TDS/TCS Return Filing
Get your TDS / TCS Return File in just one click.
(Price inclusive of all charges)
|No. of Transactions up to 100||Rs. 2,500 per Qtr|
|No. of Transactions up to 250||Rs. 4,000 per Qtr|
|No. of Transactions above 250||Rs. 6,500 per Qtr|
What is TDS and TCS?
TDS: Tax Deducted at Source (TDS) is a tax payable by a buyer which he/she deducts from the payment made to seller at the time of Credit in his/her Books of Accounts or at the time of Payment of service, whichever is earlier. Section 192 to 194 of the Income Tax Act mentions the list of Services on which the buyer should deduct tax from the payment made to sellers.
TCS: Tax Collected at Source (TCS) is a tax payable by a seller which he/she collects from the buyer at the time of sale of goods. Section 206 of the Income Tax Act mentions the list of Goods on which sellers should collect tax from buyers and deposit it to the Govt.
What is TDS and TCS Return Filing?
TDS and TCS return filing are quarterly statements that are to be given to the Income Tax Department by the deductor/collector of tax.
Who is Require to File TDS and TCS Return?
- Every organization and employer who have availed a valid Tax Collection and Deduction Number (TAN).
- Every individual and organization, if Sale to any immovable property to resident person having a value of Rs. 50 Lakh or more.
- An Individual or HUF who does not required to obtain TAN and pay rent of Immovable property to resident individual in India having amount of Rs. 50,000 or more per month or part of the month.
- An individual or HUF who does not required to obtain TAN and pay Contract, Commission or Brokerage or Fees for Professional Service to resident individual in India having the amount of Rs. 50 Lakh or more.
- A buyer having the Turnover or Gross Receipt Rs. 10 Crore or more in previous year and he buys goods having value Rs. 50 Lakh or more in Financial Year then he/she will have to deduct TDS on excess amount to Rs. 50 Lakh.
- A buyer who buys the goods of Tendu Leaves, Timber, Forest Product, Scrap and Minerals, in such cases seller collect the TCS from buyer and required to pay the collected tax to the Govt and file TCS return.
- Businesses who grant of license, lease of parking lot, toll plaza, mining and quarrying.
- A moto vehicle dealer who sale of motor vehicle to individual having the value of Rs. 10 Lakh or more.
- A seller whose previous year Turnover or Gross Receipt is more than 10 Crore and they sell the goods to buyer of more than Rs. 50 Lakh in Financial Year.
What are the Due Dates of Payment of TDS and TCS?
The due date for payment of the amount of TDS deducted and TCS Collected is the 7th of the next month for which TDS and TCS are deducted and collected. For the month of March, the due date for payment of the amount of TDS and TCS is 30th April of the next Financial Year.
What are the Due Dates of TDS and TCS Return Filing?
|1st Quarter||1st April to 30th June||31st July|
|2nd Quarter||1st July to 30th September||31st October|
|3rd Quarter||1st October to 31st December||31st January|
|4th Quarter||1st January to 31st March||31st May|
|1st Quarter||1st April to 30th June||15th July|
|2nd Quarter||1st July to 30th September||15th October|
|3rd Quarter||1st October to 31st December||15th January|
|4th Quarter||1st January to 31st March||15th May|
What are the types of TDS and TCS Returns?
|24Q||Quarterly||Quarterly statement of TDS deducted from Salaries.|
|26Q||Quarterly||Quarterly statement of TDS deducted in respect of all the payments other than Salaries.|
|27Q||Quarterly||Quarterly statement 0f TDS deducted in respect of the payment of Interest, Dividend, or any other payment to non-residents.|
|27EQ||Quarterly||Quarterly statement of collection of tax at source.|
How myaccountants.in can help you to file your TDS and TCS Returns?
myaccountants.in has knowledgeable and experienced team members to guide you and resolve your queries related to everything about TDS and TCS Return Filing. You can follow the steps given below to get your TDS / TCS Return File through us.
Step 1. Book your service by making payment for selected service and you can ask queries related to the service in case of any doubt.
Step 2. After receipt of your payment, our team member will contact you to understand your requirements and guide you to send the required documents for TDS / TCS Return Filing.
Step 3. Our team will start the process of TDS / TCS Return Filing on the same day you provide the required documents, TDS/TCS Challans, and information.
Step 4. Our team members will prepare the working sheet for calculation of the amount of TDS and TCS for Return Filing.
Step 5. Our team member will send you the complete calculation of the amount of TDS and TCS to confirm.
Step 6. After confirmation is received from your side, our team member will file the return and will inform you about the same.
Step 7. After successfully filing the Return of TDS/TCS, our team will send you the copy acknowledgment on your email ID.
General Questions and Doubts related to Filing of TDS/TCS Return.
Q 1. What is Tax Collection and Deduction Number (TAN)?
Ans. TAN or Tax Deduction and Collection Account Number is a 10-digit alphanumeric number, required to obtain by all persons who are responsible for deduction and collection of tax.
Q 2. Whether filing of TDS/TCS Return Compulsory if no TDS/TCS liability arises in any Quarter?
Ans. No, if in any quarter you have no TDS and/or TCS tax liability then it is not compulsory to file a TDS/TCS return.
Q 3. Whether TDS/TCS return can be filed after the due date?
Ans. Yes, the return can be filed after the due date after paying late filing penalties.
Q 4. Whether TDS/TCS return can be revised?
Ans. Yes, the return can be revised if any error is detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit to the Govt will not reflect in Form 16/16A and Form 26AS of the deductee.
Q 5. What is the rate of interest on late deposit of TDS and TCS amount to Govt?
Ans. If the deductor deposit the amount of TDS/TCS late to the Govt after the due date then he/she will liable to pay interest at the rate of 1.5% per month or part of the month till the month in which he/she actually deposit the amount.
Q 6. What are the penalties for late filing of TDS/TCS returns?
Ans. If the deductor late files the return of TDS/TCS, he/she will be liable to pay late filing penalties under section 234E of Rs. 200 per day after the due date till the time the default is continued.