Gsagroups is providing TDS Return filing service which means taxes deducted at source and Return Filing is the process of sending an annual statement to the Income Tax Department by organizations or people who deduct tax at the source. It contains information about TDS deduction, deposited, and reported for a variety of activities, including salary, suppliers payments, rent, and interest. The deducted tax must be remitted with the government, and an annual TDS return is submitted using forms such as Forms 24Q (salaries), 26Q (non-salaries), 27Q (international transactions), and 27EQ (TCS). Timely filing ensures compliance, which allows deductees to obtain TDS credits, and prevents fines. Returns include information about the deductor, Deductees, PAN, amount deducted, and challan data. gsagroups.in
Gsagroups will follow the process of TDS Return Filing:
- Deduct TDS at the time of making specified payments.
- Deposit TDS to Pay the government before the due date with Challan ITNS 281.
- File TDS Returns to Submit the appropriate TDS return form (24Q, 26Q, etc.) annually.
- Form 16/16A Provides TDS certificates to deductees for tax credit claims.
gsagroups will tell who needs to file TDS return filing?
1. Employers deduct TDS on salaries: Under Section 192, businesses, government entities, and individuals deduct TDS from employee salaries.
2. Businesses and Companies Making TDS Deductions: Any company, partnership firm, LLP, or single proprietorship that deducts TDS from payments .
3. Banks and Financial Institutions: Banks deduct TDS on fixed deposit (FD) interest above ₹40,000 (₹50,000 for senior persons) under Section 194A.
4. Individuals and HUFs: Individual taxpayers and Hindu Complete Families (HUFs) must file TDS returns, if Their business turnover is above ₹1 crore (for businesses) or ₹50 lakh (for occupations). They will deduct TDS on rent, Payments to experts and freelancers.
5. Government Departments and Organizations: Government organizations and local governments take TDS on vendor, employee, or freelancer payments.
gsagroups is providing the best advantages of TDS Return filing:
1. Ensures Legal Compliance: Filing TDS returns on time helps firms and individuals comply with Income Tax Act, 1961 requirements and prevent legal complications.
2. Avoids Penalties and Interest: Filing TDS returns delayed or incorrectly might result in penalties of ₹200 each day under Section 234E, as well as additional interest costs.
3. Efficient Processing of Employee Salary and Payments: Proper TDS reporting records tax deductions from salaries, suppliers payments, and rent, preventing future conflicts.
4. Facilitates Tax Credits and Refunds: TDS credits can be claimed by employees and vendors when submitting income tax returns, decreasing tax liabilities or receiving refunds.
5. Improves Business Credibility: Filing TDS returns on a regular basis improves a company’s image with government agencies and financial institutions, leading to more loan approvals and contracts.
6. Compliance with Tax Examination: Accurate TDS records help avoid problems during income tax inspections or assessments.
7. Simplifies GST and IT Filings: TDS data is used for cross-verification when filing GST and income tax returns. gsagroups.in
Types of TDS Return filing included:
1. Form 24Q – It is used by companies to report TDS deductions on employee wages. Annual reports are filed by organizations, businesses, or people with employees.
2. Form 26Q – Used for the TDS on Non-Salary Payments to record TDS payments made to residents, including:
- Professional Fees
- Rental payments
- Contractor’s payments
- Commission and agency
- This applies to organizations, firms, and people that deduct TDS.
3. Form 27Q – Used for the TDS on Payments to Non-Residents:
- TDS was deducted on payments made to non-resident Indians (NRIs) and foreign businesses.
- This includes interest, dividends, fees, and other taxable payments.
4. Form 27EQ – Used for Tax Collected at Source (TCS) Returns:
- Suitable for individuals who collect TCS on certain transactions (for example, the sale of vehicles, trash, or minerals).
- Businesses who are required to collect tax at their place of business must file annual returns. gsagroups.in
gsagroups will suggest the Importance of TDS Return Filing:
- It Ensures compliance with the Income Tax Act.
- Avoids penalties (₹200 per day for late filing under Section 234E).
- Enables Form 26AS updates for taxpayers to claim TDS credits.
- Essential for businesses making salary and non-salary payments.
Documents Required for TDS Return filing:
1. Basic documents:
✔ TAN (Tax Deduction and Collection Account Number) is required for filing TDS returns.
✔ PAN of Deductor and Deductee is necessary for efficient tax credit allocation.
✔ Business Registration Details like incorporation certificate.
2. Payment Details:
✔ TDS Payment amount will be deducted from employees, suppliers, freelancers, etc.
✔ Challan Details (Form 281) include Proof of TDS payment to the government.
✔ Type of payment methods like salary, freelancer, rent, commission, professional fees, etc.
3. Bank Statements:
✔ TDS Payment Challan Copies are the Proof of tax payment to the government.
4. Employee Details (for Salary and Supplier Payments):
✔ Employee names and PAN
✔ Amount paid and TDS deducted
✔ Salary breakdown Form 24Q
5. Relevant TDS Return Form:
✔ Use Form 24Q for TDS on salary payments, and Form 26Q for TDS on non-salary payments.
✔ Use Form 27Q for TDS on payments to foreigners.
✔ Form 27EQ is used for Tax Collected at Source (TCS).
6. TDS Returns:
✔ Past TDS returns for reference and modification.
7. Digital Signature Certificate (DSC):
✔ Business taxpayers are required to file TDS returns online. gsagroups.in
