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TDS Return is required to be filed by any person who is liable to deduct tax at source. A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It should contain all details of TDS deducted and deposited by you for a particular quarter.
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, Payment to Contractors, Rent of Machinery, 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.
To revive the economy and help the taxpayers while the COVID 19 crisis is prevailing in India, the FM Minister on 13th may 2020 announced new TDS rates by reducing 25% for non-salaried section. This reduction shall be applicable for the remaining part of the FY 2020-21. These new rates will be in force from the 14th of May, 2020 to 31st March 2021.
Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
That means if you were liable to pay TDS at the rate of 10% earlier now you will have to pay the TDS at the rate of 7.5% only.
Informative read: TDS rate Chart for FY 2020-21.
Types TDS return forms:
TDS return Form 24Q:Statement for tax deducted at source from salaries
TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.
TDS return Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
TDS return Form 27EQ: Statement of collection of tax at source.
So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.
Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.
InstantProfessionals.in is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Filing TDS Returns is easy, seamless, cheapest and quickest with InstantProfessionals.in! Apart from TDS returns, InstantProfessionals.in also helps you to file GST Returns, Income Tax Returns, PF Returns and ESI Returns easily. You may get in touch with Instant Professionals compliance manager on 09643203209 or email info@InstantProfessionals.in for free consultation.Due date of quarterly filing of TDS return are as follows (Due Dates for all quarters extended till 31.03.2021).
Form 26Q is return form which is filled in to provide details of Non-Salary TDS. Form 24Q is return form, used to provide details of Salary TDS, while Form 27Q is used for details of Non-resident payments.
Late filing of TDS Return attracts late fees of Rs. 200/- per day of default on filing. It is advisable to file returns in time or you will have to pay the late fees. This is a mandatory fees for late filing of TDS and can not be avoided.
All we need is your TAN (Tax Deduction Account number) and challans of TDS paid by you. TAN is an alphanumeric number which is issued by the Income-tax department. Also, if you have deposited TDS online, an acknowledgment of amounts paid will be generated from your bank website. This is challan 281. All you need to provide is this two information to get going.
We will need to receive TAN, Challans and Deductee details from you. These will be processed by us and returns 24Q, 26Q and 27Q will be prepared by us.
These returns will be filed online. Once filed, acknowledgment receipts will be generated for individual returns. These will be shared with you along with filed returns.
Form 16 will be generated on a yearly basis if you have opted for January to March TDS filing package. Form 16A will be generated and shared with you on a quarterly basis.