#tcs challan payment | Explore Tumblr Posts and Blogs

legalman1 · 1 day

Text

TDS Return Filing Services | Accurate, Timely, and Hassle-Free Compliance |LegalMan

TDS (Tax Deducted at Source) return filing services is a crucial requirement for businesses and individuals responsible for deducting tax before making payments. Here's a detailed overview of TDS return filing services, what it entails, and why it's essential for taxpayers to adhere to regulations.

1. Understanding TDS

Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department in which tax is deducted at the source of income. It is the government's way of collecting tax at the time of generating income. Common examples include salaries, interest on deposits, and contractor payments. The person deducting the tax is known as the "deductor," while the person receiving the payment is the "deductee."

TDS is applicable to a wide range of payments, including:

Salaries

Interest payments by banks

Rent payments

Contractor fees

Commission payments

2. TDS Return Filing: What It Involves

TDS return filing services is a process where individuals or businesses that deduct tax at the source submit a statement to the tax authorities. This statement contains details of the tax deducted and the corresponding payments made to the tax department.

Key components of the return filing process include:

PAN Details: Both the deductor’s and deductee’s PAN must be submitted correctly.

Challan Details: Information about the taxes paid to the government, including the challan number, date, and amount, should be included.

Tax Payment Information: A complete summary of all tax deductions, payments, and deposits must be recorded.

Form Selection: Depending on the type of payment, different TDS forms apply, such as:

Form 24Q for salary payments

Form 26Q for other payments

Form 27Q for non-resident payments

Form 27EQ for tax collected at source (TCS)

3. Why TDS Return Filing Is Essential

Failure to file TDS return filing services can result in severe penalties. Businesses need to ensure that they comply with the guidelines to avoid hefty fines or legal consequences. Here are some key reasons why TDS return filing is crucial:

Compliance: TDS returns are mandatory for businesses or individuals who deduct tax, ensuring they comply with tax laws.

Avoiding Penalties: Failure to file returns on time can attract penalties under Section 234E, with fines of ₹200 per day until the return is filed.

Tax Credit: Properly filed TDS returns ensure that the deducted tax is credited to the deductee's account, avoiding discrepancies during tax assessments.

Transparency: TDS returns create a transparent record of tax deductions, ensuring smooth tax audits and assessments.

4. Common Mistakes to Avoid in TDS Return Filing

Incorrect PAN Details: Providing incorrect or mismatched PAN details is one of the most common mistakes, which can lead to delays and penalties.

Late Filing: Missing the due date can result in penalties, so it’s crucial to stay updated on deadlines.

Mismatch in Challan Details: Ensure that challan details, such as numbers and dates, are accurate to avoid complications during processing.

Ignoring Amendments: Not staying updated with the latest tax amendments can lead to incorrect filings.

5. The Role of Professional TDS Filing Services

Given the complexities of TDS return filing services, many businesses opt to outsource this task to professional service providers. These experts ensure accurate and timely filings, helping businesses avoid penalties and ensure compliance. Key benefits of using professional services include:

Expertise: Tax professionals are well-versed in the intricacies of TDS regulations and can navigate changes in tax laws efficiently.

Time-Saving: Outsourcing TDS return filing allows businesses to focus on their core operations while ensuring timely compliance with tax regulations.

Error Minimization: Professionals reduce the chances of errors in filings, ensuring that all details are correctly reported.

Up-to-Date Compliance: Professional service providers stay updated on the latest changes in tax laws, ensuring your filings are always compliant.

6. Penalties and Consequences for Non-Compliance

Late Filing Fee: Under Section 234E, a late fee of ₹200 per day is applicable until the return is filed, subject to a maximum penalty of the tax amount.

Interest on Late Payment: If tax is deducted but not paid to the government, an interest of 1.5% per month may be levied until the payment is made.

Prosecution: In severe cases of non-compliance, prosecution may be initiated against the defaulter.

7. Conclusion

TDS return filing services is an essential part of tax compliance for businesses and individuals responsible for tax deduction. Ensuring timely and accurate filing helps avoid penalties and ensures the smooth functioning of tax assessments. While the process can be complex, professional TDS filing services provide a reliable solution to managing compliance, minimizing errors, and staying up to date with the latest tax laws.

Regular and accurate TDS return filing helps maintain a seamless flow of tax deductions, credits, and refunds, benefiting both the deductor and deductee in the long run.

#TDS return filing services #TDS/TCS return filing services #Prime Minister Employment Generation Programme

0 notes

synergic1 · 1 month

Text

Understanding ITNS 281: A Guide to TDS and TCS Payments

The ITNS 281 challan is crucial for entities responsible for deducting or collecting tax at source in India. It is used to deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) with the government. This challan ensures that taxes withheld from payments to employees, contractors, or vendors are correctly credited to the tax authorities. Proper use of ITNS 281 helps in compliance with tax regulations and avoids penalties for non-payment or incorrect payments of TDS/TCS.

#itns281 #challan

0 notes

ebizfiling01 · 4 months

Text

Income Tax Compliance calendar -June 2024

Introduction

Business under India's legal system requires strict adherence to laws about income tax, provident fund (PF), and employees' state insurance (ESI). These laws make sure that individuals and businesses pay their fair share of taxes and maintain social security programs. Keeping track of the deadlines for different files and payments is essential for companies and individuals who want to stay in compliance with Indian tax laws and regulations. This document provides a comprehensive guide to the important due dates, forms to be filled out, period, and who should file for income tax compliance, provident fund (PF), and employees' state insurance (ESI) in the June 2024 compliance calendar 2024.

Compliance with Income Tax Implementing the guidelines and deadlines established by the Indian Income Tax Department is essential for income tax compliance. This comprises: 1.Filing Returns: Precisely and punctually submitting annual income tax returns. 2.Payments for TDS and TCS: By the relevant rates and schedules, deducting and depositing TDS (tax deducted at source) and TCS (tax collected at source).

