TDS (Tax Deducted at Source) filing in India is a process where individuals or entities who are responsible for making payments such as salary, interest, commission, rent, etc., deduct a certain amount of tax before making the payment and deposit it with the government. Here's an overview of the TDS filing process in India:
Before deducting TDS, the deductor needs to obtain a TAN from the Income Tax Department. This is a 10-digit alphanumeric number required for all TDS-related transactions and filings.
The deductor deducts TDS as per the rates prescribed by the Income Tax Department. TDS is deducted at the time of credit or payment, whichever is earlier.
After deducting TDS, the deductor needs to deposit the TDS amount to the government within the specified due dates. The TDS amount can be deposited online through the NSDL or TIN-NSDL website.
After depositing the TDS amount, the deductor needs to file quarterly TDS returns. These returns contain details of TDS deducted and deposited during the quarter. TDS returns can be filed online through the TIN-NSDL website or other authorized service providers.
Form 24Q is used for TDS deduction on salary payments.
Form 26Q is used for TDS deduction on payments other than salary.
Form 27Q is used for TDS deduction on payments made to non-residents.
Form 27EQ is used for TDS deduction on payments made for rent, professional fees, etc., to residents.
After filing TDS returns, the deductor needs to issue TDS certificates to the deductees. These certificates provide details of TDS deducted and deposited.
The deductor should reconcile TDS deducted and deposited with the amounts reflected in Form 26AS of the deductee.
Non-compliance with TDS provisions can attract penalties and interest under the Income Tax Act, 1961. It's essential to adhere to TDS provisions and ensure timely filing and payment to avoid any penalties.
It's recommended to consult with a tax professional or chartered accountant for specific guidance on TDS filing, as the process and requirements may vary based on the nature of payments and other factors.
They are very fast in getting work done. They resolved each and every query of ours. We were not aware of the export incentive they approached us and helped us to claim the incentives.
Our IGST refunds were pending due to some errors Dwarkadhish approached us and helped getting refund as soon as possible. Even We have not met in personal they are doing all our GST work.
Mr. Sai Kiran approached us and told about the incentive benefits we were not aware of and they tried to claim that as soon as possible.
