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TDS or Tax Deducted at Source is a kind of Tax paid by any person who makes a payment that exceeds the allowed threshold limit. If someone’s TDS has been deducted, they can file a TDS Return. Individuals or organizations can file a TDS Return if they have a valid Tax Collection and Deduction Account Number. The documents required for return filing include Permanent Account Number (PAN), TAN (Tax Deduction and Collection Account Number), the total amount deducted, TDS Paid amount, mode of payment, etc.
The Income Tax Department of India manages the TDS filing deduction rate. Therefore, a person who deducts the amount is called the Deductor and the person whose money has been deducted is called Deductee.
As per the Income Tax Act 1961, TDS is a compulsory payment for individuals and organizations. This also has some advantages; let’s look at them:-
There are a few documents that are required and demanded by the authorities during the TDS Return Filing procedure in India
Below Are The Different Types Of TDS Return Filing Forms As Per TDS and their purpose:
| Dictated Form | Purpose of TDS |
|---|---|
| FORM 24Q | TDS from Salary |
| FORM 26Q | TDS from all payments other than salary |
| FORM 26QC | TDS for the income received as rent that exceeds Rs.50,000. |
| FORM 27Q | TDS from another source of income like interest from any savings, Dividend funds, income from any fixed deposits. |
| FORM 27EQ | The tax deducted at Source |
Note : A signed Form 27A acts as a summary of the tds online filing deducted and deposited, hence it has to be attached along with the return statement for the quarterly tds dates
There is definitely leisure for the taxpayers of paying the tax online, it should be filed on or before the due date for each quarterly submission. For the financial year 2022-2023,
| Quarter | Quarter Period | Last date of filing |
|---|---|---|
| First Quarter | 1st April to 30th June | 31st July 2022 |
| Second Quarter Of the year | 1st July to 30th September | 31st October 2022 |
| Second Quarter Of the year | 1st October to 31st December | 31st January 2023 |
| Second Quarter Of the year | 1st January to 31st March | 31st May 2023 |
There’sThere’s a penalty that one is liable to pay if they fail to pay the TDS on time or at all. Ensure timely payment of your TDS by partnering with Eazy Startups.
For such late TDS return filing, the process continues to a sum of Rs. 200 daily. The penalty is limited to the sum of income tax TDS return and will not exceed that amount. The late TDS return filing fee must be deposited before the Filing process of the TDS Return.
The authority officer can impose a penalty on the defaulter, which can be a minimum of Rs. 10,000 and a maximum of Rs.1 lakh. There’sThere’s a penalty in the case of the incorrect TDS Return filing process as well, other than the TDS return filing utility.
TAN is the short form of Tax Deduction and Collection Number, a unique alphanumeric ten-digit number used for the TDS Return filing. Any individual needs to make an application before a month of deducting TDS for allocation of Tax Deduction. If any person fails to apply for don’t own a TAN, that person will be penalized up to Rs.10,000.
Anyone can file the TDS return online through the NSDL website. In case of any disagreement or doubt, you can take assistance from Eazy Startups.
Yes, the employees and deductors must submit the PAN.
TDS, or Tax Deducted at Source, is a mandatory payment under the Income Tax Act, 1961. It ensures timely deduction and submission of taxes by both individuals and organizations, playing a crucial role in revenue collection.
You should file a TDS Return if TDS has been deducted or if you have paid tax exceeding the specified limits. Timely filing is crucial to stay compliant with the Income Tax Department.
Timely TDS filing ensures compliance with tax regulations, avoids penalties, and contributes to efficient revenue management. It reflects responsible financial behavior.
Eazy Startups provides expert guidance through the TDS filing process. Our team ensures a seamless experience, addressing all your queries and concerns.
While the basic principles are similar, there may be variations in TDS rules for individuals and organizations. Our experts can help navigate these differences for you.
Delayed TDS filing can result in penalties and legal consequences. Eazy Startups ensures you meet deadlines and avoid unnecessary complications.
Absolutely! Our experts analyze your financial data to accurately calculate the TDS amount, ensuring compliance and preventing any underpayment issues.
Yes, corrections can be made through the online correction facility. Eazy Startups guides you through the process, ensuring accuracy in your TDS filings.
Necessary documents include TDS certificates, PAN details, and relevant financial records. Eazy Startups provides a checklist to streamline the document submission process.
TDS Returns are typically filed quarterly. Eazy Startups ensures timely submissions, keeping you on track with the required filing schedule.
Absolutely! Our experts have the experience to handle TDS compliance for multiple financial years, ensuring seamless and accurate filings.
The Income Tax Department of India oversees and enforces TDS regulations. Eazy Startups stays updated with any changes in rules and regulations to provide you with accurate information.
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