Provident Covered

An initiative of the Employees' Provident Fund Organization (EPFO) for social security is the Provident Fund. To comply with PF, employers must:

Contributions Must Be Deducted and Deposit: Each month, contributions from the employee's salary and the employer's contribution must be put into the PF account.

File Returns: The Electronic Challan cum Return (ECR), which lists the individuals who were covered and the contributions made, must be submitted.

Employee State Insurance

Medical and financial benefits are offered to employees under the Employees' State Insurance program, which is governed by the Employees' State Insurance Corporation (ESIC)

Payments of Contributions: Employers are required to take into account the employees' wages when deducting and paying ESI contributions. ). ESI

Here's the June Compliance Calendar 2024 for Income Tax Compliance provides detailed information

Important Due Dates for Income Tax Compliance -June 2024

The Reasons for Compliance

1.On-Time Filing: To make sure employees are qualified for benefits, file returns on time and keep track of your contributions.

2.Steer clear of penalties and interest. Delayed files or payments can result in large fines and interest, which puts a greater financial strain on businesses.

3.Sustain Legal Standing: Adhering to a regular compliance schedule helps businesses keep a positive reputation with regulatory bodies, which is necessary for efficient operations and the avoidance of legal issues.

The following are the recommendations for Maintaining Compliance

1.Setup Reminders: For important due dates, set reminders using digital calendars or compliance management software.

2.Frequent Updates: Check official notices from the Income Tax Department, EPFO, and ESIC regularly to stay informed about any changes to tax legislation or compliance demands.

3.Seek Advice from Experts To make sure that all requirements are fulfilled accurately and on schedule, consult with tax experts or compliance specialists.

Conclusion

In June 2024, the compliance calendar adheres to Income tax compliance/PF/ES and specifies the important due dates, forms to be filed, period, and who should file them. Individuals and businesses in India must abide by income tax, PF, and ESI laws. It is possible to prevent penalties and guarantee efficient operations by keeping up with the most recent changes, meeting important deadlines, and implementing best practices.

#income tax return filings #income tax returns #June Compliance Calendar

0 notes

ebizfilingindia-blog · 6 months

Text

https://ebizfiling.com/service/tan-application/?u

TAN Application

TAN stands for Tax deduction and collection account number is a 10-digit alpha-numeric code(eg TSTU12345O)that is necessary to obtain for all individuals, who are responsible for collecting taxes at source or deducting tax at source. It is mandatory to quote TAN in TDS/TCS certificates, TDS/TCS Returns, any TDS/TCS payment challans, and any other documents as prescribed. Application for TAN can be done in two modes that is on-line and off-line.

#TAN application online #TAN application offline #apply TAN online #apply TAN offline

0 notes

filinggst · 1 year

Text

TDS Rules and Regulations: Everything You Need to Know

TDS stands for Tax deducted at the source which means an authorized deduct or deducts tax while making certain payments, e.g.: Rent, Commission, Salary, Interest, etc. In this blog, we will explain the details of 27 sections under TDS with different provisions of deduction and a threshold limit of exemption.

What is TDS in income?

TDS or Tax deduction forms an integral portion of the direct taxation mechanism applicable to heads of Income to deduct taxes for certain payments.

TDA at its source reduces the burden of taxpayers from paying off lump sums of taxes at the end of every budget year. In this way, the TDS process enables a balanced outflow of revenue between the government and taxpayers. For Instance: If ABC group company pays an amount of Rs.30,000/- as a salary to Y, the ABC groups shall deduct a tax of Rs.2,000/ and make a net payment of Rs.28,000/- to Y. Then, the tax deducted by ABC Groups Ltd will be directly credited to the government.

According to the Income Tax Act, of 1961, policies and regulations related to tax deducted at source (TDS) are managed by CBDT (Central Board of Direct Taxes), the person who is liable to pay tax is known as Deducted, and the person who deducts the tax is known as Deduct or.

The deducted amount in the TDS Mechanism shall be sent to the Central Government. The deducted can check the deducted TDS amount in Form 26 As or the TDS certificate issued by the deducted or.

Types of TDS

Even when you are making payments as an individual taxpayer, you need to deduct TDS on certain payments. The following type of payments attracts TDS:

a) Salary Transfer

b) Professional Fee

c) Consultation Fee

d) Rent Payments

e) Commission

f) Interest on Securities & Deposits

g) Dividend on company shares and mutual funds

h) Lottery and similar winnings

I) Payment of Royalty

j) Salary Transfer

k) Professional Fee

l) Consultation Fee

m) Rent Payments

n) Commission & brokerage payments

o) Interest on Securities & Deposits

p) Dividend on company shares and mutual funds

q) Lottery, lucky draw, and similar winnings

r) Payment of Royalty

s) Director’s Remuneration

t) Transfer of Property

u) other interest payments

When and who is liable to deduct TDS?

If you receive payment specified under the Income Tax Act, TDS will be deducted. If you are an individual or a Hindu Undivided Family and your books do not require an audit, then no TDS will be deducted. However, if you pay rent and the amount exceeds Rs. 50,000, a TDS at 5% will be deducted, even if your books do not require an audit. Your employer will deduct TDS from your salary as per the applicable income tax slab rates. The bank with whom you hold an account will deduct TDS at 10%. If you submit your investment proof to your employer and your total taxable income is below the taxable threshold, then you will not need to pay any tax, and no TDS will be deducted. If your total taxable income is below the taxable limit, you can submit Form 15G and Form 15H to the bank, and they will not deduct TDS on your interest income. If the bank has deducted TDS, and you are eligible to claim a refund, you can file a return and claim it.

How to pay TDS?

