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TDS denotes TAX deducted at source, which is indirect form of advance tax, to be collected at first stage instead of receiving tax on the person’s income at later stage. TAN or Tax Deduction & collection Number having 10 digit alpha numeric characters is mandatory requirement by those who are responsible for TDS & TCS (Tax collection at source) on behalf of government. TDS is deducted at time of payment in cash or cheque or credit to the payee’s account whichever is happens earlier. TDS is calculated on the basis of a threshold limit, which is the maximum level of income after which TDS will be deducted from future income/payments. TDS is deducted as a percentage of overall payment, and may range from 1% to 30% of actual payable amount. Those entities that have TAN registered must have file TDS return on quarterly basis. Our professional team of experts at ebizfiling.com shall help you with seamless experience of complying with TDS payment as well as return filing requirements.
Few points to make your
No TDS On
Interest on fixed/term deposits against form 15 G/H
Interest on NRE account
Payment of TDS
Due on 7th of subsequent month
Quarterly Return filing
Form 24Q for salary TDS
Form 26Q for non-salary TDS
Late fees of Rs. 200/- per day
Revision of return
Can be revised
No due date defined for revision
Payment to non-resident
CA Certification (Form 15CB)
A small procedure for your
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Who needs to pay TDS or TCS & How to pay TDS?
TDS is to be paid by the person who is liable to deduct/Collect tax at prescribed rate of income tax act known as deductor from the income of another person called deductee. Deductor has valid TAN which is used to quote at time of making payment using challan 281 of TDS/TCS to central government thru both online as well offline mode. Online payment of TDS/TCS can be made from internet net banking facility using traces online facility while offline payment can be deposited to designated bank over their counters.
How long does it take for a Tax Deduction & collection Number TAN registration?
A TAN registration can be obtained within 10 to 15 days.
How and when quarterly ETDS are return to be filed?
TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. Due date of filing of quarterly ETDS /TCS return is 30th /31st of Next quarter The forms used for quarterly e-TDS statements are Form Nos. 24Q for TDS deducted from the salary, 26Q for return under in respect of all payments other than ‘Salaries’ and 27Q for TDS deducted from interest / dividend for nonresident persons and for quarterly e-TCS statement is Form No. 27EQ for collection of tax of source (TCS). These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.
I have filed an original return but I have erroneously put some wrong figures of TDS what should I do?
You don’t have to worry about the same. Central Government allows to rectify all such genuine mistakes or omissions in filing original return. Kindly quickly get in touch with our team to get a return rectified.
Still have confusion?
Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on firstname.lastname@example.org or call us @+91 9643 203 209.