TDS Return

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According to the Income Tax Act, A person or a company made the payment, should need the Deduct Tax at Source (TDS), while the payment is above the threshold limits. Normally, Tax deduction ranges lied in between 1% to 10%. The authorized rate of deduction of TDS differs depends upon expense recognized by the IT (Income Tax) Department.

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File the TDS Return online - An Overview

Online TDS return is a statement provided to the IT department in every quarter. All deductors must deposit income tax & TDS return filing on time. You can easily get the TDS return online with the below mentioned three steps. • Gather all data • Preparation of returns • Filing Return

How to Register

  • Step 1: Gather all data: Our Next Level Audit agents are expert to collect all the data.
  • Step 2: Preparation of Returns: The Return preparation will be done as per the requirements.
  • Step 3:Filing Return: Without any trouble, you can get return ready for the filing.

TDS Returns for Individuals & Business

An employer or company should have valid TAN (Tax Collection & Deduction Account Number) to file for online TDS return. Any individual or Business, who makes a particular payment, which makes a particular payment, it is stated below the IT Act requires to Deduct Tax at Source (TDS). And then deposits for the payment also made within the prescribed time. The Payment categories are,  Salary  Income from winning horse races  Insurance Commission  Income by way of "Income on securities"  Income by way of winning the lottery, puzzles, etc.  Payment in respect of the National Saving Scheme & many others. An assessee should submit an e-TDS return if the above method was deducted from their income. It is the responsibility of the assessee to file within the due date or to pay the penalty for the time delay. The electronically file the TDS return every quarter for the categories of assessees are listed below. • Company • An Individual whose accounts are audited u/s44AB • Individuals holding an office below the government.

Get help to Filing TDS Return

It is compulsory for every deductor should submit TDS return to the IT department of India in quarterly statements. Every information of the returns has to be accurate & precise. Maintaining with the quarterly payments can be hard & it didn't do on time. It results, should pay a large penalty. IT department sets the rate of TDS depends upon the expense recognized by them. So the prescribed rate of deduction differs. Keep the threshold limit in mind during making payments can be too long. If you are choosing us, our agents prepare the account & file TDS refunds on your behalf. We are taking care of the first stage of preparing the returns to the last phase of the refund. By the completion of the paperwork, the government interaction made smoothly. You can visually see your process of TDS return by our updation. You can get the below given process by us, • Computing your TDS payments • TDS return e-filing • Adherence to compliance with regulations

Details to remember before Filing of TDS return

Individual, who has TDS reduction in their pay, you can File the TDS return online. Return preparation has to be complete within a certain time period therefore for a person who is deemed as a regular borrower in India, a huge penalty can be charged. So e-TDS return should submitting at a certain time is necessary. For the deductor, it is essential to deposit the subtracted TDS to the authorized government department along with the information. The Deductor must deposit the amount & File for TDS refund by deductee within the time period are listed here. It is mandatory to enlist the schedule to neglect the problem of penalty. For TDS return online, every individual, who made the TDS deduction must file the TDS return on time. All the deductor must be done the quarterly submissions at the Income Tax department. There are varies types of forms available depends upon the change in the aim of the Deductions made in TDS. The Deductor & deductees of the PAN details must added with the statement. The statement also has the details about the TDS challan & tax details including the other important information. The TDS return/statement is defined as the addition of each & every transaction done in relation to the quarterly TDS payments in online TDS return. The deductor should submit the statement to the Income Tax department. The submission of the TDS return is compulsory for all the deductors. The TDS deduction details & Deductor deposits details should present in the Submission of the TDS return. It also has both deductees & deductor details of PAN card, Tax paid particulars, TDS challan details & the extra details if necessary.

Filing revised TDS return

Sometimes the online TDS return, if it has any errors committed because of the Incorrect PAN details/lack of PAN card details, incorrect challan details, the credited amount as the tax will not be reflected in Form 16A/Form 16/Form 26AS. Due to the above mentioned cases, a revised TDS return should be filed. To file a revised TDS return, require two files. 1. Consolidated file - It has the information about the deduction made in a quarter. 2. Justification report - It has the information on the errors filed in the return.

TDS refund filing period

If you pay the excess amount of tax than the provided, during filing online TDS returns, you have the right to raise a TDS refund. If you have to pay the income tax return filing before or after the due date depends upon the refund is done within time period. If the returns were filed on time, you will receive the excess refund amount within 3-6 months. In online TDS return, suppose the late filing & fail to file the TDS return, A person or a company should have the below mentioned 2 types of penalties. • Delay/late filing fee : U/S 2 & 234E • Non-filing penalty: U/S 271 H

Online TDS return submission due dates

Similar to the TDS return, the Tax payment also has the time frame. However the TDS return can be filed online, each quarterly submission has due dates. If you are sure ahead of the deadline, the Next Level Audit Google calendar has predefined compliance dates given for each month. You will get a notification of the due date, with the help of that, you didn't miss the due dates.

Required Documents

  • PAN details
  • TAN details
  • Last TDS filing details, if applicable
  • Business Incorporation date
  • The time period for which TDS has to be filed
  • Number of transaction for filing TDS returns
  • Name of the Firm- Partnership/LLP/Proprietorship/company

WHAT INCLUDES IN THIS PACKAGE?

  • Verification of Documents
  • DSC and DIN for 2 Directors
  • Name approval and ROC fees
  • Drafting MOA & AOA
  • Following until Certificate is allotted
  • Applying PAN & TAN

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Advantages of TDS return Filing

According to the Income Tax Act of 1961 filing TDS return is compulsory, also it provides some advantages to individuals or companies. Some benefits of submitting a return & knowing the refund status are given below. • A regular inflow of income to the government. • Have a facility for the collection of taxes used for welfare. • No burden of paying tax lump sum as the payment was done every 3 months/year.

FAQS on TDS return

The person, who made the payment to someone for specified goods or services to deduct TDS & File TDS return. The payment contains salary, commission, interest, brokerage, royalty, professional fees, contract payments, etc. An Individual, who deducts TDS is called deductor & an individual, whose tax is being deducted is known as deductee. An individual & HUF are no need to deducted the TDS.

Yes, it is compulsory to deductors & employees also to submit the PAN card.

e-payment is the mandatory process during the payment of TDS.

Here we have given the basic duties of the person, who deduct tax at source. • An Individual should provide Tax Deduction Account Number & for the TDS also provide the same. • At the Applicable rate, he shall deduct the Tax at source. • An Individual should pay the tax deducted by him at the source to the credit of the government (according to your due dates). • An Individual should file the periodic TDS statements, for example, TDS return (According to the due date given in this regard). • An Individual shall issue the TDS certificate to the payee in respect of tax deducted by him (According to the due date given in this regard). • Get refer to the Tax calendar for the due dates.

Follow the steps to know the TDS refund status. • Login to e-filing site by providing the User ID, Password, date of birth/date of Incorporation & captcha. • You can go the My Account & click the Refund/Demand status. Then the information will be displayed. To know the Assessment year, status & Reason (If refund failure), • Also Login to the e-filing site by entering the User ID, Password, Date of Birth/Date of Incorporation & Captcha. • You can go for the My Account & click on Refund/Demand status. Then the information will be displayed. Assessment year, status & reason (if refund failure).

The deductors PAN has to be issued by Nongovernment deductors. And also it is mandatory for all deductees.

The TDS is the statement, which provides as an annexure to the indication sent to the deductor. Indication will be sent to the deductor through the mail/post but a justification report should be downloaded from the portal.

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