TAX DEDUCTED AT SOURCE
TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). An individual and HUF is not liable to the provisions of TDS unless he is subject to tax audit provisions under section 44AB of the Income Tax Act, 1961. Hence once an individual or HUF is covered under Tax audit provisions, the liability to deduct tax at source arises.
ADVICE TO ALL MATTERS RELATED TO COMPLIANCE OF TDS /TCS PROVISIONS
PERIODIC REVIEW OF TDS
COMPUTATION & FILING OF QUARTERLY E-TDS /MANUAL RETURNS
TDS has to be filed within due date in order to avoid penalty and any other related issues. We ensure hassle free filing of TDS returns periodically. The dates for depositing the tax deducted at source and filing of TDS return for all the deductors is shown in the below table-
Quarter ending | Month of deduction | Due dates for depositing TDS | TDS Return Due date | TCS Return Due date |
|---|---|---|---|---|
30th June | April May June | 7th May 7th June 7th July | 31st July | 15th July |
30th September | July Aug Sep | 7th Aug 7th Sep 7th Oct | 31st October | 15th October |
31st December | Oct Nov Dec | 7th Nov 7th Dec 7th Jan | 31st January | 15th January |
31st March | Jan Feb Mar | 7th Feb 7th Mar 30th Apr | 31st May | 15th May |
ISSUE OF MONTHLY /ANNUAL TDS CERTIFICATE
Form No. | Description |
|---|---|
Form 24Q | Quarterly TDS statement for tax deducted on salary payments. |
Form 27Q | Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company, |
Form 26Q | Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc. |
Form 27QE | Quarterly TCS statement for tax collected on sale of goods. |
FILING OF CORRECTION STATEMENTS
Returns/statements relating to TDS/ TCS should be complete and correct. However, Income Tax Department has provided a procedure for correction of any mistake in the original returns/statements by submitting ‘correction returns/statements’. We undertake all the processes and procedures as prescribed by the IT department to file correction statements in case of any incorrect information furnished during filing.
REQUEST FOR RESOLUTION RELATED TO TDS
A request for resolution can be raised by a registered taxpayer in the following cases:
- Unable to view Form 26 AS.
- Transaction details Missing.
- Transaction details Mismatch.
- Transactions not for my PAN.
- Tax certificate not issued.
In any of the above cases we raise a request for resolution ticket on behalf of the client and help them to resolve any of the above issue as per procedure.
TDS ON SALE OF PROPERTY
When a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs. 50 lakhs, he has to deduct tax at source (TDS) when he pays the seller. The following are the important considerations to keep in mind:
- The buyer has to deduct TDS at 1% of the total sale amount.
- Buyer of the property need not obtain a TAN (Tax Deduction Account Number) for depositing TDS with the government, only if the seller is resident.
- For the purpose of depositing TDS, the buyer must obtain the seller’s PAN. If the PAN is not provided or if the PAN is inoperative, TDS must be deducted at 20%.
- The TDS on the immovable property has to be paid using Form 26QB within 30 days from the end of the month in which TDS was deducted.
- After depositing TDS to the government, the buyer is required to furnish the TDS certificate in form 16B to the seller. This is available around 10-15 days after depositing the TDS.
- In case if the seller is NRI, buyer should obtain TAN and deduct tax at a maximum rate of 20% excluding surcharge and cess.
We undertake all end-to-end procedures related to deducting TDS on sale of immovable property.
FORM 26QB/26QC/26CD CORRECTION
Corrections related to Form 26QB/26QC/26CD/26QE are undertaken by us. There are a host of rules and regulations regarding the details which can be corrected, the number of times such detail can be corrected and procedures and steps to correct incorrect information. All these considerations are diligently kept in mind and appropriately applied in each case by our meticulous team.