To ensure compliance with the concept of TDS, the deducting organization or individual is responsible for remitting the deducted income to the government. Here is a step-by-step guide on how to deposit TDS:

Select Challan No ITNS 281 under the section TCS/TDS and enter the required details such as TAN, assessment year, PIN code, and mode of payment.

Choose between TDS on regular assessment and TDS deducted or payable and click on “Submit”.

After confirming the TAN and taxpayer’s name, you will be redirected to the payment page. Make your payment here.

Upon successful payment, you will receive a counterfoil with CIN, payment confirmation, and bank details as proof of payment. You must file a TDS return after this.

What are TDS Returns?

TDS return is the process of returning the excess amount deducted as TDS to the taxpayer. While TDS is a form of income tax, individuals may still have an income tax liability at the end of each year, even after paying TDS. This is because TDS is deducted from the source of income to avoid payment delays. If the total TDS paid in a year exceeds the individual’s tax liability, the excess amount will be returned by the government. To receive this return, the taxpayer must obtain a TDS certificate from their deduct, which is necessary while filing a TDS return.

TDS RATE CHART FOR FY 2023-24 SectionNature of Payment Threshold (Rs.) Individual / HUF (Hindu Undivided Family) TDS Rates (%)Others TDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature EPF (Employees Provident Fund) withdrawal* Rs. 50,000 10% 10% 193 – TDS on interest on securities*** Rs. 10,000 10% 10% 194 Payment of dividend Rs. 5,000 10% 10% 194A Interest issued by banks or post offices on deposits Rs. 40,000 Rs. 50,000 (For senior citizens) 10% 10% 194A Interest by others apart from on securities Rs. 5,000 10% 10% 194B Amounts that someone has won through lotteries, puzzles, or games Aggregate of Rs. 10,000** 30% 30% 194BB Amounts that someone has won from horse races Rs. 10,000 30% 30% 194C Payments to contractor or sub-contractor – Single Payments Rs. 30,000 1% 2% 194C Payments to contractor/sub-contractor – Aggregate Payments Rs. 1,00,000 1% 2% 194D Payment of insurance commission to domestic companies Rs. 15,000 NA 10% 194D Payment of insurance commission to companies other than domestic ones Rs. 15,000 5% NA 194DA Maturity of Life Insurance Policy Rs. 1,00,000 5% 5% 194EE Payment of an amount standing to the credit of an individual under NSS (National Savings Scheme) Rs. 2500 10% 10% 194F Payment of repurchase of unit by UTI (Unit Trust of India) or any mutual fund No Limit 20% 20% 194G Payment of repurchase of the unit by UTI (Unit Trust of India) or any mutual fund Rs. 15,000 5% 5% 194H Commission or brokerage Rs. 15,000 5% 5% 194I Rent of land, building, or furniture Rs. 2,40,000 10% 10% 194I Rent of plant and machinery Rs. 2,40,000 2% 2% 194IA Payment for transfer of immovable property other than agricultural land Rs. 50,00,000 1% 1% 194IB Rent payment that is made by an individual or HUF not covered under payment 194I Rs. 50,000 (per month) 5% NA 194IC At a rate higher than the Specified rate as per the act 20% Rate in force No Limit 10% 10% 194J Fees paid for professional services Rs. 30,000 10% 10% 194J Amount paid for technical services Rs. 30,000 2% 2% 194J Amounts paid as royalty for sale/distribution/exhibition of cinematographic films Rs. 30,000 2% 2% 194K Payment of income for units of a mutual fund, for example- dividends Rs. 5,000 10% 10% 194LA Payment made for compensation for acquiring certain immovable property Rs. 2,50,000 10% 10% 194LB Payment of interest on infrastructure bonds to Non-Resident Indians NA 5% 5% 194LBA (1) Certain income distributed by a business trust among its unit holders NA 10% 10% 194LD Payment of interest on rupee-denominated bonds, municipal debt security, and government securities NA 5% 5% 194M At a rate higher of the Specified rate as per the act 20% Rate in force Rs. 50,00,000 5% 5% 194N In case cash withdrawal over a certain amount takes place from the bank, and ITR (Income Tax Returns) is filed Rs. 1,00,00,000 2% 2% 194N In case cash withdrawal takes place from a bank and one does not file ITR Rs. 20,00,000 2% 2% 194O Amount paid for the sale of products/services by e-commerce service providers via their digital platform Rs. 5,00,000 1% 1% 194Q Payments made for the purchase of goods Rs. 50,00,000 0.10% 0.10% 194S TDS on the payment of any crypto or other virtual asset NA 1% 1% 206AA TDS for non-availability of PAN NA Rate higher of 5% Twice the mentioned rate in provision Rate in force 20% 206AB TDS on non-filers of Income tax return NA Rate higher of: 5% Twice the mentioned rate in provision Rate in force

TDS/TCS returns for the assessment year 2023-24.

If you need to file your TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) returns for the budget year 2022-23, here are the deadlines you need to remember. These are the dates by which you must file your TDS/TCS returns for the assessment year 2023-24. QuarterPeriodDue Date for filing Quarter 1 1st April to 30th June 31st July 2022 Quarter 2 1st July to 30th September 31st Oct 2022 Quarter 3 1st October to 31st December 31st January 2023 Quarter 4 1st January to 31st March 31st May 2023

How to upload TDS Statement?

To upload your TDS (Tax Deducted at Source) statements on the official website of the Income Tax Department, follow these simple steps:

Visit https://www.incometaxindiaefiling.gov.in/home and click on the ‘Registered User?’ option on the right side of the page.

Fill in your login details and click on ‘Login’. Your user ID will be your TAN (Tax Deduction and Collection Account Number).

Locate the ‘TDS’ drop-down menu after logging in and select ‘Upload TDS’.

Fill in the required details on the form that appears and click on ‘Validate’.

Finally, validate your returns using either a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC)

What is TDS Certificate?

