Any individual or entity required to deduct tax at source under the Income Tax Act, 1961, must remit the deducted tax to the government treasury by the 7th of the following month, except for the month of March, where the due date is extended to the 30th of April. Additionally, anyone liable to deduct TDS or collect TCS must obtain a TAN (Tax Deduction and Collection Account Number) for proper tax payments and filing of returns as mandated by the Act.
Our team of experts ensures seamless compliance by providing guidance on TDS/TCS provisions and facilitating efficient return filing.
Filing TDS returns ensures that the business remains compliant with the Income Tax Act, avoiding penalties, fines, or legal issues for non-compliance.
Filing TDS returns within the due dates helps ensure that taxes are remitted to the government on time, avoiding interest or penalties for late payment.
Regular and accurate filing of TDS returns helps avoid penalties and prosecution for non-filing or incorrect filing of TDS returns.
Timely TDS filing enhances the credibility of the business with the tax authorities, demonstrating transparency and good tax practices.
The Tan registration number shall be required.
Details of TDS deduction shall be provided along with tax paid challans.
Our professional team would guide you with other documents to be submitted based on nature of business.
Form 24Q will be used to file TDS returns for salaries.
No TDS if rent is up to Rs. 2,40,000/- p.a. w.e.f. 01/04/2019. If the property is owned by more than one person, this limit shall apply to each co-owner.
If the PAN is not furnished the TDS rate shall be 20%.
The threshold limit for TDS on commission shall be Rs. 15,000/-