TDS Return Filing Services
Has your company filed its tax returns yet?
We know it’s not the most exciting thing to do, but keeping taxes on track is an absolute necessity when it comes to safeguarding your company. However, there’s just too much paperwork, and the TDS return filing process seems daunting. So, we’ve helped small companies with TDS return filing online for a while now, and we’re willing to help you too if you let us!
Our skilled professionals are always on hand to help your company with TDS filing online, so there is no need to worry about filing them yourselves. We’ll make sure all your paperwork is done correctly and efficiently so that you can relax knowing that taxes are taken care of properly.
6 Points You Must Know About TDS Return
1. Deduction of TDS Under Correct Section :
To file the correct TDS return, it is of utmost importance that the TDS should be deducted under the correct section of the income tax act.
2. Correct Rate of Deduction:
Apart from deduction under the correct section, it is equally important to check that the correct rate has been applied while deducting the TDS. Otherwise, you may get a notice regarding short deductions.
3. Correct Time of Deduction:
Under TDS laws, the time of deduction is also essential. Further, it is to be deducted even if the actual payment of money is not made, but the entry has been made in the books of account. Otherwise, it will result in a notice regarding the payment of additional interest.
4. Correct Calculation of Delay Interest :
If you are filing a delayed return, it is essential to calculate delayed interest correctly. Otherwise, it will result in a notice from the department.
5. Periodic TDS Default Check :
You must check the default status tab by logging into the Traces website periodically. However, most of us tend to forget this and any default ascertained by the department keeps on increasing due to the high penal interest rate.
6. Unconsumed Challan :
Before making any further payment to TDS, it is a healthy practice to check any unconsumed challan so that you can utilize the same in the current payment.
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Do you need more clarity on the TDS return filing process?
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Our Working Process
Step#1
You meet with us on a Video/Audio call to clarify the details.
Step #2
We send you a requirement list.
Step #3
We prepare the documents and get your work done.
FAQs About the TDS Return Filing Process
1. What is a TDS Return?
When you deduct TDS on any payment or salary, you have to file a statement containing the required details of payment and the amount of tax deducted. This statement is known as TDS return, and it has to be filed every quarter.
2. How to file Nil TDS Return?
The steps are as follows:
- Login to TRACES with the User ID, Password and your TAN
- Go to “Declaration for Non – filing of TDS statements.”
- Select relevant details such as the return type and the period from the drop-down menu.
- Select the reason for non-filing and click on “Add Statement details”.
- Click submit, and your Nil return is filed.
3. What is the penalty for late filing of TDS returns?
The penalty is Rs.200 per day, subject to a maximum tax amount deducted.
4. What does 27q TDS return mean?
When you deduct TDS of any NRI for payment (other than salary) made to him, you have to file a return in Form 27 Q. This return contains the details of the payment made and the tax deducted from that payment.
5. What is 24q TDS Return mean?
When you deduct TDS regarding salary payments to your employees under section 192 of the income tax act, you have to file a return in Form 24Q. This return contains the details of the salary given and the tax deducted from that salary payment. This return has to be filed every quarter.
6. What is 26q TDS Return mean?
When you deduct tax for certain specified payments other than salary payments, you have to file a return in Form 26Q. This return contains the details of the payment made and the tax deducted from that payment. This return has to be filed every quarter.
7. What is TDS quarterly return due date?
The due dates for FY 2020-2021 is as follows:
| Quarter | Quarter Period | Due Date |
| 1st quarter | April20 – June20. | 31 March 2021 |
| 2nd quarter | July20 – September20 | 31 March 2021 |
| 3rd quarter | October20 – December20 | 31 January 2021 |
| 4th quarter | January21 – March21 | 31 May 2021 |
