted by the employer before making the payment to employee and is deposited with the govt. The employer later issue form 16 to its employees and form 16B to other deductees which serves as a proof of tax payment in their hands

Form 26Q is required to be submitted for TDS details on all payments other than salary on a quarterly basis by the deductor. Form 26Q is applicable for TDS deducted under section 200(3) of the Income Tax Act for TDS under sections 193 & 194 being interest on securities, Dividend securities, professional fees, directors' remuneration etc.

For certain people, it is compulsory to be submit the quarterly return online. If the deductor is :
• A Government office
• A company’s principal officer
• Assessee who is required to have its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.
• If there are 20 or more records of deductees in a statement for any quarter of a particular financial year. Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year. Annexure II needs to be filed only for the final quarter of the year. Taxcomate Experts will guide you on the same.

In case you have not deposited TDS by the due date, the following penalties are applicable:
• Late filing fee (if you do not file by the deadline)
• Interest (if you do not deposit the TDS amount in time)
• Penalty (if TDS is not filed within one year of the due date)

Our plan caters to filing TDS returns for up to 100 employees and up to 10 deductees. If your firm has more than 100 employees or 10 deductees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at Taxcomate

It is compulsory to quote the PAN for non-Government deductors whereas In the case of Government deductors, "PANNOTREQD" has to be mentioned on the form.

1. Services Covered

  1. Registration on TRACES
  2. Form 24Q Up to 100 employees (1 no.)
  3. Form 26Q upto 10 deductees (1 no.)
  4. Bulk PAN Verification
  5. Challan Verification
  6. Online FVU Generation and Submission
  7. Generation of Form 16 & 16A

 

2. Who Should Buy

  1. Any individual who is required to make a payment of salary or other specified payments and has to deduct TDS
  2. Any organisation such as corporate, partnership firm etc required to make salary or other specified payments after deduction of TDS
  3. Any branch of principal business office

 

3. Documents To Be Submitted

  1. Details of deductor
  2. Details of the responsible person
  3. Details of deductee
  4. Challan details
  5. Deduction details

 

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TDS Return on Salary and other payments Registration

₹1,499.00

Never let the businessman see down by giving your business a shining name with TDS Return on Salary and other payments registration. It is extremely easy to start and run!

Benefits of filing Income TAX Returns ?

  • Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.

  • Taxpayers are often served notices from the IT department for delayed & missed return submissions.

  • Most embassies and consulates require you to submit IT returns for the last 3 years.

  • You can carry forward losses against house property and depreciation.

  • Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan

  • You can claim tax refund; the earlier you file the sooner you will get the refund.