TDS Return Filing

TDS is Tax Deducted on Source, the Government of India has prescribed certain transactions in which TDS is required to be deducted and is required to be deposited with the Government. The assessee is also required to file TDS Returns on Quarterly basis, abiZa helps your calculate your TDS Liability on a monthly basis and file your returns on a quarterly basis.

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(Prices are inclusive of GST; Government Fees and other charges will be charged at actuals)

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STARTUP PACKAGE (Quarterly)

    Transactions upto 20

    Transactions include Salary and Non-salary

    What we do

    > Preparation of TDS Working

    > Preparation of TDS Return(s) (Quarterly).

    > Issuance of Form 16A (Quarterly) / Form 16 (Yearly)

INR 999/-

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ADVANCED PACKAGE (Quarterly)

    Transactions upto 50

    Transactions include Salary and Non-salary

    What we do

    > Preparation of TDS Working

    > Preparation of TDS Return(s) (Quarterly).

    > Issuance of Form 16A (Quarterly) / Form 16 (Yearly)

INR 1,599/-

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PREMIUM PACKAGE (Quarterly)

    Transactions upto 100

    Transactions include Salary and Non-salary

    What we do

    > Preparation of TDS Working

    > Preparation of TDS Return(s) (Quarterly).

    > Issuance of Form 16A (Quarterly) / Form 16 (Yearly)

INR 2,199/-

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Preparation of TDS Working

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Filing of TDS Returns

Tax Deducted at Source or TDS

Tax Deducted at Source or TDS is a type of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that entity’s account, according to the Indian Taxation Code. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses. Rules and regulations regarding TDS are controlled and governed under the Income Tax Act, 1961 by the Central Board of Direct Taxes (CBDT).

As the name suggests, “Tax Deducted at Source” implies that the payee or the employer deducts the tax before making a payment to the receiver. Tax Deducted at Source is applicable on income earned regularly and also on the income earned occasionally or irregularly. Thus, TDS is applicable on various incomes, including, but not limited to Salary, Commission, Rent, Professional Fees and Interest.

 

Advantages of payment of TDS

TDS is payable on the earnings so it is important to note that the liability to pay TDS is applicable only in the event of earnings actually taking place. TDS is deducted before making payments. Deductions are to be made on payments that are made in cash, cheque or credit. The amount deducted under TDS is further deposited with various government agencies. Payment of TDS has various advantages which are as follows :

> Deducting TDS at source prevents tax evasion.

> Tax collection is done duly and in a timely manner.

> A large number of people come under the tax net.

> Collection of TDS is a steady source of revenue for the government.

 

Rate of TDS deduction

TDS Rate Chart for FY 2019-2020 (AY 2020-2021)

 

Section Nature of Payment TDS Rate for Individual/ HUF (Indian Resident)(in %) TDS Rate for Non-Resident Indian (NRI) in India (in %)
192

Salary payment

As per the income tax category As per the income tax category
194B

Income earned through the winnings from card games, lotteries, and/or other games

30 30
194BB

Income through winnings from horse racing

30 30
194EE

Payment towards National Savings Scheme (NSS) deposits

10 10
194F

Payment towards repurchase of units by Unit Trust of India or Mutual Funds

20 20
194G

Income that arises from lottery tickets sales commissions and/or other transactions

5 5
194LBB

Investment fund which pays income to the unit holder [except for incomes that are exempt under Section 10 (23FBB)]

10 30
194LBC

Income generated from investments in securitisation trust (as per Section 115TCA)

25 (for any other person – 30) 30

 

Due Dates for filing TDS Returns

The following are the original due dates for filing TDS Returns for financial year 2018-2019 :

Quarter Quarter Period Last Date of Filing TDS Returns
1st Quarter

From 1st April 2019 to 30th June 2019

31st July 2019
2nd Quarter

From 1st July 2019 to 30th September 2019

31st October 2019
3rd Quarter From 1st October 2019 to 31st December 2019

31st January 2020

4th Quarter From 1st January 2020 to 31st March 2020

31st May 2020



TDS Return Forms: An Overview

As the deductor is liable to deduct tax and file the TDS Return form as the supporting document, it is important to note that there are various types of TDS Return Forms for different situations. The type of TDS Return Form to be submitted is based on the Nature of Income of the deductee or the type of deductee who pays the TDS.

Type of TDS Return Forms

Particulars of the TDS Return Forms

Form 24Q

Statement for tax deducted at source from salaries

Form 26Q

Statement for tax deducted at source on all payments other than salaries.

Form 27Q

Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.

Form 27EQ

Statement of collection of tax at source.