A TDS certificate is a document that serves as proof of tax deducted at source from a person’s income by an entity. This certificate is issued by the entity that has made the TDS deduction, to the person from whose income the TDS is deducted, also known as the assesses. The certificate indicates that the TDS amount has been deposited in the Government’s account. Knowing about TDS certificates and their types can help in resolving any issues related to TDS deductions from various sources of income. It is important to understand the several types of TDS certificates and which ones you should request.

and which ones you should request. FormCertificate for Type of PaymentFrequency & Due Date Form 16 Salary payment Yearly, 31st May Form 16 A Non-salary payments Quarterly, 15 days (about 2 weeks) from the due date of filing the return Form 16 B Sale of property Every transaction, 15 days (about 2 weeks) from the due date of filing the return Form 16 C Rent Every transaction, 15 days (about 2 weeks) from the due date of filing the return

What is the penalty for filing to Pay TDS?

If you fail to submit or submit late TDS returns/statements, you will be subjected to various penalties by the Income Tax Department, as outlined below:

Failure to submit returns: Section 272A (2) of the Income Tax Act imposes a penalty of Rs. 100 per day for each day that returns remain unsubmitted, with a maximum penalty equal to the TDS amount.

Failure to file returns on time: Section 234E of the Income Tax Act imposes a penalty of Rs. 200 per day for each day that returns remain unfiled, with a maximum penalty equal to the TDS amount.

Defaults in TDS statement filing: Section 271H of the Income Tax Act imposes a penalty ranging from Rs. 10,000 to Rs. 1 lakh if the deduct or defaults in filing a TDS return within the due date.

Incorrect details: Under Section 271H of the Income Tax Act, a penalty ranging from Rs. 10,000 to Rs. 1 lakh will be charged if the deduct or submits incorrect information, such as PAN (Permanent Account Number), challan particulars, TDS amount, etc.

Non-payment of TDS: Section 201A of the Income Tax Act imposes interest along with the penalty if TDS is not paid within the due date. In case a part or the whole of the tax amount is not deducted at the source, interest will be charged at 1.5% per month from the date on which the tax was deductible to the date on which it is deducted.

When can Taxpayers claim a refund?

Taxpayers can claim a refund or reduction of applicable TDS under certain circumstances.

If the total income is not within the income tax payable slab, a refund or reduction can be claimed.

If the TDS paid is more than the tax payable liability, a refund can be claimed.

If the taxpayer has a loss of income in the current month or a previous year’s loss carried forward in the present year, a reduction can be claimed.

If the taxpayer is eligible for tax exemption, a refund or reduction can be claimed.

Form 15G/15H can be submitted to avoid TDS deduction.

Form 13 can be submitted to claim a refund or non-reduction of TDS.

It is important for taxpayers to understand what TDS is and why it is deducted to file their returns and maximize their benefits.

TDS or Tax Deducted at Source is a crucial aspect of the Indian taxation system. It ensures a smooth collection of taxes and reduces the burden of tax collection for the government. TDS also helps to track financial transactions, minimizes tax evasion, and ensures tax compliance. As a taxpayer, it is important to be aware of the rules and regulations related to TDS and ensure timely compliance to avoid any penalties or legal implications. Overall, TDS plays a significant role in the Indian tax regime and contributes to the growth and development of the nation’s economy.

Reference

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx

#gst #msme #tds #income tax #trademark

0 notes

24efiling · 1 year

Text

TDS Rules and Regulations: Everything You Need to Know

What is TDS in income?

TDS or Tax deduction forms an integral portion of the direct taxation mechanism applicable to heads of Income to deduct taxes for certain payments.

The deducted amount in the TDS Mechanism shall be sent to the Central Government. The deducted can check the deducted TDS amount in Form 26 As or the TDS certificate issued by the deducted or.

Types of TDS

Even when you are making payments as an individual taxpayer, you need to deduct TDS on certain payments. The following type of payments attracts TDS:

a) Salary Transfer

b) Professional Fee

c) Consultation Fee

d) Rent Payments

e) Commission

f) Interest on Securities & Deposits

g) Dividend on company shares and mutual funds

h) Lottery and similar winnings

I) Payment of Royalty

j) Salary Transfer

k) Professional Fee

l) Consultation Fee

m) Rent Payments

n) Commission & brokerage payments

o) Interest on Securities & Deposits

p) Dividend on company shares and mutual funds

q) Lottery, lucky draw, and similar winnings

r) Payment of Royalty

s) Director’s Remuneration

t) Transfer of Property

u) other interest payments

When and who is liable to deduct TDS?

How to pay TDS?

Select Challan No ITNS 281 under the section TCS/TDS and enter the required details such as TAN, assessment year, PIN code, and mode of payment.

Choose between TDS on regular assessment and TDS deducted or payable and click on “Submit”.

After confirming the TAN and taxpayer’s name, you will be redirected to the payment page. Make your payment here.

Upon successful payment, you will receive a counterfoil with CIN, payment confirmation, and bank details as proof of payment. You must file a TDS return after this.

What are TDS Returns?

TDS RATE CHART FOR FY 2023-24

TDS/TCS returns for the assessment year 2023-24.

How to upload TDS Statement?

To upload your TDS (Tax Deducted at Source) statements on the official website of the Income Tax Department, follow these simple steps:

Visit https://www.incometaxindiaefiling.gov.in/home and click on the ‘Registered User?’ option on the right side of the page.

Fill in your login details and click on ‘Login’. Your user ID will be your TAN (Tax Deduction and Collection Account Number).

Locate the ‘TDS’ drop-down menu after logging in and select ‘Upload TDS’.

Fill in the required details on the form that appears and click on ‘Validate’.

Finally, validate your returns using either a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC)

What is TDS Certificate?

and which ones you should request.

What is the penalty for filing to Pay TDS?

