Process to file TDS

  • Add Deductor

  • Add and verify Challan Payments

  • Add Deducteel / Employees

  • Match Challan With Deductees

  • Verify Return and Generate FVU

TDS Return recording plans


What is TDS ?

  • TDS (Tax Deducted at Source) is a backhanded arrangement of derivation of duty as per the Income Tax Act, 1961 at the purpose of age of salary. Duty is deducted by the payer and is dispatched to the legislature by him for the benefit of the payee.

  • A TDS Return is a quarterly explanation which must be submitted to the Income Tax Department of India. Submitting TDS Return is obligatory in the event that you are a deductor. It has subtleties of TDS deducted and stored by you.

Frequently Asked Questions

  • What is TDS?

    TDS implies Tax Deducted at Source. It is the sum deducted from installments of different sorts, for example, pay, contract installment, commission and so on. This deducted sum can be balanced against the expense due of the deductee.

  • Who is required to record TDS return?

    It is the obligation of the individual who is making installment to somebody for determined products or administrations to deduct TDS and record TDS return. The predefined installment incorporates pay, intrigue, commission, business, proficient charges, sovereignty, contract installments, and so forth. The individual who deducts TDS is called deductor and the individual whose duty is being deducted is called deductee. TDS isn't required to be deducted by Individuals and HUF aside from those whose records are required to be examined u/s 44AB for example whose gross receipts in going before money related year if there should be an occurrence of business is in excess of 2 crore (AY 2017-2018) or 1 crore ( AY 2016-2017) and in the event of calling 50 lakhs ( AY 2017-2018) or 25 lakhs (AY 2016-2017).

  • What is TAN and is it required to document TDS return?

    TAN is an alphanumeric 10 digit number required by an individual who is obligated to deduct TDS and record TDS return. Consequently such individual must make an application inside a month of deducting TDS for assignment of Tax Deduction and Collection Number (TAN) in Form 49B. This number designated is obligatory to make reference to in all TDS Certificates gave, returns, challans and so on. In the event that an individual neglects to apply for TAN he might be punished up to Rs. 10,000/ -

  • Is TAN obligatory for deductors and representatives/deductees?

    Container of the deductor must be given by Non-Government deductors. It is basic to cite TAN of all deductees.

  • How would I store TDS to Central Government?

    Installment can be made online on NSDL by choosing Challan 281 and making the installment utilizing net banking. These TDS installments should be made before documenting the TDS return. E-installment is necessary for all Corporate evaluates and non-corporate assessees who are at risk for review u/s 44AB. Physical installment can be made utilizing Challan 281 in approved bank office.

  • Who is required to issue TDS endorsements?

    Each individual deducting charge according to arrangements of area 203 is required to give a testament to the payee in regard of expense deducted by him alongside certain different points of interest. This declaration is called TDS Certificate. Indeed, even banks deducting TDS on benefits issue TDS testaments. Sorts of TDS authentication to be given in various cases: Pay rates: Certificate is to be given in Form 16 containing subtleties of TDS Payment, charge deducted at source and expense count dependent on which TDS was evaluated. The authentication ought to be given inside 31st May of next budgetary year. Non Salary Payments: Certificate is to be given in Form 16A containing subtleties of installment and duty deducted at source. The endorsement ought to be given inside 15 days of due date of documenting the arrival. TCS: Certificate to be given in Form 27D containing the Tax Collected and Paid subtleties. Inability to give testament will bring about punishment of Rs. 100 for consistently the disappointment proceeds yet restricted to the TDS sum.

  • What is TDS Justification Report?

    It is a record which fills in as an annexure to the implication to be sent to the deductor. Hint will be sent to the deductor through mail/post however a legitimization report should be downloaded from the entryway.

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