TDS return filing is compulsory

To avoid fine:

  • A late filing of TDS/TCS can be INR 200 per day

To avoid cancellation of expenditure:

  • During the non-filing of TDS, one is liable for increment in tax incidence

How do we work?

1

Fillup the form.

2

Make the payment.

3

Get the Call from TDS Expert.

4

Upload the Details as requested.

5

Expert will take the approval for the registration.

6

Your registration is done.

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Documents required for TDS Filing

Details of deduction

Your TAN

Challans of TDS payment

Advantages

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Prevention from excluding tax

No one can flea away without filing a TDS at the source of income.

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It gives convenience to the deductee

As Tax is automatically deducted it gives more convenience to the deductee.

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Wide Base

The base of Tax Collection is widened because it is levied at every source of income.

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Source of Revenue

Also makes a certain and steady source of revenue for the Government.

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Lessen the workload

Also diminishes the responsibility of the Tax Collection Agencies.

Important Points Relating to TDS Returns

  • TAN is mandatory: It is a mandatory requirement for any kind of TDS finding. It should also be mentioned on the Tax Deduction Certificate.
  • Linked to your PAN: TDS deductions are linked with the PAN. It is very important to have PAN details of the deductee.
  • DS Certificate is must: For every deductee needs it to see the tax deducted against the tax payable.
  • Clarified details : The details here gives a clarified picture of the tax levied on the deductee.

Due date for filing TDS Returns:

Quarter Period Due date to file TDS return

QUARTER TIME DUE DATE
1st Quarter April to June On 31st July of the same FY
2nd Quarter July to September On 31st Oct of the same FY
3rd Quarter October to December On 31st Jan of the same FY
4th Quarter January to March On 31st May of the next FY

Penalty for delay in TDS Return

  • Penalty For non-deduction of TDS: When a deductor/collector fails to gather the tax at source. A whole of such expenses can be disallowed and not computed by the income tax assessing officer
  • For late-deduction of TDS: When a tax at source is deducted after a few days of making the payment 1% tax is levied per month.
  • For late-payment of TDS: A tax of 1.5 % per month is levied if the deductors fail to deposit TDS on time.
  • For late-filing of TDS Returns: Also mentioned earlier when a deductor fails to furnish the TDS return before the time a penalty of INR 200 is levied per day.
  • For non-filing of TDS Returns: Penalty ranging from INR 10000 to INR 10,00,00 can be charged when one fails to file a return TDS within the due date.

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