TDS Return India
TDS (Tax Deducted at Source) is a source of tax collection for the Government of India. When a company or a person makes a payment, TDS is deducted, if the payment exceeds threshold limits. Then, this deducted amount is deposited to the Income Tax Department. Usually, tax deductions are made within a range of 1 % - 10 %
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TDS Return Filing Online
A person who is liable to reduce tax at source has to file the TDS return as part of compliance. A TDS return filing online is submitted by Tax Deductor in respect of every quarter with the Income Tax Department. The return is a statement that entails the details of the tax collected, source of collection and tax paid to Government for the reporting period. Usually, tax is deducted on transactions such as Salaries, payment to professionals and contractual basis, payment of rents exceeding certain amount, etc. For every such type of transaction and payment, there is prescribed rate of interest. The deductee can claim the benefit of the tax deducted while ITR filing, only if the deductor has filed the TDS return on time.
Benefits of TDS Return Filing
Under, IT Act of 1961 filing TDS return filing is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying tax lump sum as the payment is done every three months for the whole year
Documents Required TDS Return Filing India
The following documents need to be submitted for filing the TDS returns.
How will Bharatregister help in TDS Return Filing ?
It is mandatory for every deductor to submit TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome and if not done on time, you may attract huge penalty.
The rate of TDS is set by the IT department based on expense recognised by them. Therefore the prescribed rate of deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
After you choose Bharatregister our affiliates prepare the account and file TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. Bhartregister not only does all the paperwork for you, but also makes sure that every government interaction is smooth.
We take care of:
- Computing your TDS payments
- e-filing the TDS return
- Adherence to compliance with regulations
TDS filing in 3 Easy Steps
1. Answer Quick Questions
- Pick a Package that best fits your requirements
- Nearly 10 minutes to fill in our Questionnaire
- Provide basic details & documents required for registration
- Make payment through secured payment gateways
2. Relax While Team of Experts Get It All Done
- Assigned Relationship Manager
- Reconciliation of the information
- Preparation and filing of TDS return
- Acknowledgment of filing the returns
3. Your TDS Return is duly submitted
- All it takes is 5 working days
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee. TDS is not required to be deducted by Individuals and HUF.
Yes. It is mandatory for deductors and employees to submit their PAN as well.
TAN is an alphanumeric 10-digit number required by a person who is liable to deduct TDS and file TDS return. Thus such a person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-.
It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail/post but a justification report will have to be downloaded from the portal.