TDS RETURN
TDS is the abbreviation for tax deducted at Source. A Company or any person making payment is required to deduct tax at Source if the payment exceeds the prescribed threshold limit. The Income-tax Department of our country decides the rate at which the TDS will be deducted. The entity/ individual which deducts the said amount is termed as Deductor, and the person whose tax is deducted is termed as Deductee. It becomes the responsibility of the Deductor to deduct the TDS before making the payment and deposit it to the government. With Consultcalive, TDS Return filing becomes easy as we have the Auto-PAN bulk verification to avoid chances of errors in your TDS returns.
Categories under Which TDS return is Filed in The Case of Individuals and Businesses?
The employer in a company has a valid TAN (Tax Collection and Deduction Account Number) through which they can file for TDS Return. The payment categories under which TDS Return is filed in case of individuals and businesses are:
- Salary of an individual
- Insurance Commission or the Income from any other sources like lottery puzzles etc
- Payment from the National saving Scheme
The assesses needs to file the penalty for delay within the due date. The categories under which there is eligibility to file the TDS Return every quarter are electronically:
- Company
- Individuals whose accounts are audited under u/s 44AB
- Individuals were holding office under the government
Benefits of Filing The TDS Return
According to the Income Tax Act 1961, filing TDS Return is mandatory for an individual or any business entity.
- TDS Return filing on time helps the government in tracking the records of the inflow of Income
- The Return from the TDS Return filing is used for the welfare of the Nation
- Since the tax is paid on a quarterly basis, so there is no burden of paying the lump sum tax at once
Documents Required For Filing the TDS Return
- TAN (Tax Collection and Deduction Account Number) and PAN (Permanent Account Number).
- Incorporation Date of the Business
- Period for which the TDS is to be filed
- Last TDS filing details
Procedure For Filing The TDS Return
The TDS Return filing contains the details of total TDS deducted and the amount deposited by Deductor, TAN/PAN of the Deductor and Deductee, challan information etc.
Due Date For Filing The TDS Return
Though the TDS Return can be filed online, there is a due date for each quarterly submission. For the year 2019-20,
Quarter
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Quarter Period
1st April to 30th June
1st July to 30th September
1st October to 31st December
1st January to 31st March
Last date of filing
31st July
31st July
31st January
31st May
Quarter
Quarter Period
Last date of filing
First Quarter
1st April to 30th June
31st July
Second Quarter
1st July to 30th September
31st July
Third Quarter
1st October to 31st December
31st January
Fourth Quarter
1st January to 31st March
31st May
TDS Return Filing and Issue of Form 16
- Copy of TDS Challans
- PAN of the payee, Date of Deduction, Section under which TDS was deducted, Amount paid or credited
- Form 16 Issuance
- TDS Return filed details
- Copy of Acknowledgement for TDS filing
Packages
Basic Package
(Annual Service Charge)
Rs
5999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- Upto 25 customers
Silver Package
(Annual Service Charge)
Rs
7999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- 25 to 50 Customers
Golden Package
(Service Charge)
Rs
11999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- 50 – 100 Customers
Golden Package
(Service Charge)
Rs
11999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- 50 – 100 Customers
Basic Package
(Annual Service Charge)
Rs
5999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- Upto 25 customers
Silver Package
(Annual Service Charge)
Rs
7999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- 25 to 50 Customers
Golden Package
(Service Charge)
Rs
11999
(All inclusive)*
- TDS Return Filing
- Issue of Form 16
- 50 – 100 Customers
