TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of ‘pay as you get’. The taxes are deducted at the source of payments such as salary paid to an employee or other payments like commission earned by a broker. The taxes are deducted by the employer before making the payment to employee and is deposited with the govt. The employer later issue form 16 to its employees and form 16B to other deductees which serves as a proof of tax payment in their hands

Form 26Q is required to be submitted for TDS details on all payments other than salary on a quarterly basis by the deductor. Form 26Q is applicable for TDS deducted under section 200(3) of the Income Tax Act for TDS under sections 193 & 194 being interest on securities, Dividend securities, professional fees, directors’ remuneration etc.

For certain people, it is compulsory to submit the quarterly return online. If the deductor is : A Government office A company’s principal officer Assessee who Is required to have their accounts audited for the prior year under 44AB of the Income Tax Act, 1961. If there are 20 or more records of deductees in a statement for any quarter of a particular financial year. ClearTax Experts will guide you on the same.

Our plan caters to filing TDS returns for up to 25 employees and up to 25 deductees. If your firm has more than 25 employees or 25 deductees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at [email protected]

TDS return needs to be filed with in 30 days of Completion of Quarter. Except for the March it is 15 th May.

PAN (Permanent Account Number) is Mandatory for deduction of TDS .

IF PAN is not available to vendors than 20% TDS needs to be deducted by deductors. It is compulsory to quote the PAN for non-Government deductors whereas In the case of Government deductors, “PANNOTREQD” has to be mentioned on the form

Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.

Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.

Section| TDS | Rate | Nature of Payment
Section 192| According to income slab According to income slab
Section 193|10% of income from interests on securities
Section 194| 10% of income from deemed dividends
Section 194A|10% of income from interests other than those on securities more than Rs.5,000
Section 194B| 30% of lottery or game-related winnings more than Rs.10,000
Section 194BB| 30% of income from horse racing more than Rs.5,000
Section 194C| 1% of earning from contracts or sub contracts for individuals and HUF (Hindu Unified Families) 2% for corporates morethan Rs.30,000 agregatted 1,00,000
Section 194D| 10% of income from insurance commissions more than Rs.20,000
Section 194EE| 20% of payment in NSS deposits more than Rs.2,500
Section 194F| 20% of payment made for repurchase of UTI or MF units
Section 194G| 10% of commission earned from selling lottery tickets more than Rs.1,000
Section 194H| 10% of commission or brokerage earnings more than Rs.5,000
Section 194I| 2% of rent of plant and machinery 10% of rent of land, building, fitting, or furniture more than Rs.1.8 lakhs
Section 194IA|1% Payment on transfer of certain immovable property other than agricultural land more than Rs 50 Lakhs.
Secrion 194IB |5% on payment if All individuals or HUFs (except those liable to audit under clause a and b of section 44AB) paying monthly rent to a resident more than Rs. 50,000
Section 194J|10% of fees for technical or professional services
Section 194L|10% of compensation payment made to a resident when acquisitioning some immovable property more than Rs.1 lakh
*Threshold limit denotes the amount of income/profit up to which TDS will not be deducted. TDS will be calculated on value of income up and over threshold limit only.

You can pay taxes Online . If comes to due you can pay taxes online. We will help you in that payment.

As per section 234E of the Income-tax Act, 1961 read with Rule 31A (4B) of Income-tax Rules, 1962, failure on the part of tenant to furnish details in Form No. 26QC online within 30 days from the end of the month in which the tax payment is made will attract levy of fee at the rate of Rs.200 for every day

No, all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.

Form 16 A is given by the Deductor to the deductees employer to the vendors stating that this much is the payment made towards nature of payment given to him & this Much is TDS is deducted and paid on his account during the year. you can get it after filing the TDS return form 2 Q with the Income tax department