If you fail to submit or submit late TDS returns/statements, you will be subjected to various penalties by the Income Tax Department, as outlined below:

Failure to submit returns: Section 272A (2) of the Income Tax Act imposes a penalty of Rs. 100 per day for each day that returns remain unsubmitted, with a maximum penalty equal to the TDS amount.

Failure to file returns on time: Section 234E of the Income Tax Act imposes a penalty of Rs. 200 per day for each day that returns remain unfiled, with a maximum penalty equal to the TDS amount.

Defaults in TDS statement filing: Section 271H of the Income Tax Act imposes a penalty ranging from Rs. 10,000 to Rs. 1 lakh if the deduct or defaults in filing a TDS return within the due date.

When can Taxpayers claim a refund?

Taxpayers can claim a refund or reduction of applicable TDS under certain circumstances.

If the total income is not within the income tax payable slab, a refund or reduction can be claimed.

If the TDS paid is more than the tax payable liability, a refund can be claimed.

If the taxpayer has a loss of income in the current month or a previous year’s loss carried forward in the present year, a reduction can be claimed.

If the taxpayer is eligible for tax exemption, a refund or reduction can be claimed.

Form 15G/15H can be submitted to avoid TDS deduction.

Form 13 can be submitted to claim a refund or non-reduction of TDS.

It is important for taxpayers to understand what TDS is and why it is deducted to file their returns and maximize their benefits.

Reference

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx

https://www.caclubindia.com/articles/tds-rate-chart-for-the-fy-2023-24-ay-2024-25-49539.asp

https://taxguru.in/income-tax/tds-rate-chart-fy-2023-2024-ay-2024-2025.html

https://groww.in/p/tax/tds

#Income tax #tdsfiling #startupcompany

0 notes

webtelsblog · 2 years

Text

Top 5 TDS Software in India

Filing TDS Returns can be a difficult task and finding the right TDS Filing Solution can help you simplify the task of filing TDS/TCS returns. For a CA or tax practitioner firm, having reliable TDS software, and good practice management software is essential. These tools can help to streamline processes, save time, and ensure accuracy in TDS Deduction.

Here is our countdown on the 5 best TDS Software in 2023,

Webtel’s Web-e-TDS

Webtel’s Web-e-TDS Software is the best TDS filing solution for your business. It offers a comprehensive range of features, including the ability to generate ITR forms 1, 2, 3, 4, 5, 6, and 7 e-returns and paper returns, generate tax audit reports in Form 3CA, 3CB, and 3CD, directly import Form 26 AS information, digitally sign income tax returns and other forms, and bulk upload and e-file ITRs. Additionally, the software enables easier calculation of income tax, MAT, MATC, total income, Interest u/s 234A, 234B, & 234C, Late Filing Fees u/s 234F, Deductions, HRA, NSC, Rebate u/s 89, advance tax, and self-assessment tax.

One-stop Solution for all your TDS/TCS Management and ‘e’ Filing Needs.

TRACES Integration

Power-Packed Facilities

Import/Export Utility

Auto-Update Utility

Return Generation

Web-e-TDS is an authorized TDS service provider by NSDL, making it the perfect choice for filing e-TDS and e-TCS returns. It offers a range of features, including the ability to generate e-returns and paper returns for Form 24Q, 26Q, 27Q, and 27EQ, generate original and revised TDS/TCS statements, generate e-TDS/e-TCS returns through Excel utility in case of bulk data, register TAN online at TRACES/TRACES Dashboard, download/generate Form 16, 12BA, 12BB, Quarterly 16A & 27D, and multi-user option. It also facilitates easy corrections in already filed e-TDS returns. With Web-e-TDS, you can be sure of a hassle-free and secure filing experience.

TDSMAN Software

TDSMAN Software is designed to meet the exacting requirements of NSDL, offering a range of versions from Standard to Enterprise. It is the perfect solution for generating e-TDS & e-TCS returns for 24Q, 26Q, 27EQ, and 27Q forms, as well as TDS and TCS certificates.

The benefits of TDSMAN are numerous, from its power-packed convenience to its ability to cover all financial years and support unlimited deductors. Depending on the version purchased, users can store unlimited records, and easily import and export data. Multi-user versions are also available.

TDSMAN also offers a range of default analysis features, such as late payment interest calculations, late fee calculations, late deduction interest calculations, challan validation, and PAN verification. Plus, users can enjoy the convenience of reminders for compliances, auto-update software, and a file validation utility.

Saral TDS Software

Saral TDS Software is the perfect solution for professionals, corporations, and institutions looking for a comprehensive TDS filing solution. With Saral TDS, you can easily verify PANs, generate regular statements, and make corrections to returns with ease. Additionally, you can file TDS returns accurately and without any hassle, verify challans, check TDS rates and thresholds, and import and export data with ease.

Saral TDS also offers a range of additional features to make filing TDS returns even easier. These include an auto challan linking feature, detailed MIS reports, a full history of e-returns filed, TAN-based file management, a list of Tin facilitation centres, a proper backup and restore feature, and inbuilt Java.

With Saral TDS, you can purchase the features you need to make filing TDS returns a breeze. Get the comprehensive TDS filing solution you need today with Saral TDS Software.

Zen E-TDS Software

Zen E-TDS Software is a user-friendly and easily accessible software that simplifies filing TDS returns. You can purchase this software through its official website, with prices varying according to the version you choose. Its significant features that will save you time include:

The ability to not only prepare but also validate the e-return file. Generation of various forms such as Form 16, 16A, 15G/H, 26Q, 24Q, 24G, 49B, etc. Preparation of multiple correction statements that keep records and enable error tracking in returns. Identification of wrong PANs through the PAN verification feature. Generation of various MIS reports such as salary reports, challan reports, return status reports, statement analysis reports, etc. Online features such as uploading TDS statements, new deductor registration, PAN verification, Challan verification, and TAN registration. A bank code list is available in the software, with data, easily imported and exported. Monthly calculation of TDS, making return filing a breeze.

