TDS & TCS Return
How we help to process TDS TCS return for you ?
TDS stands for Tax Deducted at Source. In other words, tax is deducted at the time of payment on the prescribed payments by the Income tax act.TDS stands for Tax Deducted at Source. In other words, tax is deducted at the time of payment on the prescribed payments by the Income tax act.
Information is collected in the prescribed Format
Overview
What is TDS & TCS?
What is TDS & TCS Return?TDS stands for Tax Deducted at Source. In other words, tax is deducted at the time of payment on the prescribed payments by the Income-tax act. Tax is deducted by the payer and is deposited to the Income Tax Department.
TDS return is supoose to be deposited by the deductor (payer) with the Income tax Department detailing the parties from the tax has been deducted so that due credit can be given to those whose tax has been deducted.
Return is to be prepared and filled with the department as per the chart below :
Applicability Chart stating the deductors, deductees nature of payments
TCS refers to the Tax Collected at the source. In other words, tax is collected at the source at the time of receipt of payment by the payee from the payer on the receipts prescribed. Tax is collected and deposited by the payee to the IT Department.
TCS return is supoose to be deposited by the deductor (payee) with the Income-tax Department detailing the parties from the tax has been deducted so that due credit can be given to those whose tax has been deducted. Return is to be prepared and filled with the department as per the chart below :
Applicability Chart stating the deductors, deductees nature of payments.
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How do we help in Filing TDS Return?
We are advises on the rates of taxation and the prescribed payments on which the tax is to be deducted. Moreover, we also help in filling the returns and also comply with the other regulations governing this law.
We need the following information in the formats provided by us to process your returns:
Documents required to file TDS Return online
The following documents have to be submitted for filing the TDS returns.
- TAN details
- PAN details
- Last TDS filing details, if applicable
- The period for which TDS has to be filed
- Date of incorporation of the business
- No. of transactions for filing TDS returns
- Name of the entity – Proprietorship/ Partnership/ Company/ LLP
Once the information is received then we will review the data and process your returns. The reminders also sent by us to file the returns on the time. As the rates or the law changes every time, we also update you on the changes being brought up. In case we are working on your accounting or accounting control services then these aspects are taken care of by us only.
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Professional handling of statutory and compliance matters by A Square Finserv. Their attention to detail is commendable.
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Our FAQ
Answers To Your Questions
Yes. It is mandatory for deductors and employees to submit their PAN as well.
Following are the basic duties of any individual who is liable to deduct tax at source.
- He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.
- He shall deduct the tax at source at the applicable rate.
- He shall pay the tax deducted by him at the source to the credit of the Government (by the due date specified in this regard*).
- He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).
- He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*).
TAN is a Tax deduction Account number alloted by the Income Tax Department. Through this number only all the taxes and returns are deposited with the Income Tax Department.
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