Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS. While filing the TDS returns the various details to be mentioned are:
PAN of the deductor and the deductee.
Amount of tax that is paid to the government
TDS Challan information
Others, if any.
Tax Deducted at Source depends on the amount an individual earn. Both the government and the tax payers enjoy benefits of TDS return filing. When an individual make payment via cheque, cash or credit card, a certain amount of tax is deducted this gets deposited to Income tax department.
BenefitsFiling TDS return helps the government agencies prevent people or entities from tax evasions. The government agencies keep track of the TDS filed by the individuals or entities and if someone has missed the due date of filing TDS a penalty will be imposed on such person.
Filing TDS returns widens the base of tax collection for the government. As the TDS is filed by the employer and a certificate is provided for the same to the employee whose TDS ID filed so there are less chances of Tax evasion and increases the number of Tax payers in the country.
Tax Deducted at Source depends on the amount an individual earn. Both the government and the tax payers enjoy benefits of TDS return filing. When an individual make payment via cheque, cash or credit card, a certain amount of tax is deducted this gets deposited to Income tax department.
BenefitsFiling TDS return helps the government agencies prevent people or entities from tax evasions. The government agencies keep track of the TDS filed by the individuals or entities and if someone has missed the due date of filing TDS a penalty will be imposed on such person.
Filing TDS returns widens the base of tax collection for the government. As the TDS is filed by the employer and a certificate is provided for the same to the employee whose TDS ID filed so there are less chances of Tax evasion and increases the number of Tax payers in the country.
Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee's account or at the time of payment whichever happens earlier.
In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.
TAN or the Tax Deduction and Collection Number is a mandatory 10 digit alpha number that is to be obtained by all the people who are responsible for deducting tax at source or tax collection at source on behalf of the government. Salaried individuals are not required to obtain TAN or to deduct the tax at the source.
In the case of the proprietorships businesses and other entities are required to deduct tax at the source while making certain payments like the salary, payments to the contractor, payment of rent that is exceeding Rs.2,40,000 per year. IndiaFilings can help in obtaining the TAN registrations.
The entities that have a valid TAN registration have to file the TDS returns quarterly. Our TDS experts can help in computing the TDS payments and file the TDS returns while complying with the TDS regulations.
TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.
Salary Payment
Income on securities
Income by winning the lotteries, puzzles, and others.
Income from winning horse races
Insurance commissions.
Payment concerning the National saving scheme and many others.
| Quarter | Period | Last Date of Filing |
|---|---|---|
| 1st Quarter | 1st April to 30th June | 31st July 2021 |
| 2nd Quarter | 1st July to 30th September | 31st October 2021 |
| 3rd Quarter | 1st October to 31st December | 31st Jan 2022 |
| 4th Quarter | 1st January to 31st March | 31st May 2022 |
Document required for Business Tax Filing
Document required for TDS Filing
Document required for GST Registration
Document required for GST Return Filing
Document required for Trademark Registration
Document required for company Registration
Document for private Limited Registration
Partnership company Registration
| TDS Acknowledgement |
| PAN Card |
| TDS Certificate |
| Tax Payment Challan |
| Bank Statement |
1. Is it necessary for a company to file a tax return if it has not carried out any operations?
IT returns must be filed by all companies, whether they have engaged in any business activities in the financial year or not. Regardless of profit or loss, companies need to file income tax. Companies that are dormant and have undertaken no business decisions in a year are still expected to file returns.
2. Is Tax Audit mandatory for business tax return filing?
For businesses with a turnover above Rs. 1 crore, a tax audit is mandatory. Similarly, for professionals with turnovers of Rs. 50 lakhs also require a tax audit.
3. Who Should File Business Tax Return?
Tax file return is compulsory for all qualified businesses operating under Income-tax Act, 1961/ Income-tax Rules, 1962. 2.5 lakh is the basic taxable limit, if the business income before the deduction is above 2.5 lakh then such a firm needs to file the business tax return.
4. Can ITR be filed for the previous year?
Yes, you can file belated ITRs, anytime up to one year from the end of the relevant assessment year. You can submit tax returns up to three years late.
5. What are the criteria for opting for the Presumptive Taxation Scheme?
Small businesses or firms that do not maintain books of accounts can opt for Presumptive Taxation. For businesses, the option is available for turnover or receipts up to Rs.2 Crore. Businesses opting this scheme should offer at least 8% of the turnover or receipts as income and 6% in case of payment via banking channels & electronic mode
