TDS Services
Starting at Rs.1,999/-
- Monthly TDS Calculation and Providing with the challan
- Challan Verification
- Validation of Information using FVU provided by the NSDL
Tax Deducted at Source (TDS)
Services Provided
- TAN Registration
- Verification of Information from NSDL
- Computation of TDS Liability
- Quarterly Return Filing
- Tax Certificate Generation
Our Process to Filling TDS Return
1
Provide your details to us so we will discuss your TDS requirement.
2
Upload all documents to your account (after paying fees your account is activated)
3
Our expert prepare your return and need your approval for filling.
4
Return filed and acknowledgment is stored at your account.
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TDS FAQS
For a fast and economical collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the purpose of generation of income. thisystem is named as "Tax deducted at Source", usually called TDS. In this technique, the tax is deducted at the origin of the income. Tax is deducted by the deductor and is remitted to the govt by the deductor on behalf of the deductee.
The provisions of deduction of tax at source are applicable to many payments like remuneration, interest, commission, brokerage, professional fees, royalty, contract payments, etc.
The due dates for filing TDS return are explained in the table given below:
| TDS return for each quarter | Due date |
|---|---|
| For the quarter ending 30th June | 31st July |
| For the quarter ending 30th June | 31st July |
| For the quarter ending 30th June | 31st July |
| For the quarter ending 30th June | 31st July |
These forms are the respective formats prescribed by IT department for TDS/TCS returns. Form 24Q is prescribed for Return of TDS details on Salary Payments, Form 26Q for Return of TDS details on Other than Salary Payments (Domestic), Form 27Q is also for Return of TDS details on Other than Salary Payments (NRI/Foreign) and Form 27EQ is for TCS returns, Form 26QB is for TDS on payment for transfer of any immovable Property.
Following are the basic duties of the person who is liable to deduct tax at source.
- He shall obtain Tax Deduction Account Number and quote the same in all documents pertaining to TDS.
- He shall deduct the tax at source at the applicable rate.
- He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).
- He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
- He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*). *Refer tax calendar for the due dates.
In respect of various items liable to TDS, the Income-tax Law has prescribed a threshold limit. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. Following list gives the threshold limit in respect of various items covered by TDS provisions:
- If sum paid or payable to a contractor in a single payment does not exceed Rs. 30,000
- If sum paid or payable to contractor in aggregate does not exceed Rs. 75,000 during the financial year (Rs. 1,00,000 w.e.f. 01/06/2016)
If amount paid or payable during the financial year does not exceed:
- Rs.10,000 where payer is banking company or co-operative society.
- Rs.5,000 in other case
| S.No. | Particular | Section | Threshold limist |
|---|---|---|---|
| 1 | No deduction of tax at source from salaries | 192 | If net taxable income is less than maximum amount whichis not chargeable to tax (Rs. 2,50,000 for an individual, Rs.3,00,000 for Senior Citizens and Rs. 5,00,000 for Super Senior Citizens) |
| 1A. | No TDS from payment of provident fund account of an employee | 192A | If amount paid is less than Rs.30,000. (Rs.50,000 w.e.f. 1-6-2016) |
| 2 | No TDS from interest paid on debentures issued by a company in which public are substantially interested. Provided intere st is paid by account payee cheque to resident individual or HUF | 193 | If amount paid or payable during the financial year does not exceed Rs. 5,000 |
| 3 | No TDS from interest on 8% Saving (Taxable) Bonds 2003 paid to a resident persons or 7.75% saving (Taxable) bond, 2018 | 193 | If amount paid or payable during the financial year does not exceed Rs. 10,000 |
| 3A | No TDS from interest on 6.5% Gold bonds, 1977 or 7% Gold bonds, 1980 paid to resident individual | 193 | f a declaration is made that the nominal value of such bonds did not exceed Rs. 10,000 at any time during the previous year |
| 4 | No TDS from dividend paid by account payee cheque to resident persons | 194 | If amount paid or payable during the financial year does not exceed Rs. 2,500 |
| 5 | No TDS from interest other than on securities paid by a banking company or co-operative bank on time deposits | 194A | If amount paid or payable during the financial year does not exceed Rs. 10,000 (Rs. 50,000 in case of senior citizen) |
| 6 | No TDS from interest on deposit with a post office under Senior Citizens Saving Scheme Rules, 2004 | 194A | If amount paid or payable during the financial year does not exceed Rs. 10,000 (Rs. 50,000 in case of senior citizen) |
| 7 | No TDS from interest other than on securities (in any other case) | 194A | If amount paid or payable during the financial year does not exceed Rs. 5,000 |
| 8 | No TDS from interest on compensation awarded by Motor Accident Claims Tribunal | 194A | If amount paid or payable during the financial year does not exceed Rs. 50,000 |
| 9 | No TDS from Lottery / Cross Word Puzzles | 194B | If amount paid or payable during the financial year does not exceed Rs. 10,000 |
| 10 | No TDS from winnings from horse races | 194BB | If amount paid or payable during the financial year does not exceed Rs. 5,000 (Rs. 10,000 w.e.f. 01/06/2016) |
| 11 | No TDS from sum paid or payable to contractor | 194C | |
| 12 | No TDS from insurance commission paid or payable during the financial year | 194D | If amount paid or payable during the financial year does not exceed Rs. 20,000 (Rs. 15,000 w.e.f. 01/06/2016) |
| 12A | No TDS from sum payable under a life insurance a police (including bonus) to a resident (w.e.f. 01-10-2014) person | 194DA | If amount paid or payable during the financial year does not exceed Rs. 1 lakh |
| 13 | No TDS from payments made out of deposits under NSS | 194EE | f amount paid or payable during the financial year does not exceed Rs. 2,500 |
| 14 | No TDS from commission paid on lottery tickets | 194G | If amount paid or payable during the financial year does not exceed Rs. 1,000 (Rs. 15,000 w.e.f. 01/06/2016) |
| 15 | No TDS from payment of commission or brokerage | 194H | If amount paid or payable during the financial year does not exceed Rs. 5,000 (Rs. 15,000 w.e.f. 01/06/2016). Further no tax to be deducted from commission payable by BSNL/ MTNL to their PCO Franchisees. |
| 16 | No TDS from payment of rent in respect of land &building, furniture or fittings or plant and machinery | 194-I | If amount paid or payable during the financial year does not exceed Rs. 1,80,000 |
| 17 | No TDS from payment of consideration for purchase of an immovable property (other than agriculture land) | 194-IA | If amount paid or payable during the financial year does not exceed Rs. 50 Lakhs |
| 17A | No TDS on payment of rent of any land or building or both by an individual/HUF [whose books of account are not required to be audited under section 44AB] to resident person. | 194-IB | If amount of rent does not exceed Rs. 50,000 for a month or part of a month. |
| 18 | No TDS from payment of professional fees, technical fees, royalty and directors' remuneration | 194J | If amount paid or payable during the financial year does not exceed Rs. 30,000 |
| 19 | No TDS from payment of compensation on compulsory acquisition of immovable property (other than Agricultural Land) | 194LA | If amount paid or payable during the financial year does not exceed Rs. 2,50,000 |
| 20 | Furnishing of quarterly return in respect of payment of interest (other than interest on securities) to residents without deduction of tax | 206A |
Disclaimer
The information provided on this page is for general informational and educational purposes only and should not be construed as legal, tax, financial, or professional advice. While every effort has been made to ensure accuracy, laws and regulations may change from time to time, and interpretations may vary based on specific facts and circumstances.
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