In TDS the responsibility to pay tax gets diversified as the person deducting TDS is required to deposit the tax deducted to the central government. TDS Returns are filed quarterly and payment for challan is made monthly.
TDS provision applies to all the business whether small or large same is the provision for the proprietor, firm, companies. The payment of expense of a person is income in the hand of recipient Thus the payer is under a liability to deduct tax at the given rates while making payment to the parties. For small payments which don’t cross the prescribed limit the TDS provision doesn’t apply.
Online TDS return is a statement given by the income tax department every quarter. It is necessary for every deductor to deduct tax and pay to the income tax.
The payment for TDS is done on monthly basis and is required to be submit till the 7th of the next month otherwise interest and late fees is imposed @ 1.5% per month and full month is counted from the date of delayed Payment.
Form 24Q: According to section 192 of the income tax Act 1961, an employer has to deduct TDS while making payment to the employees if salary of employee exceeds the limit of 2.5 lakh. An employer has to submit form 24Q for filing salary TDS of the employee. Form 24Q is a quarterly statement of payment that has been made to employee and the TDS that has been deducted by the employer.
Form 26Q Form 26Q is used to file TDS Return for the tax deduction other than salary. The form reflects the total amount that is paid in a quarter and TDS amount that is deducted by the deductee.
Form 27EQ: Form 27EQ contains all the details related to Tax collected at source (TCS) According to section 206c of income tax act form 27EQ Return is to be filled quarterly.
Yes Pan is mandatory as Tax deduction will reflect on the Pan number otherwise it won’t be visible when you fill your Return.
TAN is a 10 digit collection number which is required by a person who is liable to deduct TDS and file TDS return, Tan number is noted in all TDS certificate, failure to apply for TAN results in penalty of 10000.
For Deducting TDS he shall have Tan number and it should be quoted in all the certificates of TDS. He shall deduct TDS and deposit it to the Government.
TDS is deposited to the government online through E- payment option.
Yes, we can Revise TDS Return after filing the Return without any penalty.
The Documents for TDS Return are TAN details, PAN details, Date of incorporation of the business, transaction details of TDS etc.