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Top 3 reasons to file your TDS returns

Here are the major reasons why people opt for this service:

  • A consistent flow of funds to the government ( This is all the benefits in point of your government only, not from the Business. All the expenses without deduction of TDs.Will attract 30 percent disallowance under Income Tax Act.This will attract huge burden of income tax liability.)
  • Ensures the efficient collection of taxes for welfare. ( Benefit of government only )
  • As payments are sent every three months throughout the year, there is no burden of making one large tax payment. ( All the TDs payment will be on a monthly basis and the return for the TDs will be filing quarterly.)

5 Reasons to opt for TDS/TCS returns

Here are the major reasons why people opt for this service:

Bank loans can be availed easily and in a hassle-free manner.
To avoid late fee and penalty for non filing of TDS/TCS Returns
Proper filing of IT returns allows you to carry forward your losses to subsequent years.
It is always preferable to file income tax returns in order to avoid legal repercussions and hefty fines.
To avoid disallowances under income tax act for non deduction of TDS / TCS

TDS Return Filing made easy

Here’s everything you need to know:

Any person or business that makes a certain payment as specified by the Income Tax Act is required to withhold tax at the source. The following are the payment types

  • Salary
  • Insurance commission
  • Income from winning horse races
  • Income by way of “Income on Securities”
  • Income by way of winning the lottery, puzzles, and others
  • Payment in respect of National Savings Scheme and many others

TDS is not restricted to this nature of payments.

  • TAN details
  • PAN details
  • Nature and Amount of transaction
  • Last TDS filing details (if applicable)
  • The period for which TDS has to be filed
  • No. of transactions for filing TDS returns
  • Name of the entity - Proprietorship/ Partnership/ Company/ LLP
  • Step 1: Payment of monthly TDS amounts
  • Step 2:TDS Return will be filing on a quarterly basis
  • Step 3: TDS Return has to be filled
  • Step 4: Tax that is deducted at the source and the total amount that has been paid needs to be correctly filled in as well as tallied.
  • Step 5: The TAN of the organizations is to be mentioned in the Return
  • Step 6: While filing the TDS returns, the appropriate challan number, the mode of payment, and the tax details have to be mentioned.
  • Step 7: Basic form used for filing the e-TDS must be used. The 7-digit BSR has to be entered to ease the tallying process.
  • Step 8: TDS returns must be physically submitted to the TIN FC. When filing online, use the NSDL TIN's official website to do so.
  • Step 9: If the information given is accurate, you will be given a token number or a provisional receipt. This is proof that your TDS return has been filed.
  • Step 10: If the returns are rejected, a non-acceptance memo is issued along with the reason why, and new returns must be filed.
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