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RETURNS
TDS Returns & Revisions
TDS (Tax Deducted at Source) Returns are mandatory filings for businesses and individuals who deduct tax at the source before making payments like salary, rent, professional fees, etc. TDS returns provide details of the tax collected and deposited with the government. Additionally, if errors are found in filed returns, TDS Revisions allow for corrections, ensuring compliance with the Income Tax Act and avoiding penalties.
Necessity of Filing TDS Returns & Revisions
1. Legal Compliance: Ensure you’re fully compliant with Indian tax laws by filing accurate and timely TDS returns.
2. Avoid Penalties: Filing returns on time and making necessary revisions avoids hefty fines and penalties imposed for delays or inaccuracies.
3. Accurate Tax Credits: Filing TDS returns ensures that the deducted tax is credited to the correct taxpayer, avoiding discrepancies.
4. Maintain Business Credibility: Timely submission of TDS returns reflects transparency and professionalism in handling taxes.
Who Should File TDS Returns?
1. Businesses Deducting TDS
Stay Compliant with TDS Provisions
Any business that is required to deduct tax at source (TDS) on payments such as salaries, rent, professional fees, or contractual payments must file TDS returns quarterly.
2. Individuals and Professionals
Ensure Tax Accuracy
Individuals paying rent above a certain threshold or making payments that attract TDS must also file returns and ensure compliance.
3. Employers
Comply with Payroll Deductions
Employers deducting TDS on employee salaries must file accurate returns and issue Form 16 to employees to help them file their income tax returns.
Our Process
1. Consultation and Data Collection: We assess your business or individual requirements to determine the type of payments attracting TDS and collect all relevant data for accurate filing.
2. TDS Return Filling: Our team prepares and files quarterly TDS returns, ensuring that all details are accurate and in compliance with TDS regulations.
3. Revisions and Corrections: In case of errors in previously filed returns, we assist in making revisions by submitting the corrected returns and ensuring all discrepancies are resolved.
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Have questions? Ask us or find your answer here
TDS (Tax Deducted at Source) is a tax deducted on specific payments. Businesses and individuals who deduct TDS must file quarterly TDS returns.
TDS returns are filed quarterly. Due dates are 31st July, 31st October, 31st January, and 31st May for the respective quarters.
Missing the deadline results in a penalty of ₹200 per day until the return is filed, subject to a maximum of the TDS amount.
Yes, TDS returns can be revised to correct any errors in the originally filed returns. The revised return must reflect the correct details.
Documents required include PAN of the deductor and deductees, details of TDS deducted, and proof of TDS payments made to the government.
A TDS return can be revised by submitting a correction statement. The revision must address the specific error(s) and provide the correct details.
Non-filing or late filing of TDS returns can lead to penalties, interest on unpaid amounts, and potential legal consequences.
Form 16 is a certificate issued by employers to employees, providing details of the TDS deducted on their salary. It helps employees file their income tax returns accurately.