TDS Return for Business Owners

Q: What is the due date to deposit TDS to the Government?

TDS must be deposited to the government by the 7 th of the subsequent month. For example, TDS deducted for June must be paid to the government by 7 th of July. However, the TDS deducted in March must be deposited by 30 th April.

Q: What is a TDS Certificate and how can we obtain one?

There are all kinds of TDS certificates to be issued by the person who is deducting TDS to the assessee. Like From 16 is issued by the employer to the employee. For better understanding of the same, we have made a table with the necessary details: Form Certificate Frequency Due Date Form 16 TDS on salary payment Yearly 31 st May Form 16 A TDS on non-salary payments Quarterly 15 days from the due date of filing return Form 16B TDS on sale of property Every Transaction 15 days from the due date of filing return Form 16C TDS on Rent Every Transaction 15 days from the due date of filing return

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TDS Return For Business Owners

About

TDS Return for Business Owners

TDS or tax Deducted at Source is a form of income tax that is reduced from the money paid at the time of making specific payments such as rent, salary, professional fees, interest, etc. by the person making the payment.

TDS is calculated on a monthly basis, after the deduction of which the payments are dispatched. Usually, the person on the receiving end of the payment is liable to pay income tax, but the Government with the help of TDS makes sure that the income tax is deducted in advance from the payments being made by you. The recipient of income receives the amount after the deduction of TDS and the gross amount is adjusted against the recipient’s final tax liability.

Why is TDS Processing Necessary?

TDS is mandatory for any business organization and enterprises and the task of TDS deduction and depositing it to the government must be done every month making sure there aren’t any room for error. Failing which, the government can impose any form of penalty on the said business.

Why is filing your TDS on time Mandatory?

Filing TDS on time will not attract unnecessary penalty of Rs.200 per day till the default continues
There are additional penalty of INR 10,000 to INR 1 Lakh that can be levied on the enterprise if they fail to file the TDS return within a year from the due date.
The main purpose of filing TDS returns is to facilitate reconciliation of ITR
If a person/business who is supposed to file their TDS returns, fails to do so within the stipulated time, the assessing officer may nullify the impact of expenditure on which the TDS was supposed to be deducted, which will make him liable to income tax incident

What is the Process for Filing TDS Returns?

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess if you are required to deduct TDS on which payments. Usually, all types of payments such as Salaries, Interest, Professional Fees, and Payment to Contractors, Rent of Machinery, and Rent of Building etc are covered under liable payments. There are prescribed rates for every type of TDS payments under the income tax act 1961.

How can we be of Help ?

Wissen is among the best TDS Processing and Filing Company for each and every kind of enterprises. And we furnish end-to-end TDS formalities like:

Monthly TDS calculation as per the information declared.
Payment of the tax to the tax department.
E-filling of the TDS returns.
Issue Tax Deduction Certificate to the payee.
Providing expert suggestion for complete tax planning and others.

Frequently Asked Question

What is the due date to deposit TDS to the Government?

What is a TDS Certificate and how can we obtain one?

How and when to file TDS Returns?

Filing TDS is mandatory for all who have deducted TDS before furnishing any kind or payment/transaction. TDS returns are to be submitted quarterly and various details need to be produced like TAN, amount of TDS deducted type of payment, PAN of deductee, etc. Various types of return forms are as follows:

Form No	Transaction Reported in the Return	Due Date
Form 24Q	TDS on salary	Q1- 31st July
		Q2- 31st October
		Q3- 31st January
		Q4- 31stMay
Form 26Q	TDS on all payments except salaries	Q1- 31st July
		Q2- 31st October
		Q3- 31st January
		Q4- 31stMay
Form 27Q	TDS on all payments made to non-residents except salaries	Q1- 31st July
		Q2- 31st October
		Q3- 31st January
		Q4- 31stMay
Form 26QB	TDS on property sale	30 days from the end of the month in which TDS is deducted
Form 26QC	TDS on Rent	30 days from the end of the month in which TDS is deducted

TDS Return For Business Owners

TDS Return For Business Owners

About

TDS Return for Business Owners

Why is TDS Processing Necessary?

What is the Process for Filing TDS Returns?

How can we be of Help ?

Frequently Asked Question

What is the due date to deposit TDS to the Government?

What is a TDS Certificate and how can we obtain one?

How and when to file TDS Returns?

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