TDS Filing Services:
At Samrat Consultancy, we provide expert TDS (Tax Deducted at Source) Filing services, ensuring that your business complies with all tax regulations. Timely and accurate TDS filings help avoid penalties, and we ensure that the entire process is smooth and hassle-free for you.
What is TDS Filing?
TDS is a mechanism by which tax is deducted at the source of income, such as salary, interest, rent, etc., and is then deposited to the government. Businesses and individuals responsible for making payments must deduct TDS and file returns with the Income Tax Department.
- Legal Compliance: Filing TDS returns is mandatory for all deductors. Non-compliance can lead to heavy penalties.
- Avoid Penalties: Incorrect or delayed TDS filing can attract fines and legal consequences.
- Maintain Financial Integrity: Proper TDS filings ensure accurate tax records for both businesses and employees/recipients.
- Filing TDS Refunds: Incorrect deduction or over-deduction of TDS can be claimed back through proper TDS filing.
We provide comprehensive TDS filing services that include calculation, preparation of documents, and submission of returns.
1. TDS Calculation and Deduction
- Overview: We help businesses calculate the correct amount of TDS to be deducted based on payments made.
- Why It’s Important: Correct TDS deduction avoids overpayment and ensures compliance with tax laws.
2. Preparation and Submission of TDS Returns
- Overview: We assist in preparing and submitting TDS returns (Forms 24Q, 26Q, 27Q, etc.) on time, ensuring accurate details are provided.
- Why It’s Important: Timely and correct filing helps avoid penalties and maintains a good track record with tax authorities.
3. Form 16 and Form 16A Generation
- Overview: We help businesses generate Form 16 (for employees) and Form 16A (for non-salary TDS) to ensure compliance.
- Why It’s Important: These forms serve as proof of tax deducted and are required for tax return filing.
4. TDS Compliance and Notices
- Overview: We assist in resolving any compliance issues, and handle notices from the Income Tax Department related to TDS.
- Why It’s Important: Proper handling of TDS notices avoids penalties and legal disputes.
5. TDS Refund Assistance
- Overview: If excess TDS has been deducted, we help file for TDS refunds on behalf of businesses and individuals.
- Why It’s Important: Claiming back excess tax deductions can improve cash flow and financial efficiency.
Documents Required for TDS Filing
To ensure a smooth TDS filing process, the following documents are usually needed:
1. PAN of Deductor and Deductees
2. Details of Payments Made
3. Challan Identification Numbers (CINs)
4. Previous TDS Filing Records (if applicable)
Types of TDS Forms We Handle
At Samrat Consultancy, we provide comprehensive filing services for all types of TDS returns. Below are the details of the key TDS forms we manage:
Purpose: This form is used to file TDS returns for the tax deducted on employee salaries.
Key Details:
- Filing Frequency: Quarterly.
- Applicability: Employers must file this form to report the tax deducted at source from employees’ salaries.
- Breakdown:
- Part A: Contains the summary of tax deducted and deposited for the quarter, including details like PAN of the employee, TAN of the employer, total salary paid, and TDS deducted.
- Part B: Includes details of salary income, tax computation, and any exemptions/deductions under various sections of the Income Tax Act (like 80C, 80D).
Why It’s Important: Employers are legally required to deduct TDS on employee salaries, deposit it with the government, and file Form 24Q. Non-compliance can result in penalties. This form also generates Form 16, which is provided to employees at the end of the financial year, showing the TDS deducted and deposited on their behalf.
Purpose: This form is used to file TDS returns on payments made by businesses or individuals other than salaries.
Key Details:
- Filing Frequency: Quarterly.
- Applicability: This form is used for reporting TDS on payments such as:
- Interest (other than interest on securities)
- Contract payments
- Professional fees
- Commission/Brokerage
- Rent
- Dividends
- Breakdown:
- Part A: Contains details of the deductor, deductees, total payments made, and TDS deducted.
- Part B: Includes the payment type (e.g., rent, interest), PAN of the payee, and other relevant details.
Why It’s Important: Form 26Q ensures that TDS on all non-salary payments is properly filed and deposited. Businesses are responsible for deducting TDS on these types of payments, and failure to do so can result in fines and interest charges.
Purpose: This form is used for filing TDS returns on payments made to non-resident Indians (NRIs) and foreign companies.
Key Details:
- Filing Frequency: Quarterly.
- Applicability: This form is specifically for deducting TDS on payments made to NRIs, such as:
- Interest
- Dividends
- Royalties
- Technical services
- Other payments subject to tax under the Income Tax Act
- Breakdown:
- Part A: Includes details of the deductor, PAN and address of the deductee, nature of payment, and tax deducted.
- Currency Details: Since this form involves cross-border transactions, it includes fields for currency conversion and reporting payments in foreign currencies.
Why It’s Important: Form 27Q ensures compliance with tax regulations on payments made to NRIs, which are taxed differently from domestic transactions. Incorrect filings can lead to penalties and issues with cross-border tax obligations.
Purpose: This form is used to file returns for tax collected at source (TCS) on certain specified transactions.
Key Details:
- Filing Frequency: Quarterly.
- Applicability: TCS is applicable on transactions like:
- Sale of goods (like scrap, timber, minerals)
- Licenses for liquor, forest produce, etc.
- Sale of motor vehicles over ₹10 lakhs
- Breakdown:
- Part A: Contains the summary of tax collected and deposited with the government, including the details of the seller, buyer, nature of goods/services, and the amount of tax collected.
- Part B: Includes the seller’s TAN, buyer’s PAN, and details of the transaction.
Why It’s Important: For businesses involved in specified transactions where TCS applies, it is crucial to file Form 27EQ. Non-compliance can lead to penalties, and this form ensures the tax collected from buyers is properly reported and deposited.
Why Choose Samrat Consultancy for TDS Filing?
- Experienced Team: Our TDS experts have extensive knowledge of tax regulations, ensuring accurate filings.
- Timely Filing: We ensure your TDS returns are filed on time to avoid penalties.
- Comprehensive Support: From TDS calculation to generating Form 16, we handle everything to make TDS compliance easy for you.
Get TDS Filing Assistance Today!
Ensure that your TDS returns are filed accurately and on time with the help of our expert services.
- Phone: +91 – 9682231047
- Email: samratgroupjnp@gmail.com
- Office Address: Aflepur, Malhani Bazar, Jaunpur, Uttar Pradesh