Zen E-TDS Software is the perfect solution for anyone looking to streamline their TDS return filing process. With its user-friendly interface, comprehensive features, and time-saving capabilities, it is the ideal choice for anyone looking to make their filing process easier and more efficient.

CompuTDS

CompuTDS is the perfect software for CAs looking to streamline their workflow. It offers a range of features that make it a popular choice, such as:

Easy preparation of E-TDS and E-TCS returns, as well as corrections in forms such as 24Q, 26Q, 27Q, 27EQ, and 26QA.

Automatic preparation of forms such as 15G, 15H, 15I, and 15J.

Hassle-free data import and export.

TAN registration, preparation of TAN application, and modification.

Maintenance of records, e-payment of challan, and generation of digitally signed form 16/16A.

Generation of TDS/TCS certified forms 27D, 12BA, 16, and 27A.

CompuTDS makes it easy to complete tasks quickly and efficiently, freeing up time to focus on other aspects of your business. With accurate work delivered in a timely manner, you can attract more clients and grow your firm.

Software is many in the market, but it is the choice that matters. If the selected software is customized, it will be very useful for your business. The standard software also works best if they are fulfilling your requirements. The software that boosts the growth of your firm by saving time should be bought. The clients need faster results and with the help of software, you can provide them with not only accurate but faster results. This way clients will increase and automatically the success and growth of your firm will increase.

Get the best TDS Software in India: Webtel’s Web-e-TDS

#tds return #tax #income taxes #webtel

1 note · View note

sanjanagoyal · 2 years

Text

TDS on Rent Payment: How to Calculate and Deduct Tax on Rent Paid?

What is TDS?

The TDS concept was introduced to collect tax from the source of income itself. According to this idea, a person (the deductor) who must pay another person (the deductee) a specified payment type must withhold tax at source and remit it to the Central Government. The deductee from whose income tax was withheld at source would be entitled to receive credit for the amount withheld based on Form 26AS or a TDS certificate issued by the withholding agent.

TDS Rate Applicable on Rent

The person who must pay TDS on rent payment must deduct tax at source (i.e., not an individual or HUF). TDS on rent limit for FY 2022-23 is Rs. 2, 40,000.

An organization might pay Rs. 90,000 per month to rent an office, for instance. Since the annual rent exceeds the cap, after a 7.5% tax is deducted, each month, the owner receives a credit of Rs. 83,250. It is necessary to pay the government the remaining sum.

How is TDS on Rent Calculated?

The amount owed must be calculated to determine if a rent payment is subject to TDSon rent paid by the individual. The payee is required to figure out the TDS rate for rent and reduce the amount of the annual amount exceeding Rs. 2,40,000.

Akshar Enterprises, for example, makes monthly payments of Rs. 35,000 for equipment. They are increased to Rs. 4,20,000 per years in rent. The payee must therefore deduct Rs. 525 ($1.5%) or 1.5% TDS on rental income.

The payer is responsible for making TDS on rent deductions. If they don't, they must pay interest starting on the day the tax is deductible and continuing until the tax is deducted at a rate of 1% each month. The payer must pay interest at a rate of 1.5% per month from the day the tax is deducted until the day it is deposited if they reduce the TDS on the rent amount but fail to remit it to the government.

How to make a TDS Payment?

Visit the NSDL website to start the e-filing process.

In the TDS/TCS area, choose "CHALLAN NO./ITNS 281". Your browser will take you to the e-payment page.

Enter the following information on this page.

● If you deducted TDS while paying a firm, choose "Company Deductees" under "Tax Applicable." Otherwise, choose "non-Company Deductees."

● Type in the assessment year and TAN for which the Payment is being made.

● Type the "Pin Code" and choose the "State" option from the drop-down menu.

● Decide whether to pay for TDS on rent deducted and paid by you or TDS assessed regularly.

● Select "Nature of Payment" and "Mode of Payment" from the drop-down menu.

● Push the "Submit" button.

After submission, a confirmation screen will appear. The confirmation screen will show the taxpayer's complete name as it appears in the master document if the TAN is valid.

After the data you entered has been confirmed, you will be taken to your bank's net banking website.

After logging in to the net banking website with the user's name and password provided by the bank, the taxpayer should proceed to complete the Payment.

When an electronic payment is made successfully, a challan counterfoil with the CIN, payment information, and bank name is presented. This counterfoil is evidence of the transaction's Payment. You must file your TDS return after making the TDS payment.

#HonestBroker #India #Real estate #Property #TDS on rent #TDS on rent limit #TDS on rent limit for 2022-23 #TDS on rental income #TDS on house rent #rent TDS rate #TDS on rent of property #TDS on rent paid by the individual #TDS on rent payment

0 notes

lega1l-services · 2 years

Text

https://vakilsearch.com/blog/book-identification-number-bin/

Government deductors who submit TDS using bank challans without making a payment have been told that stating the Book Identification Number (BIN) is required. The Assessing Officer (AO) distributes the BIN to the appropriate DDO, who must accurately fill it out in the TDS/TCS statement in line with the data shown in the BIN view. The BIN is a unique verification key.

#bin view

0 notes

easifyyindia · 3 years

Text

How to pay ITR online in India?

The ITR, or income tax return, includes all sources of income. People who earn a particular amount of money are required to file income tax forms. IT returns are useful for claiming deductions and calculating annual tax liability.

The Income Tax Department of India requires companies, HUFs, and self-employed people to file income tax returns.

The deadlines for submitting income tax returns are December 31, 2021, and February 15, 2022. If an Assessee fails to file an ITR by the deadline, he or she may be subjected to harsh penalties.

Individuals who are required to pay their taxes on time can do so by following the steps below:

The first step is to log in.

