TDS Return

TDS Return Filing in Gujarat

TDS (Tax Deducted at Source) Filing Services by L & C TechFin Advisory Pvt Ltd

TDS, or Tax Deducted at Source, is a crucial compliance requirement for businesses and individuals making payments where tax deduction is applicable. As per the Indian government’s TDS Scheme, tax must be deducted at the time of payment and deposited with the government. The person making the payment (deductor) is responsible for deducting and submitting TDS along with an Income Tax Challan. In addition to tax deposition, the deductor must also file a TDS return. L & C TechFin Advisory Pvt Ltd provides expert TDS filing services across Gujarat, ensuring compliance with all legal norms.

Introduction

TDS return is a mandatory quarterly statement submitted to the Income Tax Department. Every deductor must file TDS returns on time to avoid penalties. The details required for TDS return filing include:

• PAN details of both deductor and deductee

• Amount of tax paid

• TDS challan details

• Other relevant information

Types of TDS Return Forms

Due Dates for TDS Payment & Return Filing

Payment of TDS

TDS deducted must be deposited with the government by the 7th of the following month. For example, TDS for April must be deposited by 7th May.

TDS Return Filing Due Dates

Consequences of Not Furnishing PAN

Every recipient of payments subject to TDS must provide a valid PAN (Permanent Account Number) to the deductor. Failure to provide a PAN can result in:

• Deduction of TDS at a higher rate of 20%

• Penalty of INR 10,000 for non-furnishing or incorrect PAN

To verify PAN details, the deductee should check its status on the Income Tax Department’s Know Your PAN website.

TDS Certificate (Form 16 & 16A)

A TDS certificate is issued by the deductor to the deductee as proof of tax deduction. This certificate is essential for claiming TDS credit while filing income tax returns. Valid TDS certificates must be downloaded from TRACES (http://www.tdscpc.gov.in) and should have a 7-digit unique certificate number.

• TDS on salary payments: Form 16 (issued annually)

• TDS on non-salary payments: Form 16A (issued quarterly)

How to Claim TDS Credit

TDS credit can be claimed while filing income tax returns. Deductees should ensure:

• Correct TDS certificate number is mentioned

• TDS details are accurately entered

• Details match with Form 26AS to avoid discrepancies

Step-by-Step Process for E-Filing TDS Returns

To facilitate easy e-filing of TDS, the Indian government provides an e-TDS/TCS Return Preparation Utility (RPU). Below is the detailed process:

1. Register TAN on TRACES and complete e-filing registration.

2. Download RPU & FVU from TIN-NSDL (https://www.tin-nsdl.com/downloads/e-tds/eTDS-download-regular.html).

3. Download CIN File (challan status inquiry file for verification) from TIN-NSDL.

4. Prepare TDS Return using RPU by entering relevant details.

5. Validate return file using File Validation Utility (FVU).

6. Generate .txt File and convert it to a ZIP file.

7. Log in to E-Filing Portal, upload ZIP file, and attach a valid Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).

8. Submit Return & Verify submission status on TRACES after 2-3 days.

Why Choose L & C TechFin Advisory Pvt Ltd for TDS Return Filing in Gujarat?

• Expert Assistance: Our team of tax professionals ensures accurate and timely TDS return filing.

• Compliance with Regulations: We stay updated with the latest tax laws and compliance norms.

• Error-Free Filings: Avoid discrepancies and penalties with our precision-driven approach.

• End-to-End Support: From TDS computation to return filing, we handle it all.

• Affordable Pricing: Cost-effective solutions tailored for businesses and individuals.

Ensure hassle-free and timely TDS return filing with L & C TechFin Advisory Pvt Ltd. Contact us today for professional tax compliance services in Gujarat!