TDS Returns

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TDS Returns

All you need to know

Tax deducted at Source or TDS is a source of collection of tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

 

A person who is responsible to deduct tax at source has to file the TDS return as part of compliance. A TDS return is submitted by tax deductor in respect of every quarter with the Income Tax Department. The return is a statement that requires the details of the tax collected, source of collection and tax paid to Government for the reporting period.

 

The basic requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). Generally tax is deducted on types of payments such as salaries, interest, professional fees, payment to contractors, rent of machinery, rent of building etc.  There are prescribed rates for every type of TDS payments under the Income Tax Act 1961.

 

Types of 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.

TDS return Form 26QB: TDS on payment for transfer of certain immovable property.

 

TDS Return Fees

BASIC

599 (All Inclusive)
  • One TDS Return upto 10 entries

STANDARD

5999 (All Inclusive)
  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 500 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 5 employees

STANDARD

8999 (All Inclusive)
  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 500 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 5 employees
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How to filing TDS Return

TDS Return in 3 steps
  • 1. Submit Challans of TDS payment made
  • 2. Preparation of your return
  • 3. Receive Return Acknowledgement

List of Documents for TDS Return

Our mission is to offer excellent support to our client in respect of all the legal compliances on affordable rates. Have a look at the list of documents required to avail this service.

Documents of Shareholders/Directors
  • TAN
  • Challans of the tax payment made
Company Related Documents
  • Details of Tax Deducted
  • Details of the inward and outward taxable supplies along with details of invoice

FAQs On TDS Return

Get answers to all your queries

Any assessee deducting tax from a source must file the TDS return. Unless one has deducted tax, a requirement to file TDS return does not arise.

A TAN registration can be obtained within 10 to 15 days.

The taxpayer failed to file TDS return before due date has to pay ₹ 200 per day of delay in filing as an additional fee. Apart from an additional fee, the penalty can be levied u/s 271H of Income Tax Act. The minimum penalty prescribed is ₹ 10,000 which may extend to One Lakh Rupees.

Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.

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