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 Payment

TDS Return on Salary Payment

  • Overview
  • Points to remember
  • Process

TDS Return on Salary Payment (Form 24Q)

Every person or entity who has deducted TDS while disbursing salary to its employees is required to file your quarterly TDS returns. A delay in filing the returns attracts interest and penalty levied by the Tax Department. Taxcomate provides you with a prompt mechanism to comply with all the TDS compliance on account of salary payment.

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 commission earned by a broker.

The tax is deducted by the employer before making the payment to employee and is deposited with the govt. The employer later issues form 16 to its employees which serves as a proof of tax payment in the hands of employee.

If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. If net taxable income is less than maximum amount which is not chargeable to tax
• Rs. 2,50,000 for an individual
• Rs. 3,00,000 for Senior Citizens
• Rs. 5,00,000 for Super Senior Citizens

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. If your firm has more than 100 employees, our representatives will advise you on the fees. 

1. Services Covered

  1. Registration on TRACES
  2. Form 24Q Up to 100 employees (1 no.)
  3. Fulfillment using ClearTDS Returns Software
  4. Bulk PAN Verification
  5. Challan Verification
  6. Online FVU Generation and Submission
  7. Generation of Form 16

 

2. Who Should Buy

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

 

3. Documents To Be Submitted

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

 

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TDS Return on Salary Payment Registration

₹1,499.00

Never let the businessman see down by giving your business a shining name with TDS Return on Salary Payment 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.