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TDS Return filing plans

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Software (Standard Edition)

4999
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  • FVU submission w/ NSDL
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  • FVU submission w/ NSDL
  • Challan/Pan verifcation

Our software supports TDS on Salary payments (24Q), Rent, property and other non-salary transaction (26Q), NRI (27Q) and TCS (27EQ)

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Features

How we are different

EASILY IMPORT DATA

Import data from Excel and TDS files

VERIFICATION

Automatically verify TAN and PAN number

OLTAS LINKING

Import data from Excel and TDS files

TDS COMPUTATION

Automatically Calculate TDS

FVU SUBMISSION

Submit the return in FVU format without any difficulty

FORM GENERATION

Generate Form 16, 16A and more with ease

What is TDS?

TDS (Tax Deducted at Source) is an indirect system of deduction of Tax by Indian authorities according to the Income Tax Act. 1961 at the point of generation of income tax.Tax is deducted by the payer and is remitted to the government by the payer, on behalf of payee.

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 has details of TDS deducted and deposited by you.

Frequently Asked Questions

TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount can be adjusted against the tax due of the deductee.

Annual TDS return is the TDS return which is prepared in electronic media as per prescribed file format. Such returns furnished in a CD/Pen Drive should be accompanied by a signed verification in Form No. 27A.

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.
TDS is not required to be deducted by individuals and HUF except for those whose accounts are required to audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than 2 crore(AY 2017-2018), 1 crore ( AY 2016-2017) and in case of profession 50 lakhs( AY 2017-2018) , 25 lakhs(AY 2016-2017).

TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month in which TDS was deducted for allotment of Tax Deduction and Collection Number (TAN) in form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalised upto Rs. 10,000/-.

Different types of TDS forms are as follows:-

  • Form 24Q -TDS on Salaries
  • Form 26Q- TDS on payments other than Salaries
  • Form 27Q- TDS on payments to Non-Residents
  • Form 27EQ – TCS
  • The Form 27A is submitted along with Quarterly TDS Returns in Form 24Q, Form26Q or Form 27Q. Form 27A is a simple form with particulars of deductor and aggregate amounts of Total Tax Deducted and total tax deposited against the total number of deductees.

    PAN of the deductors has to be given by non-Government deductors. It is essential to quote PAN of all deductees.

    Due dates of submission of quarterly TDS Return is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for last quarter.

    Following table gives the types of payments their threshold limits and rate at which TDS is to be deducted (rates are changed based on government discretion).

