TAX DEDUCTED AT SOURCE
TDS return can be filed by employers or organizations that avail a valid Tax Collection and Deduction Account Number (TAN). An individual and HUF are not liable to the provisions of TDS unless they are subject to tax audit provisions under section 44AB of the Income Tax Act, 1961. Hence, once an individual or HUF is covered under Tax audit provisions, the liability to deduct tax at source arises from the payments made by the individual or HUF.
ADVICE TO ALL MATTERS RELATED TO COMPLIANCE OF TDS /TCS PROVISIONS
With years of experience and expertise in the field of TDS and TCS, we provide advice related to a host of matters regarding TDS and TCS provisions as outlined by the law.
PERIODIC REVIEW OF TDS
Our collaborative team is highly passionate about staying up-to-date with new provisions and notifications related to the field of TDS & TCS, enabling us to ensure compliance with the law and stay ahead in the fast-paced economic environment of our country.
COMPUTATION & FILING OF QUARTERLY E-TDS /MANUAL RETURNS
TDS has to be filed within the due date to avoid penalties and any other related issues. We ensure hassle-free filing of TDS returns periodically. The dates for depositing the tax deducted at sources and filing of TDS return for all the deductors are shown in the below table:
Quarter ending | Month of deduction | Due dates for depositing TDS | TDS Return Due date |
|---|---|---|---|
30th June | April May June | 7th May 7th June 7th July | 31st July |
30th September | July Aug Sep | 7th Aug 7th Sep 7th Oct | 31st October |
31st December | Oct Nov Dec | 7th Nov 7th Dec 7th Jan | 31st January |
31st March | Jan Feb Mar | 7th Feb 7th Mar 30th Apr | 31st May |
ISSUE OF MONTHLY /ANNUAL TDS CERTIFICATE
A TDS certificate is issued by the deductor to the Deductee. This certificate can be presented as proof of tax deduction. The time limit for issuing a TDS Certificate is within 15 days of filing the TDS Return. We engage in filing TDS within the due date, issuing a request for a TDS certificate, and obtaining the TDS certificate within the specified time limit.
Form No. | Description |
|---|---|
Form 24Q | Quarterly TDS statement for tax deducted on salary payments |
Form 27Q | Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company |
Form 26Q | Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc. |
Form 26QE | serves as a challan-cum-statement of TDS. The Income Tax Department of India issues this form to cryptocurrency users as an acknowledgment or account for the TDS deducted. |
FILING OF CORRECTION STATEMENTS
Returns/statements relating to TDS/TCS should be complete and correct. However, the Income Tax Department has provided a procedure for the correction of any mistakes in the original returns/statements by submitting ‘correction returns/statements’. We undertake all the processes and procedures as prescribed by the IT department to file correction statements in case of any incorrect information furnished during filing.
REQUEST FOR RESOLUTION RELATED TO TDS
A request for resolution can be raised by a registered taxpayer in the following cases:
- Unable to view Form 26 AS.
- Transaction details Missing.
- Transaction details Mismatch.
- Transactions not for my PAN.
- Tax certificate not issued.
In any of the above cases we raise a request for resolution ticket on behalf of the client and help them to resolve any of the above issue as per procedure.
TDS ON SALE OF PROPERTY
When a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs. 50 lakhs, he has to deduct tax at source (TDS) when he pays the seller.
The following are the important considerations to keep in mind:
- The buyer has to deduct TDS at 1% of the total sale amount.
- TDS is required to be deducted only if total sale price is Rs. 50 lakh or more.
- TDS is to be paid on the entire sale amount.
- Buyer of the property need not obtain a TAN (Tax Deduction Account Number) for depositing TDS with the government.
- For the purpose of depositing TDS, buyer will have to obtain the PAN of the seller, else TDS must be deducted at 20%.
- The TDS on the immovable property has to be paid using ⦁ Form 26QB within 30 days from the end of the month in which TDS was deducted.
- After depositing TDS to the government, the buyer is required to furnish the TDS certificate in form 16B to the seller. This is available around 10-15 days after depositing the TDS.
We undertake all end-to-end procedures from obtaining TAN to deducting TDS and issuing Form 16B with regard to sale of immovable property.
FORM 26QB/26QC/26CD CORRECTION
Corrections related to Form 26QB/26QC/26CD are undertaken by us. There are a host of rules and regulations regarding the details that can be corrected, the number of times such detail can be corrected, and procedures and steps to correct incorrect information. All these considerations are diligently kept in mind and appropriately applied in each case by our meticulous team.
