TDS and TCS Return Filing
Tax Deductor and Tax Collector is required to file Return of TDS/TCS on Quarterly basis.
Plan starts from
➦ Regular updates on Rules & Rates
➦ Form 16 of Deductees
➦ Acknowledgement of Return
➦ Expert Assistance
➦ Up to 25 deductees
➦ ₹5 per deductee after 25
TDS and TCS Return Filing
File TDS/TCS return with TaxRodo plan starts from ₹990/- per quarter up to 25 deductees and ₹5 per deductee after 25.
Tax deductions and the collection number (TAN) is compulsory for TDS & TCS Return Filing. TAN is an alphanumeric 10 digit number to be obtained by all those responsible on behalf of the Government for either the Tax Deduction at Source (TDS) or Tax Collection at Source (TCS). Deducted tax (TDS) at source ensures that tax collection by the government is encouraged. The deductor of tax at source must deposit the tax deducted to the Central Government’s credit by quoting the TAN. Persons employed do not need to have TAN or deduct tax.
A Business needs to deducts taxes at source when making certain payments, including payment of salary and payment to the contractor or sub-contractor and payment of rent. Those bodies must then file TDS returns after getting the TAN Registration. TDS returns are due every quarter. TaxRodo can help you file e file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations.
Note Down The Documents Required For TDS Return Filing
- TAN of Deductor
- Details of ledger accounts for which TDS is deducted
- PAN of persons whose TDS is deducted
- Challans of TDS deposit
- Nature of TDS deduction i.e. contractor, professional, rent, salary etc.
Features of TDS
Prevent Tax Evasion
It helps government to track revenue of assessee and prevent tax evasion.
Flow of Revenue to Government
TDS ensures regular flow of Revenue to Government.
Shortage of Working Capital
When TDS is deducted it results in shortage of working to deductee.
FAQs of TDS
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.
Different types of TDS forms are as follows:
• Form 24Q -TDS on Salaries
• Form 26Q – TDS on payments other than Salaries
• Form 27Q – TDS on payments made to Non-Residents
• Form 27EQ – TCS
PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
Due dates of submission of quarterly TDS Return are
- 31st July for Q1
- 31st October for Q2
- 31st January for Q3
- 31st May for last quarter.
Every person deducting tax as per provisions of Income Tax is required to issue a certificate to the deductee in respect of tax deducted by him along with certain other particulars. This certificate is called TDS Certificate. Even banks deducting TDS on pensions issue TDS certificates.
Types of TDS certificate to be issued in different cases:
- Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated.
- Non Salary Payments: Certificate is to be issued in Form 16A containing details of payment and tax deducted at source.
- TCS: Certificate to be issued in Form 27D containing the Tax Collected & Paid details.
Tax Deducted at Source (TDS) must be deposited using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month, but for the month of March its 30th April.
For assistance in deposit of TDS/TCS reach out to us at (+91) 9141 888 444 & we will guide you to deposit TDS/TCS.