TDS returns in bangalore

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Overview

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made by you. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf.

When should TDS be deducted and by whom?

Any person making specified payments mentioned under the Income Tax Act is required to deduct TDS at the time of making such specified payment. But no TDS has to be deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

However, in case of rent payments made by individuals and HUF exceeding Rs 50,000 per month, are required to deduct TDS @ 5% even if the individual or HUF is not liable for a tax audit. Also, such Individuals and HUF liable to deduct TDS @ 5% need not apply for TAN. Your employer deducts TDS at the income tax slab rates applicable. Banks deduct TDS @10%. Or they may deduct @ 20% if they do not have your PAN information.

For most payments rates of TDS are set in the income tax act and TDS is deducted by the payer basis of these specified rates. If you submit investment proofs (for claiming deductions) to your employer and your total taxable income is below the taxable limit – you do not have to pay any tax. And therefore no TDS should be deducted from your income.

Similarly, you can submit Form 15G and Form 15H to the bank if your total income is below the taxable limit so that they don’t deduct TDS on your interest income. In case you have not been able to submit proofs to your employer or if your employer or bank has already deducted TDS and your total income is below the taxable limit) – you can file a return and claim a refund of this TDS. The complete list of Specified Payments eligible for TDS deduction along with the rate of TDS.

Process

Step 1: Go to the website of the Income Tax Department
(https://www.incometaxindiaefiling.gov.in/home) and log in to your account using your PAN and password

Step 2: Click on the ‘e-File’ tab on the top menu and select ‘Prepare and Submit TDS Return’

Step 3: Select the appropriate financial year and form (Form 26Q for TDS on salaries, Form 24Q for TDS on non-salaries, Form 27Q for TDS on foreign companies, etc.) and click ‘Continue’

Step 4: Enter all the required details, including the TDS amount, PAN of the deductee, and the tax deducted at source

Step 5: Verify the details and click on ‘Submit’

Step 6: You will receive an acknowledgement receipt of TDS return filing, which you can save or print for future reference

Step 7: If you have made any errors or omissions in the TDS return, you can file a revised return by following the same process. Just select the ‘Revised Return’ option instead of ‘Original Return’ while filing.

Documents Required

TAN details
PAN details
Last TDS filing details, if applicable
The period for which
TDS has to be filed
Date of incorporation of the business
No. of transactions for filing TDS returns

Faqs

Faq 1

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Faq 2