Visit the Internal Revenue Service's official website (TIN NSDL website).

Step 2: Make an online payment: Select 'e-payment' from the drop-down menu.

Step 3 - Number 280 Challan: To pay your overdue income taxes, go to 'Challan 280.'

Step 4 - Form Fill up: Fill out the form completely, including your Permanent Account Number, assessment year, name, address, phone number, and email address, among other things.

Step 5 - Tax Type: Next, you must select the type of tax that applies, which is usually advance tax or tax on regular assessment.

Because you may have already received an intimation from the Income Tax Department to pay additional taxes, you must pick 'tax on regular assessment' in your situation.

6th Step - Bank: Choose the bank to which you want to send your tax payments.

Step 7 - Online Payment: To proceed to the online payment portal, click the 'proceed' option.

Payment Gateway (Step 8): Most banks' payment gateways are unique, with a variety of alternatives for making an online payment.

As a result, complete the payment in the appropriate manner.

Step 9 - Payment Receipt: A receipt will be instantly generated. Keep a soft copy of this receipt for future reference and contact with the department.

Different type of Income Tax service provided by Easifyy:-

Firm ITR

Society ITR

ITR Filing for NGOs

Trust ITR

Limited Company ITR

ITR Filing for Company/LLP

Special Finacial Transaction Return

Bulk Return Filing

TDS Return on Salary Payment

Non-Resident Indian (NRI) ITR

Residents with foreign Income ITR

Filing of ITR for Sale of ESOP or RSU

Capital Gains or Tax Relief under Section 89 ITR

ITR Filing Salaried

ITR Filing for Professional/Proprietor

TDS Return on all payments other than salary

TDS Returns - Payments outside India

TCS Returns

Permanent Account No. (PAN)

Tax Audit Form

#return income tax #how to file income tax return online #how to apply itr online #Simple Steps for Income Tax Return e-Filing

0 notes

synergic1 · 1 month

Text

ITNS 280: A Key Component in Income Tax Payments

In the realm of Indian tax compliance, ITNS 280 plays a pivotal role. This form is essential for making various types of income tax payments, and understanding its usage can significantly simplify the tax payment process.

ITNS 280 is a challan used for the deposit of income tax under the Income Tax Act, 1961. It caters to a range of payments, including:

Advance Tax: Payments made in advance based on estimated income.

Self-Assessment Tax: Tax due after filing the income tax return.

Tax on Regular Income: Payments for regular income not covered under TDS (Tax Deducted at Source).

For individuals, firms, and corporations, ITNS 280 is a versatile tool used to settle various income tax liabilities. It ensures that taxes are paid accurately and timely, avoiding penalties and interest for late payments.

Filling out ITNS 280 involves specifying details such as the type of payment, financial year, and the relevant assessment year. The form can be submitted physically at designated banks or electronically through the Income Tax Department's website.

To ensure compliance, taxpayers must be aware of the specific instances when ITNS 280 is applicable. For instance, while ITNS 280 covers a broad spectrum of income tax payments, it does not include payments related to TDS or TCS, which are handled using ITNS 281.

In conclusion, ITNS 280 is a fundamental element of the income tax payment process in India. Understanding its function and proper usage helps maintain compliance with tax regulations and ensures that payments are made efficiently and accurately.

#itns280 #itns281 #incometax #tds #tcs

0 notes

ebizfiling01 · 1 year

Text

Process of TAN Registration and Benefits

What are the process and benefits of the Tax Account Deduction Number (TAN)?

Introduction

The Tax Deduction and Collection Account Number, commonly referred to as TAN, is a crucial alphanumeric identifier issued by the Income Tax Department of India. Mandatory for entities to comply with Indian income tax laws, this blog explores the structure of TAN numbers, the filing application process, and the associated benefits.

What is TAN Application?

The TAN, a 10-digit alphanumeric number, is essential for withholding and depositing taxes at the source. Individuals, organizations, and businesses obtain this special identifier from the Income Tax Department of India when required to withhold or collect taxes at the source.

To apply for a TAN Number, one must submit a correctly filled Form 49B along with required documents and the application fee. Applications can be submitted online through NSDL or UTIITSL portals. The Income Tax Department issues the TAN upon processing and verifying the application, ensuring compliance with Indian income tax laws for all entities.

Structure of TAN Number

The TAN number follows a specific structure: ABBBB89899C

1. City or State Code: The first three characters represent the city or state where the TAN was issued, aiding in identifying the location of the TAN holder.

2. Initial Letter: The fourth character corresponds to the tax deductor’s initial letter.

3. Numeric Numbers: The next five characters are system-generated numeric numbers without specific significance.

4. Check Digit: The last character is an alphabetic number, acting as a verification digit for accuracy and integrity.

Process of Registering for TAN Application

A. Application Process

Fill out Form 49B online and submit it.

Rectify any errors before resubmission.

Confirm provided information or edit as needed.

B. Acknowledgement

Upon successful confirmation, receive a screen displaying a 14-digit acknowledgment number, applicant’s status, contact details, payment details, and a designated area for the applicant’s signature.

C. Payment

The processing fee is 65.00, including an application charge and 18.00% Goods & Services Tax. Payment methods include demand draft, cheque, credit card/debit card, or net banking.

D. Submission

1. Sign the acknowledgment form and send it to the designated address which is

Protean e-Governance Infrastructure Limited 5th floor,

Mantri Sterling Plot No. 341, Survey No. 997/8

Model Colony Near Deep Bungalow Chowk

Pune – 411016.

