TDS Returns

Supporting. Deductions At Source.

@ Rs. 1,499*

*Subject To Change On Market Conditions

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TDS Returns are supposed to be filed by any entity or person who is liable for deducting tax at its source. A TDS Return is a quarterly generated statement that needs to be submitted to the Income Tax Department of India. Filing and submission of a TDS Return are compulsory if you are a deductor and must contain all the necessary details of the TDS deducted and deposited by you during a particular quarter. Find out the latest updates regarding TDS percentage rates due to the COVID-19 pandemic in India and employ our services to file your TDS returns to avoid confusion or delays.

The first prerequisite for filing a TDS Return is to get a valid TAN or Tax Deduction Account Number. You will need to check which payments you need to deduct TDS on. Generally, all kinds of payments such as salaries, professional fee, interest, Payment to contractor, rent of machinery and building among others are all covered under TDS liable payments. There are prescribed rates specified for all types of TDS payments under the Income Tax Act, 1961.

UPDATE

To help the economy and taxpayers while dealing with the COVID 19 crisis in India, the Finance Minister announced the new TDS rates applicable until the next budget by reducing 25% for the non-salaried section of people on the 13th May 2020. This drop in TDS rates shall be applicable for the remaining time of FY 2020-21. These new rates came into action from the 14th of May, 2020, applicable till the 31st March 2021.

Payments for contracts, interest, professional fees, rent, commission, dividend, brokerage, and other payments are eligible to avail of this reduced rate of TDS.

It means that if you were liable to pay a TDS at the rate of 10% previously, you have to pay TDS at the rate of 7.5% this year.

Kinds of TDS Return Forms

TDS Return Form 24Q

Statement for tax deducted at the source from salary.

TDS Return Form 26Q

Statement for tax deducted at the source on all payments other than salary.

DS Return Form 27Q

Statement for tax deduction on the income received from interest, dividends, or any other sum payable to non-residents.

TDS Return Form 27EQ

Statement of the collection of tax at source.

If you are a deductor and have made payments to resident Indians with context to any of above mentioned instances, you are required to file Form 24Q (TDS on payment of salary) and Form 26Q (TDS on payments other than salary) on a quarterly-basis.
If you have made a payment to any non-residents, then you are supposed to file Form 27Q on a quarterly basis.

Note: Form 16A and Form 16 (TDS Certificates) shall only be generated if you have correctly filed your TDS Returns, which is why you should employ the help of professionals like us who can keep a track of your returns and payments while complying with all the laws.

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