1 / 15

Startup TDS Return - Startup-Movers

Small business owners in India often find the task of filing their income tax returns daunting and time-consuming.<br>However, there is now a reliable and affordable service that can help them with this process.<br>This service is provided by a company called startup-movers.<br>They are experts in the field of income tax return filing and can help business owners to get their returns <br>Filed quickly and easily.<br>

startupmovers30
Télécharger la présentation

Startup TDS Return - Startup-Movers

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. TDS RETURN www.startup-movers.com

  2. TDS RETURN • Tax Deducted at Source, as the name signifies, refers to deduction of tax from the source of income. The details furnished in the TDS Returns are captured in Form 26AS for the deductee, basis which they can avail the credit of the TDS, while filing their Income Tax Returns.

  3. 1. TIME OF DEDUCTION • TDS is generally required to be deducted at the time of payment getting due or actual payment, whichever is earlier.

  4. 2.DUE DATE OF PAYMENT • Tax deducted up to the month of February (in a Financial Year) is required to be deposited on or before 7th of the next month. However, tax deducted in the month of March can be deposited on or before 30th April of the financial year immediately following the financial year in which tax has been deducted.

  5. 3.FILING OF RETURNS • After deducting and remitting the taxes to the Central Government, the deductor is required file a statement with the Income Tax Department showing the details of taxes deducted and deposited during a particular period to substantiate that the quantum of taxes deposited is in line with the taxes deducted. This statement is known as TDS Return.

  6. 4.DUE DATE OF FILING RETURNS • TDS Returns are required to be filed quarterly.

  7. 5.FORMS FOR FILING RETURNS • TDS Returns are filed in the various forms depending on the purpose of deduction. Following forms are available for TDS Return filing:

  8. 6.NON-DEPOSIT OF TDS • The failure to remit TDS in the government’s account within stipulated time-limit would attract interest, penalty and rigorous imprisonment of up to seven years.

  9. PROCESS OF FILING TDS RETURNSStep by Step procedure to file TDS Returns is as follows: • 1. Preparing TDS Return • e-TDS Return is required to be prepared (using departmental utility or third-party software) in clean text ASCII format with ‘.txt’ as filename extension.

  10. PROCESS OF FILING TDS RETURNS • 2. Generating FVU Fill • Verify the prepared file using the File Validation Utility (FVU) provided by NSDL. In case file has any error, FVU file will give its report. Rectify the errors and verify the file again through FVU.

  11. PROCESS OF FILING TDS RETURNS • 3. Submission of FVU File • Generated .fvu file can be submitted at TIN-Facilitation Centre or uploaded at www.incometaxindiaefiling.gov.in website using TAN based login feature of the e-filing portal.

  12. PROCESS OF FILING TDS RETURNS • 4. Downloading TDS Certificates • Request for downloading TDS certificates is required to be submitted on traces portal. Deductor is liable to download and issue TDS certificates in Form 16/16A to the deductee. These certificates serve as a proof that the deductor has deducted and deposited the taxes with the government and TDS credit can be accordingly claimed by the deductee.

  13. DOCUMENTS REQUIRED TO FILE TDS RETURNS • PAN DETAILS • PAN of the deductor • PAN • PAN of the deductee. • TAXES PAID • Amount of taxes paid to the government • TDS CHALLANS • TDS Challans (They reflect the basic details pertaining to taxes paid) • DSC • DSC of the Authorised Signatory

  14. Who should get this registered? Why should you get this registered? The delayed or Non-filing of TDS returns have following consequences: Delayed filing of TDS return attracts late filing fee @INR 200 per day subject to maximum amount of TDS is required to be paid. A.O. may levy penalty to the tune of INR 10,000 which may extend to INR 100,000 if a person fails to file or incorrectly files the TDS Statement. • TDS Returns are required to be filed by every person who is deducting taxes. Every person includes Companies, Limited Liability Partnerships, Partnership Firms, Individuals etc. who have a valid Tax Collection and Deduction Account Number (TAN).

  15. Source • https://www.startup-movers.com/tds-return/

More Related