    TDS Section TDS sub-heads Threshold Limit Rates Applicable
    192 Salary Payment If net taxable income is less than maximum amount which is not chargeable to tax (Rs. 2,50,000 for an individual, Rs. 3,00,000 for Senior Citizens and Rs. 5,00,000 for Super Senior Citizens) Applicable Slab Rates
    193 Interest on Securities Rs. 10,000/- ₹ 119
    194 Dividend other than the dividend as referred to in Section 115-O Rs. 2,500/- 10%
    194 A Income by way of interest other than ‘Interest on securities’ by banks Rs. 10000/- 10%
    194 A Interest other than on securities by others Rs. 5000/- 10%
    194 B Winnings from Lotteries / Puzzle / Game Rs. 10000/- 10%
    194 BB Winnings from Horse Race Rs. 5000/- (Rs. 10,000/- till 31.5.2016) 30%
    194 C Payment to Contractors Rs. 30,000/- for single payment and Rs. 1,00,000/- for aggregate payment during Financial Year (Rs. 75,000/- for aggregate payment during Financial Year upto 31.05.2016) 30%
    194 D Insurance Commission Rs. 20000/- (Rs. 15,000/- till 31.5.2016) 1% or 2%
    194 DA Life Insurance Policy Rs. 1,00,000/- 5% (10% till AY 31.5.2016)
    194 EE Payment of NSS Deposits Rs. 2500/- 1% (2% till 31.5.2016)
    194 F Repurchase of units by Mutual Funds / UTI No minimum 10% (20% till 31.5.2016)
    194 G Commission on Sale of Lottery tickets Rs. 15,000/- (Rs. 1,000/- till 31.5.2016) 20%
    194 H Commission or Brokerage Rs. 15,000/- (Rs. 5,000/- till 31.5.2016) 5% (10% till 31.5.2016)
    194 I Rent of Land, Building or Furniture Rs. 180000/- 5% (10% till 31.5.2016)
    Rent of Plant & Machinery Rs. 180000/- 10%
    194 IA Consideration for transfer of an immovable property other than agricultural land Rs. 50 lacs 1%
    TDS Section TDS sub-heads Threshold Limit Rates Applicable
    192 Salary Payment If net taxable income is less than maximum amount which is not chargeable to tax (Rs. 2,50,000 for an individual, Rs. 3,00,000 for Senior Citizens and Rs. 5,00,000 for Super Senior Citizens) Applicable Slab Rates
    193 Interest on Securities Rs. 10,000/- ₹ 119
    194 Dividend other than the dividend as referred to in Section 115-O Rs. 2,500/- 10%
    194 A Income by way of interest other than ‘Interest on securities’ by banks Rs. 10000/- 10%
    194 A Interest other than on securities by others Rs. 5000/- 10%
    194 B Winnings from Lotteries / Puzzle / Game Rs. 10000/- 10%
    194 BB Winnings from Horse Race Rs. 5000/- (Rs. 10,000/- till 31.5.2016) 30%
    194 C Payment to Contractors Rs. 30,000/- for single payment and Rs. 1,00,000/- for aggregate payment during Financial Year (Rs. 75,000/- for aggregate payment during Financial Year upto 31.05.2016) 30%
    194 D Insurance Commission Rs. 20000/- (Rs. 15,000/- till 31.5.2016) 1% or 2%
    194 DA Life Insurance Policy Rs. 1,00,000/- 5% (10% till AY 31.5.2016)
    194 EE Payment of NSS Deposits Rs. 2500/- 1% (2% till 31.5.2016)
    194 F Repurchase of units by Mutual Funds / UTI No minimum 10% (20% till 31.5.2016)
    194 G Commission on Sale of Lottery tickets Rs. 15,000/- (Rs. 1,000/- till 31.5.2016) 20%
    194 H Commission or Brokerage Rs. 15,000/- (Rs. 5,000/- till 31.5.2016) 5% (10% till 31.5.2016)
    194 I Rent of Land, Building or Furniture Rs. 180000/- 5% (10% till 31.5.2016)
    Rent of Plant & Machinery Rs. 180000/- 10%
    194 IA Consideration for transfer of an immovable property other than agricultural land Rs. 50 lacs 1%

    TDS on Salaries: Liability for deducting tax in case of Salary payments is determined by the employer at the start of financial year based on monthly salary. TDS is then deducted monthly in equal instalments.

    Deduction at a higher rate: As per section 206AA if the deductee fails to provide PAN then deduction has to be made at 20% or applicable rate whichever is higher.

    Payment can be made online on NSDL by selecting Challan 281 and making the payment using net banking. These TDS payments need to be made before filing the TDS return.
    E-payment is compulsory for all Corporate assesses & non-corporate assesses who are liable for audit u/s 44AB.
    Physical payment can be made using challan 281 in authorized bank branch.

    Every person deducting tax as per provisions of section 203 is required to issue a certificate to the payee in respect of tax deducted by him along with certain other particulars. This certificate is called TDS Certificate. Even banks deducting TDS on pensions issue TDS certificates. The certificate is usually issued on deductor’s own stationery.
    Types of TDS certificate to be issued in different cases:
    Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated. Certificate should be issued within 31st May of next financial year
    Non Salary Payments: Certificate is to be issued in form 16A containing details of payment and tax deducted at source. Certificate should be issued within 15 days of due date of filing the return.
    TCS: Certificate to be issued in FORM 27D containing the Tax Collected & Paid details.
    Failure to issue certificate will result in penalty of Rs 100 for every day the failure continues limited to the TDS amount.

    Once tax is deducted the deductor should deposit the tax deducted with Central Government within time limit specified in the table below:

    Type of Deductor Payments made between April -Feb Payments made in March
    Government Without Challan: Same day With Challan: On or before 7th of next month Without Challan: Same day
    With Challan: On or before 7th of next month
    Other than Government On or before 7th of next month On or before 30th April
    Other than Government (payment u/s 194IA) On or before 30th of next month On or before 30th of next month

    You can need to file TDS return for each quarter as per the below schedule:

    TDS filing last Dates for 2017

    Quarter Quarter Period TDS return Filing due date
    1st Quarter 1st April to 30th June 31st July, 2017
    2nd Quarter 1st July to 30th September 31st Oct, 2017
    3rd Quarter 1st October to 31st December 31st Jan, 2017
    4th Quarter 1st January to 31st March 31st May, 2017

    It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail / post but a justification report will have to be downloaded from the portal.

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