TDS Returns Filing Start at ₹999

TDS Means TAX DEDUCTED AT SOURCE.

The TDS was introduced with an aim to collect tax from the very source of income. A person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

Deductor Duties :-

Deduct TDS, Deposit TDS, File TDS Return, Issue TDS Certificate.

Deductee Duties :-

Issue Bill, Collect Payment, Collect TDS Certificate, Check TDS Deducted Online, Adjust TDS with his Income Tax Liability while filling ITR.

Tax Deduction and Collection Account Number It is 10 digits Alphanumeric number it contains ABCD12345E. The first three letters represented  – Jurisdiction code where TAN was issued. Fourth Letter – It is the first letter of an individual or organization. Next 5 Numericals – It is automatically generated by the system. Last Letter – Random letter generated by the system.

• Any person (who is liable to deduct TDS) is required to file TDS returns. These are quarterly details submitted to the income tax department by the deductor containing information pertaining to TDS deducted and deposited.
• Different forms are prescribed for different fillings, The following are the forms
• 24Q – Details pertaining to TDS deducting related to Salaries
• 26Q – Details pertaining to TDS deducting other than salaries
• 27Q – Details pertaining to TDS deducting from interest, dividend, any sum payable to non-residents.
• 27EQ – Details pertaining to collection of tax at source.

It is a quarterly form submitted to the Income tax department with details pertaining to TDS deducted related salaries.

There are two annexures that need to submit 

Annexure – 1: Details pertaining to tax paid challan details, payment date, and deductee details, these are to be filled every quarter.

Annexure – 2: Details pertaining to deductee salary details and their investment details, if any. These fill every fourth quarter (end of the financial year).

It is a quarterly form submitted to the Income tax department with details pertaining to TDS deducted other than salaries.

Details pertaining to tax paid challan details, payment date, and deductee details, these to be filled in every quarter.

It is a form submitted to the income tax department without the requirement of TAN, and it is to be attracted at the sale of immovable property, wherein the cost is equal to or greater than 50 lakhs. Buyer has to deduct the 1% TDS on value and submit the FORM 26QB to the department, Seller has to obtain Form 16B. PAN of Buyer and seller is mandatory if the seller has not provided PAN then 20% needs to be deducted instead of 1%.

It is a quarterly form submitted to the Income tax department with details pertaining to TDS deducted related payments made to non-resident Indians and Foreigners other than salary and dividends.

Details pertaining to tax paid challan details, payment date, and deductee details, these to be filled in every quarter.

All deductions made every month need to be paid on or before the 7th of the next month. but for March month deductions need to Pay on or before the 30th of April.

Examples:- Jan 5th Deducted – on or before 7th Feb.

As per section 234E rs200 per day, up to the TDS amount supposed to pay if they do not file their returns as per the due date.

Form 16/16A are TDS Certificates issued by the deductor to the deductee.TDS Certificates contain details of tax paid challans, the amount paid transactions, date of transaction, etc.