Document Collection – A LegalVista TDS Expert will collect the necessary information and documents for preparation of TDS return for your business.
Return Preparation – Based on the documents and information presented, a LegalVista TDS expert will prepare your TDS return and send for your approval.
Return Filing – Once the TDS return is verified and approved by you, our TDS expert will file your TDS return with the Income Tax department.
REASONS TO FILE TDS RETURNS
TAN – Tax deduction Account Number- PAN is a 10 character alpha-numeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source. Almost all for-profit entities and not-for-profit entities are required to obtain TAN.
TDS Payments- Tax Deducted at Source must be paid into an authorized bank, quoting the TAN and using Challan 281. TDS during the preceding month must be paid before the 7th day of the following month.
Proprietorship Firm Require TAN- Salaried individuals are not required to deduct tax at source. However, individuals running a proprietorship firm are required to obtain TAN and deduct tax at source when required.
TAN Facilitation Center- LegalVista can help you obtain TAN hassle-free and quickly. Just send the TAN application along with the supporting documents and we will help you get your TAN quickly.
Validity- Once a TAN is issued, it is valid for lifetime. However, TDS Filings must be made quarterly on the 15th day of July, October, January and May. Non-filing of TDS filings within the due date will attract a penalty.
As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.
TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment.
Besides depositing tax, as a Deductor, you must also file a TDS Return.
A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.
There are different forms applicable based on the Nature of Income (or type of deductee) on which TDS has been deducted. Here are some examples –
TDS on Salary Form 24Q
TDS where deductee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of certain immovable property Form 26QB
TDS in any other case Form 26Q
For the quarter ending 30th June 15th July
For the quarter ending 30th September 15th October
For the quarter ending 31st December 15th January
For the quarter ending 31st March 15th May