2. Write “APPLICATION FOR TAN – Acknowledgment Number” on the envelope.

3. Ensure the documents reach the TIN-Facilitation Centre within 15 days for processing.

Benefits of TAN Registration

1. Receive notifications from the Income Tax Department regarding TCS and TDS.

2. Authenticated login area for secure access to TCS and TDS information.

3. Download the latest Input File for correction statement preparation and check challan status online.

4. Receive a statement showing the status of TDS for monitoring and managing obligations.

5. Simplify reconciliation of TDS to a TAN holder according to Section 200A for proper reporting and compliance.

6. Easily upload e-TDS returns online for streamlined compliance and reporting.

7. Simple and easy registration and verification of TAN details.

Conclusion

Much like the importance of the Tax Deduction and Collection Account Number (TAN) for complying with Indian income tax laws, GST return filing process is a vital aspect for businesses operating in India. Obtaining a Tax Deduction and Collection Account Number (TAN) is a fundamental requirement for entities involved in tax deduction and collection in India. It ensures streamlined tax processes, compliance with tax laws, and minimizes legal risks, allowing entities to efficiently manage tax-related activities.

#gst filing #gstr filing #TAN #TAN Registration

0 notes

lawgicalindia28 · 1 year

Text

How to apply for a TAN Card?

A TAN Card is an essential document for any individual who involved in deducting TDS (Tax Deducted at Source) or collecting TCS (Tax Collected at Source). However, the individual requirements are to mention the TAN details while filing the TDS or TCS returns. Banks also do not accept challans that

A TAN Card holds the 10-digit alphanumeric identification number of an individual collecting or deducting TCS or TDS. The TIN facilitation centers will only accept the TCS and TDS returns if the individual has valid TAN details. Therefore, individuals responsible for deducting or collecting tax at source must obtain a TAN card. Individuals required to dismiss tax under sections 194-IA, 194-IB, or 194M do not need to get TAN.

The account number for a tax deduction and collection is the TAN registration. An alphanumeric number with ten digits, the TAN number, can be applied for online. The individuals in charge of either collecting tax at the outset or withholding tax at the source must reach this amount. In all TDS or TCS returns, payments, certifications, yearly information statements, and other papers, it must be mentioned that you registered for a TAN number online.

Types of TAN Applications

There are two types of TAN applications:

Request for Correction in TAN Data: It authorises you to modify or edit TAN details.

Application for Issuance of TAN: Individuals without a TAN card can submit Form 49B for the same allowance. You can apply at the TIN facilitation centers established by NSDL or get online registration for TAN Number by filing an application.

Importance of TAN Card apply online

The income tax authorities employ tax deduction and collection account number. to track individuals' TCS/TDS transactions in a financial year. It's mandated while filing tax returns year to year. Failure to mention PAN

has to reimburse the fine of up to Rs. 10,000. Given below are some of the documents has to mention for the required PAN:

TDS return statements.

TCS returns statements.

TCS/TDS certificates.

Financial transaction statements.

TDS/TCS challans.

Now let's review the steps for the TAN card apply online.

Who are eligible for the TAN number apply online?

A TAN is a mandatory document required by individuals who deduct TDS or TCS. The TAN card apply online is compulsory for the below-given applicants:

Individuals who involve in TCS collection.

Companies.

Association of Persons.

Central Government/State Government, Local Authorities, Statutory Bodies.

Structure of TAN Card apply online

The TAN comprises 10 alphanumeric characters used to indicate the holder's information. The first four characters of the TAN are letters, the following five characters are digits, and the last character is again a number. Let's get t what each of these characters stands for:

The first three characters stand for the state where it issues the TAN. For example, the first three characters will be 'DEL,' which means tax deduction and collection account number issues in Delhi.

The 4th character of the number stands for the first initial of the cardholder.

The following five characters are a random combination of numbers.

The last character is again a random letter.

How to get online registration for a TAN number?

The following steps are for the TAN number apply online procedure:

Step 1: Visit the official NSDL-TIN portal.

Step 2: Click on 'TAN' from the 'Services' drop-down on the homepage.

Step 3: Click on the 'Apply Online' button.

Step 4: Click on the 'New TAN.'

Step 5: Carefully go through all the guidelines. Fill out Form 49B with all the required information. Click on 'Submit.'

Step 6: Then you go to the acknowledgment page, where it displays the following information

14-digit acknowledgment number.

Name of the applicant.

Applicant's status.

Applicant's contact information.

Payment details.

Box for signature.

Step 7: Save the acknowledgement and take a printout of the same.

Step 8: Send the printout and the supporting documents via mail or speed-post: NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No.341, Survey No.997/98, Model Colony, near Deep Bungalow Chowk, Pune - 411016.

What Documents are required for TAN Card?

These are the documents required for online registration for TAN number.

A Duly Signed Acknowledgement Page

Demand Draft Within 15 Days of Application

However, individuals must forward the particular envelope with 'application for TAN' terms and mention the acknowledgement number.

How to Check TAN Card Status?

After the accomplishment, the TAN number apply online will help generate the acknowledgement number, which you can avail to track the status. Check the status using the below steps with your acknowledgement number:

Step 1: Visit the official 'TIN NSDL portal.

Step 2: Click on the 'TAN' from the 'Services' drop-down menu.

Step 3: Select the 'Know Status of Your Application' option.

Step 4: Enter the 14-digit acknowledgement number.

Step 5: Verify the captcha code and click on the submit option. It will then display the application status on the screen.

How much does it cost to online registration for a TAN number?

The cost for processing a TAN application is ₹65. This charge includes ₹55 as application charges, and 18% of GST also includes. However, individuals who reimburse the payment through net banking will also charge another ₹4 on top of GST. Moreover, additional charges of 2% for applicants when completing this transaction with a credit or debit card.

An acknowledgement slip indicates a successful payment.

Conclusion

In the end, as we know, a Tax identification registration number (TAN registration number) or tax identification number (TAN) is crucial for businesses that deduct tax at source and must mention it in TDS or TCS returns. TAN Card obtains by above mention procedure of getting a TAN number applied online for individuals.

#TAN number registration online #online registration for TAN number #tan card apply online

0 notes