Every person or a business entity needs to deduct TDS on the amount paid to any other person which is not in the form salary. The employer then needs to deposit this TDS amount with the Government and file a return on quarterly basis disclosing all details of payments furnished, TDS deducted and amount deposited with the Government. Delay or failure in filing results in levy of interest and penalty.
The nature of payments made on which TDS is to be deducted could be commission, rent, fees for professional or technical services, directors remuneration, royalty, dividend, interest on security etc.
Tax Aid provides one stop solution to persons and business entities to adhere to tax and other legal compliances.
Information required for filing return
- Details of deductor (Name, address and TAN)
- Details of authorised person
- Details of deductee (PAN)
- Deduction details
- Challan deposit details
How it’s done
- Purchase plan depending upon your requirement
- Submit information and relevant documents
- Returns filed by experts
- Form 16 generated and provided
TDS return is to be filed in Form 26Q and on quarterly basis.
Online filing of TDS return is only mandatory for only a certain class of persons:
- Government office
- Company’s principle officer
- Assessees whose accounts are audited u/s 44AB of Income Tax Act
- Late fee is applicable if return is not filed by deadline
- Penalty is levied if return is not filed within 1 year of due date
- Interest is charged on TDS amount if same is not deposited with Government