TDS Returns

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TCS and TDS Compliance, Easily and Fast with VenueTax | Kolhapur

TDS Returns​ Filing​

Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service . It has a great importance while conducting tax audits. Assessee is also required to file quarterly return to CBDT. Returns states the TDS deducted & paid to government during the Quarter to which it relates.

TDS Return is required to be filed by the assessee who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc.

Types of TDS services

Form 24Q. It is used for preparing eTDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961. It has to be submitted on a quarterly basis by the deductor. It contains details like salaries paid and the TDS deducted of the employees by the employer.

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Form 27Q is a TDS Return or Statement containing details of Tax Deducted at Source (TDS) deducted on payments other than salary made to Non-Resident Indian (NRI) and foreigners. Form 27Q is required to furnish on a quarterly basis on or before the due date.

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Form 26QC is the challan-cum-statement for reporting the transactions liable to TDS on rent under section 194-IB of the Income-tax Act, 1961. It is an online form available on the TIN website.

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Tax collected should be mention in Form 27EQ under section 206 of the Income Tax Act. It is the duty of the employer, to issue a certificate which is a proof that TDS is deducted by the employer. The details of TCSshould be mentioned in Form 27EQ while filing TDS returns quarterly.

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At the time of paying salary to an employee, the employer deducts TDS u/s 192. The employer has to file salary TDS return in Form 24Q. 24Q is to be submitted on a quarterly basis. Details of salary paid to the employees and TDS deducted on such payment is to be reported in 24Q.

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TDS Return on payment other than salary (Form 26Q)

This plan enables you to file your quarterly TDS returns related to all specified payments where TDS is required to be deducted and return is required to be filed via Form 26Q without any hassles. A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within due date and subsequent return filing is equally important.

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TDS Returns - Payments outside India (Form 27Q)

Form 27Q is a TDS Return or Statement containing details of Tax Deducted at Source (TDS) deducted on payments other than salary made to Non-Resident Indian (NRI) and foreigners. Form 27Q is required to furnish on a quarterly basis on or before the due date. This plan enables you to file your quarterly TDS returns related to all specified payments where TDS is required to be deducted and return is required to be filed via Form 26Q without any hassles. A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within due date and subsequent return filing is equally important.

TDS on Rent - Form 26QC

A tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord.

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TCS Returns - Form 27EQ

Tax collected should be mention in Form 27EQ under section 206 of the Income Tax Act. It is the duty of the employer, to issue a certificate which is a proof that TDS is deducted by the employer. The details of TCS should be mentioned in Form 27EQ while filing TDS returns quarterly.

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TDS Return on Salary Payment (Form 24Q)

This plan enables you to file your quarterly TDS returns related to all specified payments where TDS is required to be deducted and return is required to be filed via Form 26Q without any hassles. A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within due date and subsequent return filing is equally important.

Best GST Software
Trusted by over 9,00,000+ Businesses, CAs, Tax Professionals
Billing, Accounting, Inventory Software.

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