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TDS Return Filing in Dehradun

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TDS Returns 

What is TDS ?

Tax deduction at source being abbreviated as TDS means payment after reduction of  tax, in order to trace transactions by the government some of the payments are covered by the TDS provisions and hence the government has made the process of TDS online.

What is the meaning of TDS return.   

TDS Return is a TDS statement  which needs to be filed quarterly by the deductor stating the amount of TDS deducted and deposited with the government.

Who is required to deduct TDS.

TDS is required to be deducted by a  person making specified payments and is required to be deducted at the time of making such payments.       

Who is not required to deduct TDS.

In case of an Individual and HUF whose books are not subject to audit are not required to deduct TDS while making specified payments.

Meaning of Specified Payments under TDS and the rate at which TDS rates are to be deducted.

  1. Payment of Salary under section 192 @ Normal Slab.
  2. Premature Withdrawal from Employee Provident Fund @ 10%.
  3. Interest on securities under section 193 @ 10%.
  4. Payment of any dividend under section 194 @ 10%.
  5. Income in form of Interest (Other than Interest on Securities under section 194A) @ 10%.
  6. Income by way of winnings from Lottery card games, crossword puzzles and other than these games under section 194B @ 30%.
  7. Income by way of horse race winnings under section 194BB @ 30%.
  8. Payment  made to a contractor and Sub- contractor under section 194C                     – Individual @ 1%              – Others @ 2%.
  9. Payment of Insurance Commission under section 194D @ 5%.
  10. Payment made in respect of a Life Insurance Policy under section 194DA @ 5%.
  11. Payment made to a person under National Savings Scheme under section 194EE @ 10%.
  12. Payment to repurchase by a unit of Unit Trust or Mutual Fund under section 194F @ 20%.
  13. Payment made for commission on sale of Lottery tickets under section 194G @ 5%.
  14. Payment for Commission or Brokerage under section 194H @ 5%.
  15. Payment for rent on Hire of Plant and Machinery @ 2% and Land and Building @ 10% under section 194-I.
  16. Payment for purchase of any Immovable Property other than agricultural land under section 194-IA @ 1%.
  17. Rent payment by an Individual in excess of Rs.50,000/- month under section 194-IB @ 5%.
  18. Payment under Joint Development Agreements under section 194-IC @ 10%.
  19. Any payment made for the fee of Professional, Management or Technical Services under section 194J @ 10%.
  20. Payment of any Income for units of Mutual Fund as per section 10(23D) @ 10%.
  21. Payment for compensation on Acquisition of Immovable property under section 194LA @ 10%.
  22. Units distributed as income to unit holders by business trust under section 194LBA @ 10%.
  23. Payment of Income to unit holding for holding units of an investment fund under section 194LBB @ 10%.
  24. Income from investment made in Securitization Fund under section 194LBC Individual and HUF @ 25% and others @ 30%.
  25. Payments made by an Individual and HUF and the limit is exceeding Rs. 50 lakhs under section 194M @ 5%.
  26. Cash withdrawal made in the year exceeding Rs.1 crore TDS @ 2%  and if the Income tax return has not been filed for preceding three financial years TDS will deducted as per slabs

              – Amount more than Rs.20 Lakhs up to 1 crore @ 2%. 

              – Amount exceeding Rs.1 crore @ 5%.

27. E-Commerce Operator selling goods and services by electronically and digitally TDS required to be deducted under section 194-O @ 1%.

28. Specified Banks making payment to senior citizens as well as persons of age more than 75 years of age in the form of Interest and pension TDS required to be deducted @ rates in force.

29. Payments made to person if the aggregate value of purchase of goods exceeds Rs. 50 lakhs TDS is to be deducted on the amount exceeding  Rs.50 lakhs @ 0.1%.

What is the Due Date of TDS Return Filing?

  • Quarter April-June : 31st July.
  • Quarter July-September : 31st October.
  • Quarter October-December : 31st January.
  • Quarter January-March : 31st May.

Fees for Late Filing of return :

If TDS return is not filed within the due date than a fine of Rs.200/- day is required to be paid from the due date of filing the return till the date payment has been made. However the maximum fine cannot exceed  Rs. 5000/-.

Can Prosecution be launched if TDS is not deducted and paid to the government within the due date :

Yes, prosecution can be launched if TDS is not deposited with the government within the due date for a rigorous imprisonment of minimum of three months which may extend to seven years.

Forms of TDS returns :

Statement of TDS deducted from Salaries : Form 24Q

Statement of TDS deducted except Salaries : Form 26Q

Statement of Tax to be deducted from Interest, dividend or other sum payable to a non- resident : Form 27Q

Challan cum statement of TDS under section 194IA :Form 26QB

Statement of TCS : Form 27EQ

How to file TDS return forms ?

Step 1 : Visit the Income Tax site of E-Filing and Log in.

Step 2 : Go to the TDS tab and select the option of Upload TDS.

Step 3 : Fill in the requisite details and validate the form.

Step 4 : Upload the Form.

Step 5: Mail confirming the above process will be send in the registered mail id.

Step 6: DSC is generated,  if not then e-verification is required to be done.

 

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GST Registration

Who should register for GST?

Any business owner whose business exceeds the turnover of around 40 lakhs is liable to get himself registered under the GST and pay it. The criteria are different for North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand. In these states, the businesses earning an annual turnover above 10 lakhs are liable to be registered under goods and service tax.

If a business is being run in 2 different states, then the taxpayer is required to obtain goods and service tax registration for both states.

goods and service tax registration for certain businesses is mandatory irrespective of the amount of turnover that they generate. Here’s a list for the same:

  • Casual taxable person/input service distributor
  • Non-resident taxable person
  • Inter-state goods supplier
  • TDS/TCS deductor
  • Any service provider
  • Taxpayers as per the reverse charge mechanism
  • Online data access or retrieval service provider.

Penalty for not registering under GST

goods and service tax needs to be paid by every business that falls under the eligibility criteria. With the announcement of goods and service tax, the government also announced a certain penalty for those not registering under GST.

Penalty 100% of the tax due or Rs. 10,000 – whichever is higher needs to be paid in case if the business falls under the GST category but is not registered.

Documents require for GST registration

Certain documents are required while registering yourself under goods and service tax. A list of documents is as follows:

  • Applicant’s photograph,
  • Applicant’s signature,
  • PAN-card of the applicant,
  • Aadhar Card of the applicant,
  • Address proof of the principal place of business,
  • Bank details,
  • Business registration proof.

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GST Filling

GST- The Ultimate Indirect Tax

GST is now the only indirect tax that prevails in India. It’s the consumers who ultimately pay the goods and service tax to the government, but they are not the ones who submit the goods and service tax to the government, it the business owners who submit it to the authorities. The consumers pay the goods and service tax to the business holders who further pay it to the authorities. This process is named as “GST return filling”.

The goods and service tax return filling include all the documentations related to the sales, the purchases, the expenses, goods and service tax paid by the consumers (output GST) and GST paid by the business (input GST).  These all values are the ones which count to the amount that is needed to be paid to the government.

With the announcement of GST, the government made an attempt for One tax for all policy. This act made the taxation process even throughout the whole country. With the enforcement of GST, the govt. also enforced various laws for those who do not file the Goods and Services Tax within the given time limit. The Indian government consider these people as culprits and puts fine on every day that is above the due date to fill the GST.

Although filling the GST is not a hard labor, but at the same time it’s not everyone’s cup of tea. The business owners need trained people to fill GST on their behalf. We as a company provide the same service. We ensure the filling of the GST return well within time and we provide the best service in the business.

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