As per Income Tax Act, If an Individual, Partnership Firm, Pvt Ltd. Co., OPC, or LLP incurred some expenses related to his business or profession, has to deduct an amount of Tax before payment made to the supplier of that services and has to deposit the said tax to the Government. The tax so deducted called Tax Deduction at Source (TDS).

TDS is required to deduct on the following expenses:

• Salary
• Interest
• Commission & Brokerage
• Insurance Commission
• Lottery
• Contracts & Sub Contracts
• Rent of Building and Machinery
• Legal & Professional Charges
• Payment made to Foreign Suppliers for above said reason
• For deduction of TDS, an Individual, Partnership Firm, Pvt Ltd. Co., OPC, or LLP is required to have TAN number – Tax Collection and Deduction Account Number.

• It is mandatory to deduct TDS by the following eligible person:
• Private Limited Company
• One Person Company
• Limited Liability Partnership Firm (whose accounts are required to Tax Audit u/s 44AB)
• Partnership Firm (whose accounts are required to Tax Audit u/s 44AB)
• Individual (whose accounts are required to Tax Audit u/s 44AB)
• TDS return is a statement of a person whose tax was deducted by the Company and other eligible persons. • An eligible person has to specify bill wise expense details in this TDS return statement.

1. It is mandatory to file TDS Return. If you fail to file a return within due date liable to pay an additional fee of 200/- per day till the date of filing of return.
2. The person whose tax was deducted can verify the tax deducted by you on his bills online through Income Tax Portal.
3. The person whose tax was deducted can claim the TDS amount against his tax liability.
4. TDS amount is treated as advance tax.

Form No	Nature of Payment	Period
24Q	Salary	Quarterly
26Q	Other than salary	Quarterly
27Q	Payment made outside India	Quarterly

Quarter	Due Date
April to June	31st July
July to September	31st October
October to December	31st January
January to March	31st May

Step 1: Collection of Data

You have to provide the party-wise details of TDS deducted in a Pre-defined format. You are required to provide the desired information in said excel format. You can download that details from your accounting software such as Tally, Busy, Marg, etc. You can also download said details from our ERP Accounting software.

Step 2: Verification of Data

Our expert team shall analyze the data and rectify the mistakes if any. Our expert team shall verify every information thoroughly and prepare the final return.

Step 3: Submission of TDS Return

After cross-verification of all information, we shall finalize the return and submit it online to TDS Portal. After completion of submission the acknowledgment of filing of return shall be forwarded to the client.

Step 4: Download TDS certificates

We shall download TDS certificates from TDS Portal and forward the soft copy to you. You can share that TDS certificates to your suppliers whose TDS was deducted.
Documents required for TDS Return
• TAN
• PAN
• TDS portal (Traces) Login Id and password
• TDS Challans
• Data in predefined excel format

• Filing of TDS Returns with accuracy is a challenge. it is better to take the service of Suresoft, , a professionally managed company, having workplace all over India Including Delhi NCR, Uttar Pradesh, Uttarakhand, Mumbai, Bengaluru, Chennai, and other Indian cities.

• If you wish to get compliance through Suresoft, you can contact us at [email protected] Our Professionally skilled team shall assist you. You can clear your doubts associated with TDS Return and other information with our specialist.

Sure soft shall provide the following services:

• Collection of Data related to TDS Return
• Verification of accuracy of Data
• Preparation of TDS Return
• Submission of TDS Return
• Download TDS Certificates

• 1. What is TAN ?
  The full form of TAN is the Tax Collection and Deduction Account Number. It is 10 digit numbers.
• 2. Is it mandatory to take TAN ?
  Every person who is liable to deduct TDS is required to take TAN.
• 3. What if we fail to apply for TAN ?
  In case you fail to apply for TAN, you shall be liable for a penalty of Rs 10,000/-
• 4. Whether the PAN number is mandatory for the person whose tax was deducted ?
  Yes it is mandatory to have PAN no. of the person whose tax was deducted.
  • What if the person whose tax was deducted does not have PAN
  • The person whose tax was deducted, does not have PAN you have to deduct tax at a higher rate @ 20%.
  • What is the TDS Rate in the case of Salary?
  • In case of salary TDS shall be deducted at the rate specified in Income Tax slabs.
  • What is tax rate in case other than salary?
  

  Section	Nature of Payment	Tax Rate
  193	Interest on Securities	10%
  194A	Interest other than interest on Securities	10%
  148B	Payment for Income from Lotteries & Games	1%
  194C	Payment to Contractor or subcontractor by Individual or HUF	2%
  194C	Payment to Contractor or subcontractor by Partnership Firm, Pvt Ltd. Co., LLP or OPC	2%
  194D	Insurance Commission	5%
  194H	Commission or Brokerage	5%
  194I	Rent of Plant & machinery	2%
  194I	Rent of Land or Building or Furniture	10%
  194IB	Rent by Individual r HUF not liable for Tax audit and paying rent more than 50000/- per month	5%
  194J	Payment for Legal, Professional, Technical Services or Royalty	10%
  206	In case PAN No not available	20% in all above case

• 5. Whether TDS return cab be revised ?
  Yes TDS return can be revised.
• 6. What is the late fee for delay submission of TDS Return ?
  In case of delay submission of Return, you are liable to pay a late fee of Rs 200/- per day.