Simplified TDS Return Filing Guide
TDS (Tax Deducted at Source) ensures taxes are collected at the source of income. Filing TDS returns is a legal requirement for businesses, employers, and certain individuals. Sadaweh Financial Solutions (OPC) Pvt. Ltd. provides expert assistance to make the process seamless and compliant.
What is TDS Return Filing?
TDS return filing involves submitting quarterly reports of tax deducted at the source. These filings detail deductions, PAN details, TDS payments, and challan information.
| Key Details | Description |
| Purpose | Reporting tax deductions made on payments like salaries, commissions, and rent. |
| Who Must File | Employers, businesses, individuals under audit, and entities with a TAN. |
| Filing Deadlines | Quarterly submission dates (31st July, 31st October, 31st January, and 31st May). |
Who Needs to File TDS Returns?
| Entity Type | Examples of Payments |
| Employers | Salary payments to employees |
| Businesses | Payments to contractors, vendors, or professionals |
| Government Entities | Payments for contracts or services |
| Individuals | Those under tax audit as per Section 44AB of the Income Tax Act |
Types of TDS Return Forms
| Form | Purpose | Applicable Payments |
| Form 24Q | Quarterly TDS statement for salaries | Salary payments |
| Form 26Q | Quarterly TDS statement for non-salary items | Professional fees, rent, commissions |
| Form 27Q | TDS on non-resident payments | Income to non-residents like interest or dividends |
| Form 27EQ | TCS (Tax Collected at Source) return | Tax collected on sale of goods (e.g., liquor, scrap, etc.) |
Common TDS Rates
| Type of Payment | TDS Rate |
| Salaries | As per income tax slab |
| Bank Deposit Interest | 10% (above Rs. 10,000) |
| Professional Fees | 10% |
| Rent Payments | 10% (above Rs. 2.4 lakhs) |
TDS Filing Deadlines
| Quarter | Period | Due Date |
| Q1 | April to June | 31st July |
| Q2 | July to September | 31st October |
| Q3 | October to December | 31st January |
| Q4 | January to March | 31st May |
Penalties for Late Filing
| Type of Penalty | Details |
| Late Filing Fee | Rs. 200 per day (Section 234E) until the return is submitted. |
| Non-Compliance | Penalty between Rs. 10,000 and Rs. 1,00,000 for incorrect or non-filing of TDS returns. |
Steps to File TDS Returns with Sadaweh Financial Solutions (OPC) Pvt. Ltd.
| Step | Description |
| 1. Collect Documents | Gather PAN, TAN, TDS payment challans, and prior filings. |
| 2. Select the Form | Choose the appropriate form (e.g., Form 24Q for salaries). |
| 3. Use RPU | Download the TDS Return Preparation Utility (RPU) from the TRACES website. |
| 4. Fill the Details | Input deduction, payment, and challan details. |
| 5. Validate | Use File Validation Utility (FVU) to check for errors. |
| 6. Submit Online | Upload the validated return on the Income Tax e-filing portal. |
| 7. Acknowledge | Save the acknowledgment receipt for records. |
Revising TDS Returns
If errors occur in the original TDS filing (e.g., incorrect PAN or challan), you must file a revised return.
| Steps to Revise | Details |
| Check Original Status | Ensure the original filing is accepted by the TIN system. |
| Prepare Revision | Use the consolidated TDS statement from the TRACES website. |
| Submit Corrected Filing | Re-file the corrected TDS return online to reflect changes in Form 16A/Form 26AS. |
Benefits of Filing with Sadaweh Financial Solutions (OPC) Pvt. Ltd.
| Why Choose Sadaweh Financial Solutions (OPC) Pvt. Ltd.? | Benefits |
| Expert Guidance | Professional support ensures error-free filing. |
| Timely Filing | Avoid penalties with punctual submissions. |
| Regulatory Compliance | Stay updated with the latest tax rules. |
| Post-Filing Support | Assistance even after filing to address discrepancies. |
Ready to File Your TDS Returns?
Choose Sadaweh Financial Solutions (OPC) Pvt. Ltd. for accurate and hassle-free TDS filing. Contact us today and streamline your tax compliance process!